$12,000 Personal Loans

Find and compare from a range of diverse offers for $12,000 financing here with Savvy today.

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, updated on October 4th, 2023       

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The features and benefits of a $12,000 personal loan

Compare rates and save

You can compare some of the lowest-interest loans available for your specific borrowing profile from a wide range of Australian lenders.

Repay over one year and up

You can pay your loan debt at your own speed, either cutting down on overall interest by selecting a shorter term or minimising your monthly spend with a longer one.

Choose your pay schedule

Pay either on a monthly, fortnightly or weekly schedule to give you the option to structure your contributions around your own income situation.

No upfront payment

You won’t be required to pay a deposit or any upfront fees as part of your loan, with 100% financing available for whatever purpose your need.

No early repayment fees

You don’t have to stick to the term that you set, either, with lenders on our panel who don’t charge for additional payments or early loan settlements.

No security requirements

You won't have to worry about supplying any assets like your car as security for your loan, as our lending partners offer unsecured financing.

Types of personal loan

Why compare personal loans through Savvy?

How to compare $12,000 loans from different lenders

How to apply for a personal loan

Our Process

Compare your options with Savvy

Before choosing your loan, compare your options with Savvy and pick out the most affordable loan best-suited to your needs. Click through and start today.

Fill out your application form

You’ll have to fill out your lender’s quick online application form and supply all the required documents so they can assess you properly as a borrower.

Receive approval and sign your agreement

If they’re happy, they’ll approve your application and send you a contract to sign, after which your funds can be advanced directly into your account.

$12,000 loan queries answered

How can I calculate the cost of my preferred loan before approval?

By using Savvy’s personal loan repayment calculator, you can work out how much your $12,000 loan is likely to cost you based on your desired term and interest rate. Using your comparison rate in place of interest in the calculator will give you a more accurate indication of the amount you’ll be paying overall.

How quickly can I be approved?

From the point that you submit your initial application, you can receive an instant outcome within just 60 seconds. From there, should your application be successful, you can expect your loan funds to hit your account in as little as 24 hours thereafter. The speed at which you’re approved may depend on a variety of factors, such as your borrowing profile, whether you have the right documentation and at what point in the day and week you apply.

Are $12,000 personal loans unsecured?

In most cases, yes – there’s no obligation for you to offer security as part of your loan, enabling you to leave it unsecured. This means that your loan can be approved even faster than what a secured loan would be, and you’re not restricted to the purchase of the secured asset like you can be with those loans. However, unsecured loans come with increased interest rates compared to their secured counterparts.

Will applying with my partner help me get approved?

Yes – if your profile isn’t particularly strong, submitting a joint application can help you get approved. This is because lenders are generally more confident in a loan shared between two people (and, as a result, two separate incomes), as they’re considered less likely to fail than those taken on by a single person. Applying with your partner can also increase your borrowing power and lower your interest rate.

Should I take out a $12,000 personal loan for a car?

You can – however, you should only really do this if your vehicle is too old or not in good enough condition to be used as security. If you’re paying $12,000 towards a used vehicle in strong working condition and within your lender’s age restrictions, you should instead look towards a secured car loan. These offer a significant reduction in interest rates, which can help you save a tremendous amount on the purchase of your car overall. You can get a quick quote with Savvy today to see whether a car loan is the best option for you.

More about $12,000 personal loans explained

What factors can impact my personal loan interest rate?

Personal loan interest rates can be affected by several different variables across your application, so it’s worth knowing what these are before you apply so you can enter with a rough idea of what your rate may be. Because this serves as the most significant factor on your loan in most cases, you should do everything you can to reduce it wherever possible. Some of the main factors which can have an effect on your rate are:

Your credit history

Lenders will look to your credit file as the clearest indication of your record covering your debts over the past five years. This history includes the repayments of other loans and bills such as utilities, phone and internet to paint a picture of you and your reliability when it comes to paying everything on time and in full.

Your score will reflect how well you’ve been able to do this, with late payments and defaults on prior loans factors which can decrease your score. The better your score, the more trustworthy you’ll be seen to be by your lender and the lower your rate is likely to be as a result. Lenders also look for borrowers who have repaid similar loans recently, such as other personal loans, as this is a practical demonstration of their ability to repay a loan.

Your employment

Additionally, lenders want to be confident that you’ll be able to support your repayments across the course of your term without any issues. Part of this is ensuring you’re comfortable and secure enough in your job to not have to worry about your income stream running dry.

For instance, full-time and permanent part-time employees who have been in the same job for a long time stand the best chance of receiving a low rate, as lenders will consider them a safer prospect. Casual employees, particularly those who haven’t been working for a long time, and newly self-employed workers are likely to receive higher rates as a result. You may need to receive a letter from your employer to reaffirm the stability of your job and pass it on to your lender.

Your income

The same applies to your income itself. If you’re working full-time or part-time, your income is likely to be set in stone and unchanging from month to month, giving you the best shot at a lower interest rate. However, fluctuating income is something which can lead to unease in lenders when assessing applications. Part of the assessment when it comes to casual and self-employed workers is that their income is consistent for an extended period. For the former, this is usually a minimum of six months, while business owners may need to have been running their operation for as long as two years before qualifying for a loan, let alone with a low rate.

Your loan’s affordability

Finally, lenders will charge interest and fees based on how much of a risk you pose of defaulting. If they’re not 100% certain the terms you’ve applied for on your $12,0000 loan are entirely comfortable for you, they’ll either impose a higher rate to compensate for the increased risk or reject your application altogether.

Before applying, you should always have an idea of what you can comfortably manage when it comes to your loan repayments. With rough figures in mind, you stand a better chance of approval for a lower rate. You can use Savvy’s borrowing power calculator to help give you a rough estimate of what size loan is best for you so you can see whether you might be able to borrow more or less than $12,000.

How long can I take to repay my $12,000 loan?

While personal loans typically range from one to seven years, lenders will determine whether the term you propose for your finance deal is appropriate for the amount you’re borrowing. They’re unlikely to approve long-term loans of $6,000, for instance, as this would pose an unnecessarily high risk of default and wouldn’t yield a great deal of interest overall to compensate them for it.

Because of this, you’re unlikely to be approved for a seven-year term when borrowing an amount as little as $12,000 (although some lenders may be able to approve this in certain circumstances). Generally, the maximum advisable term for a $12,000 loan would be around five years if you’re looking to lock in more manageable repayments but not let the cost of the loan balloon out too much.

However, it’s important to note that you should always aim for as short a loan term as you feel comfortable repaying. The shorter your term, the less you’ll have to pay in interest and fees. This is because interest is calculated on your outstanding principal, so if it decreases at a slower rate, the interest you’ll have to pay will remain higher for longer. Always prioritise your comfort in repaying your loan above all else, though.

What can I use a personal loan for?

Personal loans are designed to be highly flexible and able to be used for just about any purpose you might need. This sets them apart from other types of finance in a meaningful way: where home loan funds can only be used to purchase property and its associated costs, with the equivalent being true for car loans, personal finance can essentially be distributed however you like. Because of this, there are many common uses for personal loans which Australian borrowers look to every month. These include:

  • Funding home renovations, improvements or any other expansion around your property or your investment
  • Helping ease the burden of unexpected medical fees, which can set you back thousands
  • Covering the cost of your children’s education
  • Consolidating existing debts, such as other outstanding personal loan or credit card debts
  • Paying for your dream wedding or a fitting funeral for a loved one
  • Helping you pay for your next holiday, whether it’s an expansive trip around the globe or simply a trip interstate or up the coast

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.