Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
If you’re thinking about taking out a $50,000 personal loan, it’s worth taking the time to research loan options that could be available to you from different lenders — a $50,000 loan is a big financial responsibility.
Read on to learn about how finding the right lender, repayment term, and interest rate can make a big difference in your total repayment costs.
In this post:
- Where to get a $50,000 loan
- What to consider when comparing loans
- Cost to repay a $50,000 personal loan
Where to get a $50,000 loan
Below you will find some of your options when it comes to different types of personal loan lenders:
Online lenders
Online lenders can be a good source for large personal loans. They often have an easier application process than banks and credit unions and might offer lower rates (some might even get you your loan in one business day).
Credible is partnered with three online personal loan lenders that offer $50k personal loans:
| Lender | Rates | Loan Amounts |
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 | 3.49% - 19.99% APR | $5,000 up to $100,000 |
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 | 5.99% - 18.83% APR | $5,000 up to $100,000 |
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 | 8.13% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. 6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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If you can meet your goals with personal loans for less than $50,000, consider other Credible partners.
The personal loan companies in the tables below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 5.99% - 29.99% APR | $5,000 to $35,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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View details | 3.49% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction available for AutoPay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. |
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 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
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 View details | 6.49% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 7.99% - 35.97% APR | $1,000 to $35,000 |
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View details | 8.13% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. 6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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Banks
Banks typically offer interest rate discounts on personal loans if you already have a savings or checking account with them, for example. In addition, many lenders offer autopay discounts if you agree to have your loan payments automatically deducted from your checking or savings account each month.
Some big banks like Chase, Bank of America, and Capital One don’t offer personal loans. But others like Citizens, Citi and Wells Fargo do. Citizens and Citi will loan up to $50,000, although Citi doesn’t take applications online for loans over $30,000 — you’ll have to call the bank or visit a branch office. The upper limit for unsecured personal loans at Wells Fargo is $100,000.
Credit unions
Although you do have to be a member to get a loan from a credit union, many have open membership requirements that allow almost anyone to join. Like banks, credit unions sometimes offer interest rate discounts if you already have an account with them or if you set up automatic payments.
Personal lending limits are often lower at credit unions than banks. Boeing Employees Credit Union won’t provide personal loans of more than $15,000, for example. At Teachers Federal Credit Union, the upper limit is $20,000.
But Alliant, a Chicago-based credit union that’s among the nation’s 10 largest, has loan offers of up to $50,000 with repayment terms ranging from one to five years. So do Navy Federal and First Technology Federal Credit Union.
What to consider when comparing loans
If you’ve shopped around and have multiple options for taking out a $50,000 personal loan, here’s a checklist of five main factors to consider.
1. Interest rates
The interest rate charged by the lender is typically the biggest cost of borrowing money. It’s how much you pay in interest charges each year when you take out a loan, expressed as a percentage. The shorter the loan term, the lower the interest rate offered by most lenders.
Also, decide if a fixed or variable rate loan is best for your situation. Not all personal loan lenders offer both, but some do.
2. Fees
Watch out for origination fees, which are taken out of your loan proceeds before you even see them. To help you understand the impact of any additional fees and expenses over the life of your loan, lenders are required to factor them into another calculation called the annual percentage rate, or APR.
Also, comb the fine print and ask your lender about any prepayment penalties, which are charged at the end of your loan if you decide to pay it off early. Prepayment penalties aren’t factored into your actual APR because you might not have to pay them.
3. Repayment term
How much a loan will cost to repay depends not only on the loan amount you borrow and at what interest rate, but on how long you take to repay your loan. The longer you take, the more interest charges you’ll rack up. The other important thing to keep in mind is that the shorter the repayment term, the lower the interest rate offered by most lenders.
4. Monthly payment
The monthly payment is an important indicator of whether a loan will fit your budget. If it seems that the monthly payment will eat up too much of your paycheck, you can look at loans with longer repayment terms. If you stretch your payments out over seven years instead of five, you’ll make 84 payments instead of 60, so each payment will be smaller. Just remember that the longer the repayment term, the higher the interest rate and total repayment costs.
5. Total repayment costs
The bottom line when shopping for a loan is what your total repayment costs will be. Before you sign a loan contract, review the federal Truth in Lending Act (TILA) disclosure provided by your lender. Pay special attention to these two numbers:
- The finance charge: This is the cost of your loan, including interest and fees, assuming you make all your payments on time.
- Total payments: This is the sum of all the payments you’ll make to pay off your loan, including the loan principal and finance charges.
Cost to repay a $50k loan
The table below shows the relationship between the loan repayment term, interest rate, monthly payment, and total interest charges. The interest rates in the table are hypothetical, for purposes of illustration only.
| Repayment term | Interest rate | Monthly payment | Total interest |
|---|---|---|---|
| 3 years | 7% | $1,544 | $5,203 |
| 4 years | 8% | $1,221 | $7,817 |
| 5 years | 9% | $1,038 | $10,888 |
| 7 years | 10% | $830 | $16,595 |
Typically, the shorter the repayment term, the lower the interest rate and total interest charges, and the higher the monthly payment.
A good rule of thumb, if you’re seeking to minimize total repayment costs, is to select a loan with the biggest monthly payment and the shortest repayment term you can afford.
Using our personal loan calculator will give you an idea of what your monthly payment and total cost (including total interest) will be with a personal loan at the rates and terms available to you. When you compare personal loan rates through Credible, you’ll get a dashboard showing that information for loans that you’re prequalified for.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
