Where to get a $12,000 loan

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 durationAverage monthlypayments ($12,000 loan)Poor creditAverage creditGood creditExcellent credit1-12 months13-24 months25-36 months37-48 months
Average monthly loan payments are based on aggregate TransUnion credit report data from Credit Karma members with active personal loans as of December 2022
  • The best $12,000 personal loans
  • How to get a $12,000 loan
  • FAQs about $12,000 loans

The best $12,000 personal loans


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.


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 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 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.

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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.

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We also recommend using a loan calculator to determine the total cost of a potential loan.

FAQs about $12,000 loans