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Compare $50,000 personal loans for good credit
Which lender is best for a $50,000 loan? We’ll show you how to get a good rate and competitive terms.
You may be ready to consolidate all your debt into more affordable payments, or maybe you have a large project coming up that you need financing for. Whatever your need is, deciding to take out a $50,000 loan is a big decision.
Knowing the process of getting a loan, comparing your options and applying can help you choose the right lender and potentially save hundreds, if not thousands of dollars over the course of the loan. Read further to learn how to get the best rate and terms on your loan.
Our top pick: Credible Personal Loans
- Free loan connection service
- Personalized rates in minutes
- Secure online application
Our top pick: Credible Personal Loans
- Min. Credit Score Required: Good to excellent credit
- Min. Loan Amount: $1,000
- Max. Loan Amount: $100,000
- APR: 5.34% to 35.99%
- Requirements: Have good to excellent credit, ages 18+ and be a US citizen or permanent resident.
Top lenders that offer $50,000 personal loans
Updated September 18th, 2019
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How to apply for a $50,000 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 best for you.
- Know your credit score. You can get a soft credit check online that won’t affect your credit report. Having this on hand can help you get a more exact estimate of rates when you preapply with lenders — or even when browsing reviews.
- Know the requirements for larger loans. Some lenders have additional eligibility requirements for larger loans — if it does, it’s usually hidden in the fine print. Even if you have excellent credit and make six figures, you still might need to meet additional requirements to qualify.
- Know your priorities. Do you need money fast or would you prefer a lower rate? Are you looking to pay this back quickly or over a period of time. Having a clear list of your priorities can help you narrow down lenders faster and get you to your application.
- Do your research. Compare rates, read reviews and look into customer comments before narrowing down your. Try to find one that meets your priorities and you can qualify for. Rule out any lender with major red flags like class-action lawsuits.
- Get preapproved if you can. Many lenders offer a quick preapproval application that gives you a more accurate idea of your potential rates and terms based on a soft credit pull and other aspects of your personal finances. You won’t want to do this with every lender — it takes some time — but it could help tip the scales once you’ve narrowed it down to a handful.
- Get your documents together. Having your required documents on hand this before you apply can help you cut down on your application time. Not only will it help you fill out the application itself, you won’t have to scramble when you’re asked to submit your most recent pay stubs or tax returns.
- Ask questions while you apply. Mistakes are a surprisingly common reason that borrowers get rejected for a loan. One way to avoid this is to ask questions if you’re unsure of how to answer a question. Most lenders have customer service lines that operate during normal business hours, sometimes even longer.
What lenders look for in an borrower
- Good or excellent credit score. When it comes to loans in the $50,000 range, lenders generally prefer to work with borrowers who have a high credit score.
- Strong credit history. On top of having a high credit score, lenders also prefer to work with borrowers who have a long history of paying back debts on time. You’ll generally need to have at least a few years of paying off loans, credit cards and other types of debts to qualify
- High income. Generally lenders don’t like to give out loans worth more than a fraction of your income. You’ll typically need to be in the $100,000 range at least to qualify for a $50,000 loan.
- Low debt-to-income ratio (DTI). On top of having a high income, lenders also like to see that your monthly debt repayments are no more than 43% of your monthly income.
How much will it cost me?
There are two main costs you need to worry about when it comes to personal loans: Interest rates and fees.
- An interest rate is a percentage of your loan principal — what you borrowed — that lenders charge you each month. Lenders either charge a fixed interest rate that stays the same or a variable rate that changes while you repay your loan.
- Fees are fixed amounts that come with one-time payments. The most common fee on a personal loan is an origination fee, which is typically a percentage of the amount you borrow that the lender deducts from you $50,000 before you get it.
Most lenders express these two costs in percentage, which is your loan’s annual percentage rate (APR). Comparing APRs on loans with the same term is the quickest way to understand how much it’ll cost.
Choosing the right loan term
Your loan term, or the amount of time you have to pay off your debt, is one of the most important factors in your loan’s monthly cost. It also affects your long-term costs.
