Editor's choice: Credible personal loans
- Loan range: $1,000 to $100,000
- Personalized rates in minutes
- Funds as soon as 1 day
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Most lenders that offer personal loans offer loans up to $50,000. Typically, banks and credit unions offer the lowest rates but it can take a week to get your funds in some cases. Online lenders are a faster option, though they can be more expensive than bank loans.
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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.
Since a $50,000 loan often requires good or excellent credit, you’re likely able to qualify for rates on the lower end of the spectrum — possibly around 6% to 10% APR. Lenders typically also offer lower rates for higher loan amounts.
Your APR includes interest and an origination fee, which can run as high as $2,500 on a $50,000 loan. Lenders typically either add it to your balance or subtract it from your funds before you receive them.
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.
The most immediate cost you’ll feel are your monthly repayments. These are determined by your loan amount, APR and how long you take to pay it back. Use our calculator to see how much your monthly repayments would be with different APRs and loan terms.
|Loan terms (in years)|
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.
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.
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.
Once you have your funds, the hard part is over. You might want to consider setting up automatic payments, since some lenders 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. Check out our guide to paying off a personal loan early for tips on how to manage your payments.
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 where to find one and if you might qualify.
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