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$50,000 loans are more rare than you’d think. Only a handful of lenders offer such large amounts — and you’ll need good to excellent credit to qualify for most. But there are options available, provided you know where to look.
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Enter the loan amount, term and interest rate to see the monthly payment and total cost of a loan.
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Banks, credit unions and online lenders all offer personal loans up to $50,000. However, there are many lenders that cap the maximum amount you can borrow much lower than $50,000 — so your options may be limited.
There are some banks and credit unions that offer personal loans up to $50,000. But it’s rare — and many require that you live in a certain state or already have an account before you apply.
Lender | Interest rates | Loan amounts | |
---|---|---|---|
Alliant | 6.24% to 27.24% | $1,000 to $50,000 | |
First Tech Federal Credit Union | Starting at 9.20% | $500 to $50,000 | |
KeyBank | 7.84% to 18.24% | $5,000 to $50,000 | |
New York Municipal Credit Union (MCU) | 6.95% to 14.95% | $1,000 to $50,000 | |
Navy Federal Credit Union | 7.49% to 18.00% | $250 to $50,000 | |
Regions | 7.99% to 17.99% | $2,000 to $50,000 | |
Umpqua | Starting at 9.02% | $1,000 to $100,000 | |
Wells Fargo | 5.99% to 24.49% | $3,000 to $100,000 |
The cost of your loan is determined by your interest rate and loan term. The shorter your loan term, the higher your monthly payments will be — but the less you’ll pay in interest. Here are a few examples of what a $50,000 loan would cost with an APR of 9.41%.*
2 years | $2,293.65 | $5,047.70 |
5 years | $1,047.90 | $12,873.72 |
7 years | $814.90 | $18,451.30 |
*We chose 9.41% APR because it is the average interest rate for personal loans, according to data from a 2019 Experian study.
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When you’ve narrowed down your options to a few lenders, here are tips to help make the final decision easier:
To limit the amount you pay in interest, you’ll want to prepare yourself financially for a large loan.
With that kind of money at stake, being careful about your application is more important than ever. Follow these steps before and during your application to make sure you’re going with a lender that works for you.
Once you have your funds, the hard part is over. You might want to consider setting up automatic payments, since some lenders offer a discount off your APR for autopay.
Want to save even more on interest? One easy way is to pay off your loan early. First, check with your lender to make sure it doesn’t charge any prepayment penalties. Then you’re free to make extra payments whenever you have extra cash. Check out our guide to paying off a personal loan early for tips on how to manage your payments.
$50,000 is considered a large loan amount — which means you’ll have better luck qualifying with good to excellent credit and a solid monthly income. However, there are options available for borrowers with bad credit. To make the most out of your loan, read more about personal loans and compare our top lenders to find the right option for your finances.
Our answers to common questions about $50,000 loans.
Most lenders should be able to process your application and transfer your loan funds within one to two business days. However, it may be longer or shorter depending on the lender, when you apply and your bank.
It depends. While there are some lenders that accept cosigners, most require you to apply with a coapplicant, who shares responsibility for and access to the loan — if they offer the option at all.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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