What Is a 12-Month Loan Term?
A 12-month term is one of the most common repayment periods for personal loans in Canada, giving a full year to spread out a mid-sized expense. It's often the point where monthly payments start feeling comfortably manageable relative to the amount borrowed. It's one of several repayment terms we cover, from 3 to 60 months.
12-Month Payment Examples
APRs across our lender network range from 5.99% to 34.99%, depending on the lender, your credit profile, and provincial regulations. Here's an illustrative example at a representative rate:
| Loan Amount | APR | Est. Monthly Payment | Est. Total Repayable |
|---|---|---|---|
| $1,000 | 29.9% | $97 | $1164 |
| $1,500 | 29.9% | $146 | $1752 |
| $2,000 | 29.9% | $195 | $2340 |
Illustrative example only — your actual rate, term, and payment depend on the lender and your credit profile.
Who a 12-Month Term Is For
- Mid-sized expenses like a larger repair, moving costs, or a planned purchase
- Wanting predictable monthly budgeting over a full year
- Loan amounts typically in the $1,000-$2,000 range
- A balance between manageable payments and reasonable total interest
Things to Consider
- A full year is long enough that your financial situation could change — check for any prepayment flexibility in case you want to pay it off early.
- Total interest is meaningfully higher than a 3 or 6-month term for the same amount — borrow only what you need.
- This is often the first term where lenders may ask for more complete income documentation.
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How to Apply for a 12-Month Loan
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