$12,000 Loans for April 2024

Get a $12,000 loan at one of the lenders verified by our specialists. On 24.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
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Mr. Payday
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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
up to $10.000
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Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

What are $12,000 Loans?

$12,000 loans in Canada refer to personal loans with a specific loan amount of $12,000. These are financial products designed to provide individuals with the necessary funds for various purposes, such as home improvements, medical bills, debt consolidation, unexpected expenses, or other financial needs. These personal loans can be either secured or unsecured, depending on the borrower's credit history and financial situation.


  1. Loan Amount. The primary feature is the fixed loan amount of $12,000, providing borrowers with a specific sum to address their financial needs, such as debt consolidation, home improvements, medical bills, or unexpected expenses.

  2. Secured and Unsecured Options. Borrowers can choose between secured and unsecured personal loans. Secured loans require collateral, such as property or assets, while unsecured loans do not necessitate collateral but may have higher interest rates.

  3. Interest Rates. Interest rates play a crucial role in the cost of borrowing. Lenders offer competitive rates based on factors like the borrower's credit score, income, and credit history. Variable interest rates may also be available, impacting the total interest paid over the loan term.

  4. Credit Score Requirements. Lenders may have specific minimum credit score requirements for approval. Individuals with higher credit scores may qualify for better terms and lower interest rates.

  5. Repayment Period. The repayment period, or loan term, determines how long borrowers have to repay the $12,000 loan. It's important to choose a term that aligns with the borrower's financial situation and goals.

Pros and Cons


Convenient Access. $12,000 personal loans provide borrowers with a convenient source of funds, offering quick access to the needed amount for various purposes, such as debt consolidation, home improvements, or unexpected expenses.

Flexible Payment Options. Borrowers have the flexibility to choose from different payment frequencies, including monthly or semi-monthly payments. This allows individuals to align their repayment schedule with their financial situation and preferences.

Versatile Use. The loan amount of $12,000 is versatile, catering to a range of financial needs. Whether it's addressing medical bills, making home improvements, or consolidating debt, borrowers have the freedom to use the funds as they see fit.

Online Lenders. The availability of online lenders expands options for borrowers. Online platforms often streamline the application process, making it more convenient and accessible for individuals seeking $12,000 loans.


Interest Rates. Depending on the borrower's credit history, interest rates can vary. Individuals with lower credit scores may face higher interest rates, impacting the overall cost of borrowing and potentially leading to higher monthly payments.

Fees and Charges. Some lenders may impose additional fees, such as origination fees or late fees. Borrowers should carefully review the terms and conditions to understand the full cost of the loan, including any hidden fees.

Credit Approval. Approval for $12,000 loans may be subject to credit approval. Individuals with poor credit may face challenges in qualifying for the loan or may be offered less favorable terms, such as higher interest rates.

Prepayment Penalties. Some lenders impose prepayment penalties if borrowers choose to pay off the loan before the scheduled repayment period ends. This can limit the flexibility for those who wish to settle the debt sooner and save on interest rate.

How to Get a $12,000 Loan?

Apply for a Loan

  1. Assess Your Financial Situation. Before applying for a $12,000 loan in Canada, assess your financial situation. Consider your credit score, income, and existing debts.

  2. Research Lenders and Loan Options. Explore various lenders, including traditional banks, credit unions, and online lenders. Compare interest rates, terms, and fees associated with $12,000 personal loans.

  3. Check Eligibility and Requirements. Review the eligibility criteria and requirements of potential lenders. Ensure you meet the minimum credit score requirement and any other criteria specified by the lender.

  4. Submit Loan Application. Complete the loan application with the chosen lender. Provide accurate information and documentation to support your application. Some lenders may offer online applications, making the process convenient.

  5. Review Loan Terms and Acceptance. Once approved, carefully review the loan terms, including interest rates, payment schedule, and any associated fees. Ensure you understand the terms before accepting the loan.

