How To Get a $50,000 Personal Loan

To get a $50,000 loan, you'll need to find a lender that offers personal loans in that amount and one whose eligibility requirements — such as credit score, income, and overall credit history — match up with your financial qualifications. You'll also need to make sure the lender's approved loan purposes cover your plans for using the cash, whether it's debt consolidation, home improvement, a major purchase, and so on. 

If you have great credit, try LightStream or SoFi. Both offer same-day personal loans up to $100,000. If you have fair credit, consider Upgrade for quick funding and multiple discounts. If you have bad credit, you'll need one or more compensating factors to get a $50,000 loan — like a strong income and low debt — and interest costs are likely to be high.

Lenders that offer $50,000 personal loans

Where to get a $50,000 loan

Several online lenders offer $50,000 personal loans, as do a number of banks and credit unions. Each option has its own advantages and disadvantages, so take them into account as you decide which lender to try.

Online lenders

Several online lenders offer $50,000 personal loans, including Upgrade, LightStream, and SoFi. Online lenders can be the most flexible option for some borrowers, especially those with poor credit. “They don't have the same federal regulations as traditional banks, so they can be more lenient with credit requirements and faster in providing funds,” says Joe Camberato, CEO of National Business Capital. “That flexibility can be a lifeline if you don't meet a bank's stricter criteria, but it often comes with higher interest rates.”

Take time to compare and prequalify with multiple lenders to get an idea of the rates and terms you might qualify for. Some charge more fees than others or have higher minimum and maximum interest rates.

Explore: Best Online Personal Loans

Banks

Banks generally offer more competitive interest rates for personal loans compared to online lenders. They may also reserve perks for current customers. For example, U.S. Bank lets non-customers borrow up to $25,000, but personal checking customers can borrow up to $50,000. Wells Fargo also has an interest rate discount for borrowers who set up auto-pay from their Wells Fargo bank account.

With that said, banks often have stricter credit score and income requirements for borrowers and longer approval processes.

Explore: Best Banks for Personal Loans

Credit unions

Credit unions are similar to banks in that they may offer members-only discounts or benefits for personal loans. They also tend to have lower interest rates than banks, with an average interest rate of 10.75% for a three-year loan compared to a bank's average rate of 12.03%, according to the National Credit Union Administration.

However, you'll need to already be a member or sign up as a new member to get a personal loan through a credit union.

Explore: Best Credit Unions for Personal Loans

Approval estimates for $50,000 loans

We crunched a year's worth of data to find the average $50,000 loan rates that borrowers using the Credible marketplace received, and how likely they were to prequalify for a $50,000 loan. Not surprisingly, borrowers with excellent credit received the lowest rates and were the most likely to qualify.

Top loan purposes for $50,000 loans

Most people who got a $50,000 loan through Credible used it for debt consolidation or credit card refinancing.

Interest rates for $50,000 loans by loan purpose and credit score

In addition to your credit score, lenders consider how you want to use the loan when determining what APR to offer. The chart below shows how APRs varied for different loan purposes for borrowers who used the Credible personal loan marketplace. For example, borrowers with fair credit received the best rates when using a personal loan to refinance credit cards.

How to get a $50K personal loan with bad credit

Getting a $50,000 personal loan with bad credit can be challenging, but it's not necessarily impossible. Still, your lender will likely see you as a risky borrower, so you may only qualify for a high interest rate.

Start by researching lenders that offer loans for bad credit of up to $50,000. Prequalify before applying so you can see whether you might be eligible for a loan and get an idea of your potential interest rate.

Alternatively, consider applying with a cosigner or co-borrower. If they have excellent credit, they can help you get approved. The primary difference between the two is that a co-borrower can access the loan funds while a cosigner can't.

Having assets like cash or stocks you can use for collateral could also help you get approved. “The lender might focus less on your credit and more on the value of the collateral,” Camberato says. However, you'll need to find a lender that offers secured personal loans, like Upgrade or Navy Federal Credit Union, if you want to go this route.

Can you get a $50,000 loan with no credit check?

No, you usually can't get a $50,000 loan with no credit check. “It's unrealistic to expect a loan of that size without a credit check,” says Camberato. “Any reputable lender will want to review your credit history.”

Expect to undergo a hard credit check as part of the loan approval process, which may temporarily lower your credit score by a few points.

Related: Does Applying for a Loan Hurt Your Credit Score?

What to consider when comparing loans

You might find a $50,000 personal loan that looks good from the first lender you visit. But comparing multiple loans and lenders can help you get the best rate, terms, and overall deal. Compare prequalification quotes based on the following factors:

1. Annual percentage rates (APR)

The APR represents the cost you'd pay to borrow a $50,000 loan. APR accounts for the interest rate and upfront fees, which makes it a more accurate way to compare loan offers.

Lenders consider multiple factors, like a loan's repayment term and your credit score, to determine your interest rate. Longer terms and lower scores can lead to higher interest rates, while a credit score of 780 or higher and a shorter repayment period, like two or three years, may confer an APR under 10%.

2. Fees

Fees can easily increase the cost of your loan. “One lender may offer a lower rate or easier access to credit but then charge a fee to recoup those costs,” says Briscoe. You might see the following fees when comparing lenders:

• Late fee: Late payment fees are fairly common for personal loans. Late fees vary by lender and may be a flat dollar amount or a small percentage of the late payment.
• Origination fee: Some lenders charge an origination fee to process your loan. It can be up to 12% of your borrowed amount. If your loan has an origination fee, the lender will remove the amount of the fee from your loan funds, reducing how much you receive.
• Prepayment penalty: A prepayment penalty is a fee for paying off a loan early, usually as a percentage of your loan balance or a flat fee. It's rare for lenders to charge this for personal loans.

