Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Get a $50,000 loan

Quick online applications and competitive rates from most lenders.

For good customer service

Best Egg personal loans


  • Fast turnaround
  • Transparent website
  • Stellar customer reviews
  • Available to residents of 47 states

For prequalification

Bankrate


  • See loans you prequalify for without a hard credit check
  • Compare multiple offers
  • Apply directly with lenders

Best for bad credit

Upstart personal loans


  • Work and education get you better rates
  • Hardship program
  • Accepts fair credit

While not all lenders offer $50,000 loans, many do. You’ll likely need good credit to qualify, but some lenders have more flexibility. This means even bad or fair credit borrowers may be able to get a loan if they can show sufficient income.

$50,000 personal loan lenders

These providers offer $50,000 loans and cater to borrowers with a range of credit scores. Search by state, credit score and loan amount to find the right option for your needs.

Name Product Filter Values APR Minimum credit score Loan amount
Best Egg personal loans
8.99% to 35.99%
600
$50,000
A prime online lending platform with multiple repayment methods.
Bankrate
Bankrate
4.98% to 35.99%
Poor to excellent credit
$100,000
Upstart personal loans
6.5% to 35.99%
300
$50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Upgrade personal loans
7.96% to 35.97%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
LendingPoint personal loans
7.99% to 35.99%
620
$36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
loading

Compare up to 4 providers

Where to get a loan for $50,000

Banks, credit unions and online lenders all offer personal loans up to $50,000. Online lenders like Upgrade, Upstart or LightStream typically offer the fastest approval processes – while traditional banks and credit unions may take longer to underwrite and approve your loan.

Banks and credit unions

Certain banks and credit unions offer personal loans up to $50,000, but many require that you live in a certain state or have an account before you apply.

LenderInterest ratesLoan amounts
Wells Fargo6.99% to 23.24%$3,000 to $100,000
Alliant6.24% to 27.24%$1,000 to $50,000
Read review
First Tech Federal Credit UnionStarting at 5.70%$500 to $50,000
Read review
KeyBank7.84% to 18.24%$5,000 to $50,000
Read review
New York Municipal Credit Union (MCU)7.95% to 15.45%$1,000 to $50,000
Read review
Navy Federal Credit Union7.49% to 18.00%$250 to $50,000
Read review
Regions7.99% to 29.99%$2,000 to $50,000
Read review
Umpqua9.02% (starting at)$1,000 to $100,000
Read review

Eligibility requirements for a $50,000 loan

To qualify for a $50,000 loan, lenders look at your credit score, and debt-to-income (DTI) ratio and income.

Be prepared to meet the following criteria to qualify:

  • Fair to good credit score. Most lenders want to see a credit score of 670 and up before extending a large loan amount, although there are exceptions. For example, Upstart only requires a credit score of 300, but you need to show regular income.
  • DTI of 43% or less. The lower your monthly debts, the higher the chance of qualifying. In general, your monthly debts shouldn’t exceed 43% of your gross monthly income, but 20% is better. To calculate your DTI, divide your monthly debt by your gross monthly income.
  • Proof of income. You need proof of regular income to get a personal loan. You may be asked to provide bank statements, direct deposits, tax returns or 1099s and your employer’s contact information.

How to increase your chances of approval

To increase your chances of approval, get a copy of your credit report and make sure it’s accurate. You can order a free copy from Equifax, Experian and TransUnion once a year. Then, stay current with your payments and don’t take on any new debt.

If you’re ready to apply, check the lender’s eligibility criteria and prequalify for the loan before applying, if possible. Prequalifying for a loan doesn’t hurt your credit score – but every hard application dings your credit score by a few points.

If you’re unsure whether you qualify or not, contact the lender and speak with a loan officer who can give you a better idea. This can help keep your credit score intact as you search for the best loan.

Can I get a loan for $50,000 with bad credit?

Having a fair or bad credit rating doesn’t automatically disqualify you from getting a $50,000 loan. But you’ll pay a higher interest rate than someone with good to excellent credit – plus origination fees which can run from 1% to 10% of the total loan amount.

To increase your chances of approval:

  • Find the right lender. Lenders offering $50,000 loans vary widely in the types of borrowers they work with. Some lenders, such as Upgrade and FreedomPlus, specialize in bad to fair credit, which may make it easier to qualify.
  • Get a cosigner. Some lenders, like Upgrade and FreedomPlus, allow you to apply with a cosigner to help increase your chances of approval. But if you can’t make your payments, your cosigner will be on the hook for your loan.
  • Use collateral. Some lenders will allow you to pledge collateral – such as your car or heavy equipment – to back your loan. But if you can’t make your payments, you risk losing your assets.