Requirements and Conditions


  1. Age. Applicants must be the age of majority in their province or territory to have a loan approved.

  2. Residency. Eligibility requires Canadian citizenship or permanent residency.

  3. Active Bank Account. A valid and active bank account is necessary for the processing of funds and repayment.

  4. Income. Applicants should have a sufficient and stable income to support both the monthly loan payments and existing financial obligations.

  5. Employment. Most lenders prefer applicants with stable employment, often requiring a certain tenure at the same job. However, some lenders may consider alternative sources of income, such as government benefits, in lieu of employment verification.

  6. Credit Score. While some lenders may insist on a good credit score for loan approval, other lenders may be more lenient, accepting applications from individuals with a bad credit score or limited credit history.


  1. Loan Amount. Borrowers can apply for a loan amount of $12,000, which serves as the principal amount to be repaid.

  2. Interest Rates. Interest rates are applied to the loan amount, determining the cost of borrowing. Rates can be fixed or variable and are often influenced by the borrower's credit score and financial profile.

  3. Repayment Period. Borrowers must adhere to a specified repayment period, indicating the time frame within which the $12,000 loan must be repaid. The repayment period can vary and is agreed upon at the time of loan approval.

  4. Monthly Payments. Borrowers are required to make regular monthly payments to repay the loan. The payment amount is calculated based on the loan amount, interest rate, and the chosen repayment period.

Best Places to Get a $12,000 Loan

  1. Easyfinancial is a Canadian financial services company that offers personal loans, including loans for various loan amounts such as $12,000. They provide options for individuals with different credit profiles.

  2. BMO is one of the major banks in Canada that provides a range of financial products, including personal loans. Borrowers can inquire about personal loan options at BMO, with terms and conditions that may vary based on the individual's financial situation.

  3. RBC is another prominent Canadian bank that offers personal loans. Individuals seeking a $12,000 loan may explore the options available at RBC, taking into account the bank's specific terms and eligibility criteria.

  4. Mogo is a Canadian fintech company that provides a variety of financial products, including personal loans. Borrowers can consider Mogo as an online lending option, offering a digital platform for loan applications.

Ways to Receive the Money

  1. Direct Deposit to Bank Account. The most common method is through direct deposit to the borrower's bank account. Once the loan is approved, the lender transfers the loan amount directly into the borrower's designated bank account. This method is efficient and allows for quick access to the funds.

  2. Cheque Issuance. Some lenders may issue a cheque for the loan amount. The borrower can then deposit the cheque into their bank account. However, this method may take longer for the borrower to access the funds compared to direct deposit.

  3. Online Platforms or Apps. With the rise of digital lending platforms, some lenders may disburse funds through their online platforms or mobile apps. Borrowers may have the option to withdraw funds or use them for transactions directly through the platform.

  4. Interac e-Transfers. Interac e-Transfers are another popular method for lenders to send money to borrowers. Funds are transferred securely and directly to the borrower's email address or mobile phone number, providing a convenient and quick way to access the loan amount.

Things to Pay Attention to

  1. Loan Details. Carefully review the specific details of the loan, including whether it is an unsecured or secured personal loan, the interest rate, and the repayment period. Use a personal loan calculator to estimate personal loan payments and total interest over time.

  2. Interest Rate. Pay attention to the interest rate offered on the loan. If it's a variable interest rate, be aware that it can fluctuate, impacting your personal loan payments over time. Individuals with fair credit may encounter higher interest rates.

  3. Payment Frequency. Understand the payment frequency options available, such as monthly or semi-monthly payments. Choosing the right payment frequency aligns with your financial habits and helps determine the total number of payments made over the loan term.

  4. Other Fees and Factors. Be aware of any additional fees associated with the loan, including origination fees or prepayment penalties. Consider other factors that might affect the overall cost, such as age range, relatively high income, and borrowing needs.

