When it comes to $50,000 business loans, there are a lot of options to choose from. The challenge is narrowing down the type of loan you need and getting the best rate. Whether you’re after a short term loan, a business line of credit or equipment financing – we help you compare the best $50,000 loans for your needs.
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$50,000 business loans cover a wide range of financing scenarios. Here’s a list of the most common types.
| Type of financing | Description | Use |
|---|---|---|
| Short-term loan | An unsecured lump sum loan with repayment terms of up to 18 months | To cover unexpected costs or to survive a downturn |
| Business term loan | An unsecured lump sum loan with repayment terms of up to 10 years | To provide working capital for more established businesses |
| Business line of credit | A revolving line of credit for ongoing needs | To tap into funds as needed and pay off as you go |
| Business cash advance | A quick turnaround loan for newer businesses | To borrow against the money you plan to make |
| Accounts receivable financing | A loan with an amount tied to your receivables | To access cash by selling your purchase orders or receivables |
| SBA loan | A low interest small business loan partially backed by the government | To provide working capital to grow your business |
| Startup loan | A term loan for businesses with limited credit history | To provide working capital to get your business off the ground |
| Equipment financing | A collateralized term loan to fund equipment | To pay for any kind of equipment for your business |
| Business credit card | A revolving line of credit for ongoing needs | To tap into funds as needed and pay off as you go |
Business loans can either be secured or unsecured. A secured loan is backed by collateral from your business — like real estate, equipment or other valuable assets. An unsecured loan is based on your creditworthiness and doesn’t require collateral. But with an unsecured loan, you’ll likely need to provide a personal guarantee.
You can get cashflow loans of $50,000 from most providers.
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The cost of a $50,000 business loan depends on the APR and term you receive. This typically includes an origination fee of around 1% to 6% that’s either added to or deducted from your balance at closing. For a $50,000 loan, that works out to $500 to $3,000. However, the cost of a business loan comes down to what type of loan you get.
Use our calculator to estimate your monthly payment and total loan cost based on different rates and terms.
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You can apply for a $50,000 business loan by comparing lenders, prequalifying and filling out an application with your final pick.
Here are 6 steps to getting a business loan:
You can get a $50,000 startup loan from a microlender, community bank and some online providers. But your business will need to be around for three to six months to qualify for a startup loan of this size from these providers.
If you need seed funding to get your business off the ground, a personal loan can also be a good choice. Some community banks also offer loans to start a business, but these are also based on your income. To qualify, you generally need to have a credit score of at least 670 and enough regular income to support payments on the loan.
Lending marketplaces like Credible provide prequalified rates for borrowers with poor to excellent credit to compare loans up to $100,000.
If you have bad credit, you can get a $50,000 business loan from online lenders, microlenders and even some community banks. Look for the lender’s credit requirements before you apply to make sure they accept your credit rating. Or, if you’re applying at a community bank, ask a loan officer if they can make an exception to their credit policy based on other aspects of your business’s finances.
For certain types of loans, like merchant cash advances, lenders don’t consider your credit score at all. But these can be highly expensive, with rates comparable to payday loans.
Yes, you may be able to get a $50,000 loan backed by the Small Business Administration, commonly known as an SBA loan. This even includes the SBA microloan program, which caps out at $50,000.
However, other programs like SBA 7(a) loans and Express loans might be a better choice if you can qualify. A $50,000 loan through these programs often comes with lower maximum rates and SBA loan fees.
Make sure your business is getting the kind of financing and support it needs by considering all your options before you apply for a $50,000 loan. Compare even more providers by reading our guide to business loans.
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