Some lenders are more transparent about their fees than others, so you may need to do some digging on lender websites or review sites like Trustpilot to uncover potential fees.

3. Repayment terms

Your repayment term is the amount of time you have to pay off your loan in full. A $50,000 fixed-rate loan with a five-year repayment term will require 60 monthly payments that include your principal balance and interest.

Two to five-year repayment terms are common, but some lenders, like Upgrade and SoFi, allow up to seven years for $50,000 loans. An extended repayment period can make monthly payments more manageable, but you'll pay more total interest.

4. Monthly payment

To pay back a personal loan, you'll make monthly payments. Comparing potential monthly payments for $50,000 loans can help you decide if you can realistically repay the loan each month.

To get an idea of the monthly payments on a loan of this size, use a personal loan calculator to compare different repayment strategies.

5. Total repayment costs

It's not always easy to determine all the costs of a loan until you apply. If approved, your lender should send you a disclosure that outlines the details of the loan, including your APR, fees, and total repayment costs.

Review the document carefully, noting any fees and interest you'll pay and how they influence your total cost. Only sign the offer if you're 100% sure you want to move forward with the loan.

6. Loan purpose

When you apply for a personal loan, you'll need to specify how you intend to use it. The loan's purpose can impact the rate you'll receive and how much you'll qualify to borrow. Personal loans can be used for many things, but not all lenders allow all loan purposes. It's usually safe to use a personal loan to consolidate debt or pay for home repairs, for example, but lenders generally don't allow loans to cover college tuition, business costs, or a home's down payment.

When you prequalify, you can usually choose your loan's purpose from a list of options. These indicate the lender's allowed uses for a loan. Be truthful about how you'll use the loan when you apply. Not doing so could be considered fraud.

Related: What Can't You Use a Personal Loan For?

$50,000 loan cost comparison

This graph illustrates how different APRs can affect how much you'll pay over the life of the loan. The difference in total interest costs can be particularly significant on larger loan amounts. 

Steps to getting a $50,000 loan

If you decide to apply for a $50,000 personal loan, here's what to do:

1. Review your credit score and report: Check your most recent credit score to see whether you meet lender requirements. Use Credible's credit-monitoring tool to check your score for free. Review your credit report for free at AnnualCreditReport.com and dispute any errors with the appropriate credit bureau if needed.
2. Calculate your payments: Some lender websites have calculators to help you estimate your potential loan payment. Or, use our personal loan calculator to see how much you can expect to pay each month.
3. Research lenders: Look for lenders that allow you to borrow $50,000. Compare their application processes, funding times, fees, repayment terms, and APR ranges to find ones that meet your expectations.
4. Prequalify with multiple lenders: After shortlisting your top lender choices, prequalify with them to compare potential interest rates and repayment terms. This doesn't affect your credit score, but applying for a loan can temporarily lower your score with a hard credit check. Also, prequalified quotes are not offers of credit. The rates and terms of a loan offer you receive after prequalification could differ.
5. Gather documents and apply: Choose a lender and submit an application. You may need a form of identification, pay stubs or tax returns, and proof of address, although your lender will tell you which documents to submit.
6. Sign your loan offer: Review your official loan offer if approved. Look closely at fees, interest rates, and monthly payments, and contact your lender if you have any questions before signing.
7. Get funded: Expect to receive your funds in your bank account within a few business days, although some lenders fund loans the same day or the next business day.

Learn More: How Long Does It Take To Get a Personal Loan?

Alternatives to a $50K personal loan

There's a lot to think about regarding a personal loan of $50,000. Consider some alternatives to a personal loan if you're not entirely sure it's the right move. Here are a few examples:

Secured line of credit

You can borrow money from a personal line of credit up to your credit limit. Like a credit card, you can use your credit line as needed and only pay for what you borrow plus interest.

It's common for personal lines of credit up to $50,000 to be secured by an asset, like a savings account or stocks. This collateral backs your loan and guarantees repayment, which can lower your borrowing risk to a lender. In turn, secured lines of credit generally have lower APRs than loans.

First Tech Federal Credit Union has stock-secured lines of credit between $25,000 and $500,000.

Home equity options

Home equity loans and home equity lines of credit, or HELOCs, let you borrow money against the equity in your home.

A home equity loan is a lump sum repaid in monthly installments, similar to a personal loan. A HELOC is more like a personal line of credit from which you can borrow money as needed. Lenders usually allow you to borrow up to 80% of your home's equity.

Expect interest rates to be lower for home equity borrowing options than personal loans because using your home as collateral lowers your borrowing risk. They also offer longer repayment terms of up to 20 or 30 years. But, if you fail to make payments, you could risk losing your home.

401(k) loans

Loans you take out against your 401(k) retirement plan are backed by the cash value of your account and don't require a credit check, making them an option if you have bad credit or don't want a lender placing a hard inquiry on your credit report.

These loans can be up to $50,000, but you can only borrow up to 50% of your vested amount. However, taking such a large chunk of your retirement could delay your retirement for years. 

When you take a 401(k) loan, those funds are no longer earning a return or benefiting from compound interest or gains. A 401(k) loan can be particularly disastrous if you don't pay it back. In this case, it's treated as a withdrawal, which means you'll owe tax on the unpaid amount plus a 10% penalty tax if you're under 59 ½.

Compare: 401(k) Loan vs. Personal Loan

Disclosure: Some lending partners that participate in Credible’s comparison marketplace offer loans to borrowers with scores as low as 550. Borrowers with low scores will have fewer lending options than borrowers with higher credit scores.