How much $50,000 loans cost

The cost of your personal loan is determined by the interest rate and term. The shorter your loan term, the higher your monthly payments will be — but the less interest you’ll pay. Currently, rates range from 6% APR for excellent credit borrowers up to 35.99% APR for bad credit borrowers.

Here’s what a personal loan would cost with an APR of 10.73% – the national average in 2022.*

Loan termMonthly paymentTotal interest
2 years$2,324$5,779.10
5 years$1,080$14,824.04
7 years$849$21,319.37

As this table shows, you need to be able to afford monthly repayments of at least $849 — likely more. If you can only qualify for the highest rate and longest term, you could end up paying nearly twice as much in interest as the loan itself.

*We chose 10.73% APR because it is the average interest rate for personal loans, according to 2022 data from Bankrate.

Calculate your loan repayments

Have a loan in mind? Use our calculator to find out how much your $50,000 loan will cost you at different rates and terms.

$50,000 loan repayment calculator

Calculate how much you could expect to pay each month
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare personal loans
You can expect to pay back $ per month
Based on your loan terms
Principal$
Interest$
Total Cost$

6 steps to apply for a $50,000 loan

Follow these steps to apply for a $50,000 loan:

  1. Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an option you can afford with a lender that accepts your credit score.
  2. Get prequalified. Many lenders have an online prequalification process to determine if you qualify for a loan before applying and doing a hard credit check.
  3. Apply for the loan. Once prequalified, complete the loan application online or over the phone. Double-check the application for accuracy and correct any mistakes before submitting it.
  4. Upload required documents. Be prepared to provide proof of income, bank statements and a valid government ID. Some lenders may connect to your financial accounts directly to verify your information.
  5. Review and sign your loan agreement. Once you have the loan agreement from your lender, carefully read your loan’s terms and conditions before signing. Verify your loan’s APR, origination fees (if any) and your monthly payment.
  6. Wait for your funds to arrive. After approval, most lenders will transfer funds to your bank account as soon as one business day, although it can take up to five business days in some cases.

Tips to get the lowest rate on your loan

To limit the amount you pay in interest:

  • Get preapproved. Loan preapproval lets you compare potential interest rates, fees and loan terms without impacting your credit. Not every lender offers this option, but if so, it’s a quick way to compare different offers.
  • Get a cosigner. Not only can a cosigner increase your chances of approval, it may help you snag a lower interest rate too. FreedomPlus is one lender that offers a rate discount if you have a cosigner on your loan.
  • Look for rate discounts. Some lenders offer rate discounts if they pay your creditors directly (for debt consolidation), if you have a cosigner or retirement savings, or if you set up autopay.
  • Improve your credit score. Check your credit profile and clean up any errors that may be pulling your score down. Keep current on your payments and don’t apply for new credit before applying for a loan.

How to pay off $50,000 in debt

Paying off a $50,000 loan can seem overwhelming. Here are some tips for paying off your loan faster.

  • Pay more frequently. Making weekly or bi-weekly payments is a smart method that can help you save. With this method, you’re paying the same amount every month, but you’re saving on interest charges by paying more frequently.
  • Pay more than the minimum. Pay more than the minimum by rounding up your monthly payment or adding extra each month. A general rule of thumb is to devote at least 10% of your income each month to paying off debt if you can afford it.
  • Refinance your debt. Refinancing is a popular choice for borrowers with a lot of debt. If you have a good to excellent credit score, you could potentially secure a lower interest rate by refinancing which can help you pay off your debt faster.

What to watch out for

Even if you can secure a $50,000 loan, keep the following watch outs in mind:

  • Origination fees. Some lenders charge origination fees up to 10%, especially if you have bad credit. For example, an origination fee of 5% of a $50,000 loan is $2,500. This means you’ll only receive $47,500. But if you have good to excellent credit, you typically can avoid paying these fees.
  • Loan use restrictions. Make sure you can use the funds for what you need them for. For example, some personal loan providers don’t allow you to use their loans to pay off student loan debt. Sofi and Laurel Road are two exceptions to this.
  • Loan terms. Your loan term impacts your monthly payments and how much interest you’ll 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.
  • 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.

Alternatives to $50,000 personal loans

Taking out a personal loan for $50,000 isn’t the only way to access cash for a range of needs.

Other alternatives include:

  • Home equity loan. A lump sum, fixed-rate term loan up to 30 years using your home as collateral.
  • HELOC. A variable-rate, revolving line of credit for 10 years using your home as collateral.
  • Business loan. If you’re a business owner, you may qualify for a business loan or line of credit up to $50,000.

Other loan amounts

More guides on Finder

    Ask an Expert

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site