Find a $12,000 personal loan
Image: 12000Where to get a $12,000 loan
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.
Taking out a $12,000 loan can be a smart move if it helps you achieve a financial goal.
But you’ll want to make sure you understand what type of personal loan is best for your situation and how those monthly payments will fit into your budget.
We’ll walk you through our recommendations for lenders to consider and how to apply for a loan.
Monthly payments for a $12,000 personal loan
| Loan duration | Average monthly payments ($12,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $1,217.56 | $1,075.14 | $1,063.79 | $1,061.06 |
| 13–24 months | $590.32 | $578.19 | $557.15 | $541.94 |
| 25–36 months | $433.64 | $415.56 | $392.05 | $374.67 |
| 37–48 months | $363.99 | $344.93 | $320.10 | $301.31 |
The best $12,000 personal loans
SoFi
You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.
LightStream
Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.
Upstart
Upstart considers your education and employment in addition to your credit, so it may be a good option if your credit isn’t great. But borrowers with bad credit could end up paying higher interest rates, and Upgrade charges an origination fee that adds to the cost of the loan.
Avant
Avant offers personal loans specially designed for borrowers with fair credit. But the highest rates with the lender can be costly. Adding to the cost, Avant may charge you an administration fee when you take out your loan, and the lender also charges late and “dishonored” payment fees.
Fifth Third Bank
Fifth Third offers personal loans with a wide range of loan amounts and loan term options — and they don’t come with any closing costs or prepayment penalties. But only current Fifth Third customers are eligible to apply online.
How to get a $12,000 loan
Getting a $12,000 loan starts with taking stock of your financial situation. Checking your credit can give you a sense of the kind of terms you might receive on a loan, as well as help set expectations for the shopping process.
When you’re ready to apply for a personal loan, you’ll first want to narrow your search based on eligibility requirements. Make sure lenders offer the $12,000 loan you’re looking for, but you’ll want to consider other factors as well.
For instance, not every lender works in every state, and some might not allow you to use your loan funds for your intended purpose.
Once you have a list of possible lenders, it’s a good idea to see if they offer prequalification, which allows you to see your potential rates and terms without triggering a hard credit inquiry. While prequalification doesn’t involve submitting a formal application, you should expect to provide personal information such as your income.
Keep in mind that prequalification is not a guarantee of approval or exact terms. You’ll still need to apply formally, which usually involves a hard credit check and have a temporary impact on your credit.
The best available lender might not be the one that listed the lowest interest rate during prequalification. Other fees, such as an origination fee or prepayment penalty, could affect your total cost, so make sure to consider them when determining the most affordable loan.
We also recommend using a loan calculator to determine the total cost of a potential loan.
FAQs about $12,000 loans
Your ability to get a $12,000 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.