Shorter-term loans mean your total loan cost will be lower but your immediate costs will be higher. Longer-term loans come with lower monthly repayments but you’ll pay more in interest in the end. Try to find a happy medium by going for the shortest term you can afford.
Monthly repayments
The most immediate cost you’ll feel are your monthly repayments. These are determined by your loan amount, APR and how long you take pay it back. Use our calculator to see how much your monthly repayments would be with different APRs and loan terms.
Monthly repayments calculator
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3 tips to get the most competitive offer
Your credit score is one of the most important factors in qualifying for a loan. Here are some quick tips to help you make sure it’s as high as it could be before you apply.
- Check your credit report. Sometimes creditors make mistakes. Sometimes credit bureaus make mistakes. Checking your credit report can help you catch any mistakes that could hurt your score before you apply for a loan. Reach out to both your creditors and the credit bureaus if you find anything that doesn’t look right.
- Pay off small debts. Doing anything you can to pay off your debts quickly can not only lower your credit score. It can also lower your DTI, making you an even more attractive candidate in more than one way.
- Don’t cancel credit cards. You might think that canceling a credit card you don’t use can help, but it’s actually the opposite. Basically, your credit score will be higher if you have access to a lot more credit than you’re using. Getting rid of a credit card lowers the amount of credit you have access to, so hold off until after you’re approved.
Long-term tips for getting a competitive rate
Don’t need that loan right away? Here are two ways to make your credit even stronger in the long run— and help you qualify for even lower rates.
- Diversify your debts. In the short-term, taking on more debt hurts your credit because it involves a hard credit inquiry. But taking on a credit card if you only have student loans or a small personal loan if you only have credit cards increases your diversity, which accounts for 10% of your FICO score.
- Keep your credit card bill low. Remember that credit utilization score we mentioned early? A great way to lower it is by simply not using your credit card any more than you have to. This accounts for 30% of your credit score.
What can I use a $50,000 loan for?
A $50,000 loan can be used for just about any legitimate personal expense or consolidating debt. Think we’re kidding? These are just some of the costs your $50,000 loan can cover.
- Weddings expenses. The cost of a wedding is more than just paying for the big day. There venues to rent, are airplane tickets to be bought, dresses to pay for — let alone engagement rings. A $50,000 can help you cover the bulk of your wedding-related costs.
- Buying a boat. If you’re not happy with what the financing manufacturers are offering, you can always take out a personal loan to pay for your new boat. Or, you can get a set of jet skis for the whole family.
- Hospital costs. Hospitals often offer payment plans, but often personal loans are less expensive — and give you more options.
- Freezing your eggs. If you’re not luckily enough to have an employer to cover the cost of egg freezing but want to put off having a kid, a $50,000 personal loan can help cover the cost of freezing your eggs.
- A home sensory deprivation tank. Devout floaters might want to take out a $50,000 personal loan to pay to install one at home.
- Medically transitioning. Depending on which procedures you choose and how many you need done, some gender-confirmation surgeries can cost more than $50,000. A $50,000 loan can cut through the bulk of your expenses and get you on the road to better expressing your true self.
What happens after I get my loan?
Once you’ve got your funds, the hard part is over. You might want to consider setting up automatic payments so you don’t have to take the time to manually pay each month. Some lenders even offer a 0.25% discount on interest to borrowers who pay automatically.
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.
To make extra payments without thinking about it, consider rounding up your payments to the nearest $50 or $100, or set up automatic repayments every two weeks instead of twice a month.
Bottom line
You’re a mover, a shaker, an innovator — and you’ve got a plan that needs setting into action. Don’t let that plan get compromised by lack of financing. You can compare your options to find a $50,000 loan with competitive terms.
Especially with larger loan amounts, it’s important that you have good to excellent credit in order to qualify. Applying only for a loan you’re eligible for can save you time by increasing your chances of approval so you don’t have to apply for other loans after being denied.
Think you might need more than $50K? Read our guide to taking out a $75,000 personal loan to see if you might qualify.
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