  5. Right Lender. Research and identify the right lender for your needs. Consider factors such as their reputation, personal lending products offered, and whether they cater to individuals with fair credit or variable income. Comparing top lenders helps in making an informed decision.

How to Repay a $12,000 Loan?

  1. Understand Terms. Familiarize yourself with the loan terms, including interest rate, repayment period, and payment frequency.

  2. Set Budget. Create a budget to ensure you can meet monthly or semi-monthly payments without strain.

  3. Automate Payments. Set up automatic payments from your bank account to avoid missed payments and potential late fees.

  4. Consider Lump Sum Payments. If possible, make lump sum payments to reduce the overall interest paid and shorten the repayment period.

  5. Monitor Finances. Regularly monitor your finances, adjust your budget if needed, and stay informed about your remaining balance.

Reasons for Getting Rejected for a $12,000 Loan

  1. Low Credit Score. A low credit score is a common reason for loan rejection. Lenders often use credit scores to assess the borrower's creditworthiness. Individuals with poor credit may face challenges in securing approval or may be offered less favorable terms.

  2. Insufficient Income. Lenders typically require borrowers to have a stable and sufficient income to cover monthly loan payments. If your income is deemed insufficient or unstable, it can lead to rejection.

  3. High Debt-to-Income Ratio. If your existing debts are high in relation to your income, lenders may view you as a higher risk. A high debt-to-income ratio can be a reason for loan rejection.

  4. Employment History. Unstable employment history or frequent job changes may contribute to rejection. Lenders often prefer borrowers with a steady employment record, as it indicates a reliable source of income.

  5. Incomplete Documentation. Failure to provide necessary documentation or incomplete information in your loan application can lead to rejection. Ensure that you submit all required documents accurately.


  1. Home Equity Loans. Home equity loans allow homeowners to borrow against the equity in their homes. The loan amount is determined by the difference between the home's market value and the mortgage balance. Interest rates are often lower than unsecured loans, but your home is used as collateral.

  2. Home Equity Line of Credit (HELOC). Similar to a home equity loan, a HELOC allows you to borrow against the equity in your home. However, it operates as a revolving line of credit, giving you flexibility to borrow as needed and repay over time. Again, your home serves as collateral.

  3. Secured Loans. Secured loans involve providing collateral, such as a car or savings account, to secure the loan. Interest rates may be lower compared to unsecured loans, but the risk lies in potential loss of the collateral if you fail to repay.

  4. Credit Cards. Credit cards offer a flexible borrowing option. You can use them for various expenses, and if you pay the balance in full by the due date, you can avoid interest charges. However, credit cards often have higher interest rates compared to personal loans.

Editorial Opinion

In the Canadian financial landscape, $12,000 loans provide individuals with a versatile borrowing option to address various needs. Whether for debt consolidation, unexpected expenses, or home improvements, these loans offer a manageable sum that can be repaid over a specified period. The flexibility in repayment terms, including interest rates and payment frequency, caters to a diverse range of financial situations. However, it is crucial for borrowers to approach such loans with a clear understanding of their financial capacity and the associated terms and conditions. While $12,000 loans can be a practical solution for many, potential applicants should carefully consider their individual circumstances and explore alternative financing options to ensure a well-informed borrowing decision.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


What is the monthly payment on a $12,000 personal loan?

Using the loan formula, the approximate monthly payment for a $12,000 unsecured personal loan with a 24-month term and 15% interest rate would be around $581.84.

What credit score is needed for a $12,000 loan?

The credit score needed for a $12,000 loan can vary by lender. Generally, a good to excellent credit score (above 700) increases your chances of securing favorable terms, but some lenders may offer loans to individuals with fair credit (around 580 and above).

Can I get a loan for $12,000?

Whether you can get a $12,000 loan depends on factors like your credit score, income, and debt-to-income ratio. Many lenders offer personal loans of this amount, and online lenders, banks, or credit unions are common sources. It's advisable to shop around for the best terms and check eligibility criteria with potential lenders.

Loan Terms