Important disclosure

Personal loans for $12 000

You can borrow $12 000 for various personal short term or emergency expenses. There are many lenders and loan options out there, and it can be difficult to find the best one for you. But there’s no need to worry or guess!

Our loan calculator helps you see different outcomes to decide which loan is right for you. Simply input your desired amount and use the sliders to adjust the loan term. You’ll instantly see the estimated monthly payments for a $12 000 personal loan.

Find the best $12 000 personal loan in Canada

Looking to borrow $12 000? BestLoansCanada helps you compare all available options.

Here’s everything you need to know to get better chances of getting a $12 000 loan.

What personal loan options are available?

  • Online loans. Many online lenders offer $12 000 loans, available via their websites and/or mobile apps. Online loans often require minimal requirements and provide fast approval. Everything’s done online, so if you need an emergency fund, online loans are ideal.
  • Good credit loans. Some of the loans with competitive and low-interest rates and fees as well as flexible terms are good credit loans. This type of loan requires excellent to average credit scores.
  • Bad credit loans. Having a low credit score or bad credit history can lead to being rejected for loans. But there are still lenders that offer bad credit loans for $12 000. Most of these are debt consolidation loans and guarantor loans. It is also important to note that most bad credit loans are subject to high-interest rates and payments.
  • Secured loans. A secured loan is where you will present your assets to lenders to guarantee your loan. Your assets, like your vehicle, home, savings and/or investments can serve as a security or collateral. For secured loans worth $12 000, you may not need to present major assets.
  • Unsecured loans. Unsecured personal loans do not require any collateral. However, they may come with higher interest rates as the lack of collateral increases the risk for lenders.
  • Debt consolidation loans. There are lenders offering debt consolidation loans. These are loans that should specifically be used to pay off accumulated loans from the past, like student loans and credit cards.
  • Joint Application loans. There are lenders that let you borrow $12 000 by having a co-borrower or co-applicant. This option is useful for those with bad credit as well.
  • Payday loans. If you need quick cash, there are lenders offering payday loans up to $1,500. However, these loans may come with high fees and short term. In areas like Alberta, British Columbia, Manitoba, New Brunswick and Ontario, payday loans must be paid within 62 days only.

What you need to get a $12 000 loan

When applying for personal loans, lenders commonly have requirements for you to qualify. These requirements may vary depending on the lender, the type of loan you are applying for, and other factors. Here are the general requirements for $12 000 personal loans in Canada:

  • Valid Canadian ID
  • A permanent address & proof of residence
  • Source/s of regular income
  • Bank account and bank statements
  • A copy of your credit report

What are the repayments on a $12 000 personal loan?

Repayments for personal loans depend on different factors. Some of the major factors include your credit score, interest, terms and fees included. It will also depend on the type of personal loan you applied for. Interest rates are often higher for long-term loans or those with higher risks like unsecured loans. Meanwhile, interest rates may be lower for secured loans, and if you agree to shorter payment terms.

Examples of a $12,000 loan repayment

The amount you repay each month on your personal loan will be different for each lender. The interest rate on your loan is based on things like your credit score and the length of your loan. The longer the loan term, the smaller the monthly payment, but it costs more money in total. Additionally, different lenders have varying administration fees.

Typical costs when you borrow $12,000 over 60 months:

  • Administration or origination fee: 0% up to 5% of the loan amount
  • Interest rate: From 2% to 46.96% APR
  • Monthly repayments: Between $210.33 and $521.74
  • Total cost on a $12,000 loan: Between $12,619.99 and $31,304.45

 

Calculate repayments

RBC personal loans

RBC
6 months
to 60 months
$5,000
to $50,000
15.00%
APR
n/a

RBC personal loans

RBC
6 months
to 60 months
$5,000
to $50,000
15.00%
APR
n/a

TD personal loans

TD
6 months
to 60 months
$5,000
to $50,000
16.83%
APR
n/a

Scotiabank personal loans

Scotiabank
6 months
to 60 months
$5,000
to $50,000
46.96%
APR
n/a

BMO personal loans

BMO
6 months
to 60 months
$5,000
to $50,000
46.96%
APR
n/a

CIBC personal loans

CIBC
12 months
to 60 months
$3,000
to $200,000
46.96%
APR
n/a

NBC personal loans

NBC
6 months
to 60 months
$5,000
to $50,000
46.96%
APR
n/a

HSBC personal loans

HSBC
6 months
to 60 months
$5,000
to $50,000
46.96%
APR
n/a

BestLoansCanada.com provides factual information in relation to financial products. While BestLoansCanada.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on BestLoansCanada.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestLoansCanada.com. BestLoansCanada.com recommends that you read the relevant product information before taking up any financial product offer. For more information please see BestLoansCanada.com's Terms of Use.

3 top tips that help you choose the best $12 000 loan

There are a myriad of lenders and loan options available in Canada. To find the best one, compare loans and narrow down your options with these 3 factors:

  • Interest rates and additional fees. Interest rates may be fixed or variable, depending on your lender and the type of loan you choose. More so, fees may also vary from one lender to another. Compare all rates and fees and calculate total repayments to see which works best for you.
  • Repayments. Be sure to look at the repayment methods and options when taking out a loan. Some lenders prefer direct debit for repayments. For this, you have to ensure you can maintain your bank balance so payments will not lapse. If you have preferred repayment dates, you can look for lenders that can let you choose or adjust due dates too. Also, see if a lender offers flexible options, like free top-up payments, early repayments and payment holidays.
  • Overall Process. Borrowing amounts from $12 000 are considered a small loan, hence the process should be simple. It’s best to look for lenders that offer fast processes and good customer service. This way, you can borrow money when you need it with less hassle.

How to get a free credit report in Canada?

Your credit report is where lenders can see your credit score. To get a credit report in Canada, you can make a request by mail, phone, online, or in-person to Equifax or TransUnion. These two bureaus may provide you with different scores.

Requesting your credit report is free and will not affect your credit score. They will require you to submit copies of two acceptable identification documents, like a Canadian driver’s license or passport. Afterwards, your credit report will be sent to you via mail. You can also request an online copy of your credit report, but this may come with a fee.

Where can you find a $12 000 personal loan?

BestLoansCanada offers access to a wide range of loan options available in Canada. You can use the filters and input the amount you wish to borrow to see all loans ranging from $2,000 to $300,000. Our comparison tables give quick access to featured personal lenders, like Royal Bank of Canada, Scotiabank and HSBC. You can use the BestLoansCanada personal loan calculator to easily compare lenders and rates.

How to apply online

You can scroll through BestLoansCanada’s comparison tables. Once you find a loan and rate that interests you, click “Go to Site”. You will be redirected to the lender’s website where you can apply for a loan online. In most cases, you will need to fill out an application form and provide personal as well as bank details. Lenders may also require you to upload scanned copies of documents. Afterwards, the lender will reach out to validate the information provided and finalize the loan. Once approved, you’ll need to sign a document and mail it to them or do it digitally.