Get a $50,000 personal loan

Where to get a $50,000 personal loan

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.

Banks and credit unions

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.

How much does a $50,000 loan cost?

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%.*

_{*We chose 9.41% APR because it is the average interest rate for personal loans, according to data from a 2019 Experian study.}

Use our calculator to estimate your monthly payment and the total cost of your loan.

How to compare loan offers

When you’ve narrowed down your options to a few lenders, here are tips to help make the final decision easier:

• Interest rates. Your interest rate may be anywhere from 5% to 36%. The lender you choose will either offer a fixed rate, which doesn’t change, or variable rate, which may fluctuate every few months. Whichever you choose, keep an eye on the total cost you’ll have to repay. This is the biggest expense when borrowing a personal loan.
• Loan terms. Your loan term impacts your monthly payments and how much interest you have to pay. A shorter loan term will increase your monthly payment but decrease the overall cost of your loan. In general, you should opt for the shortest loan term with monthly payments you can afford.
• Origination fees. Some lenders, especially online lenders, charge origination fees, or a fee deducted from the amount you borrow. For instance, an origination fee of 5% of a $50,000 loan is $2,500. This means you’ll only get $47,500 from your lender. This cost, along with your interest rate, is included in the annual percentage rate (APR) for the loan.
• Other fees. Prepayment penalties, late fees and non-sufficient funds (NSF) fees won’t play a role in the upfront cost of your loan, but they can impact the overall cost. Even if you don’t think you’ll be late, compare each lender’s additional charges to get a full idea of the price you might have to pay — just in case.
• Total cost. The total cost of your loan will include the principal, or amount you borrow, and interest. Generally, the shorter your loan term and lower your interest rate, the less your loan will cost. A preapproval offer should include the finance charge as well as the sum of your payments. You can use this to compare the cost of loans before you agree to borrow with a lender.

4 ways to qualify for the best terms

To limit the amount you pay in interest, you’ll want to prepare yourself financially for a large loan.

• Apply for preapproval. When you apply for preapproval, you can compare your potential interest rates and loan terms without impacting your credit. Not every lender offers this option, but if yours does, it’s a quick way to see if you’re eligible for $50,000.
• Improve your credit. When it comes to loans in the $50,000 range, lenders generally prefer to work with borrowers who have a high credit score — typically 670 or higher. However, a credit score as low as 600 may still qualify — just be prepared for higher interest rates.
• Pay off your debts. While having a strong credit history is a good indication of your ability to repay, lenders want to see that you can afford your loan. Paying off your current debts and keeping your credit card bill low will lower your debt-to-income (DTI) ratio, making it easier to qualify for a loan of $50,000.
• Increase your income (if possible). Paying off your debts is likely the best strategy. But if you can, taking on a side hustle may help increase your income and your chances of being approved for a larger loan.

How to get 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 for you.

1. Compare lenders. Weigh lenders by looking at factors like the range of rates, fees and terms they offer. And consider factors that are a priority to you, like a fast turnaround or positive customer reviews.
2. Ask about requirements. A $50,000 loan is on the high end for most providers. Reach out to your top choices to make sure you meet the credit and income requirements for this amount, which is often more strict than the requirements listed online.
3. Get preapproved. Get an estimate of the rates and terms you might qualify for with a few lenders by filling out a quick preapproval form online, if it’s available. It’s based on a soft credit pull that won’t affect your credit and can help you make a final decision.
4. Gather your documents and apply. After you’ve been preapproved, lenders often ask you to answer more questions and submit documents to verify your identity and income. Get your documents together first — and reach out if you don’t know what a question means.
5. Read your offer and sign. After you’re fully approved, read over your loan offer to make sure you understand the rate, terms, monthly cost and when repayments are due. Then sign the contract and submit it to the lender.

What happens after I get my loan?

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.

Bottom line

$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.

Frequently asked questions

Our answers to common questions about $50,000 loans.

How quickly can I get a $50,000 personal loan?

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.

Can I apply for a loan with a cosigner?

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.