Looking for a substantial personal loan? This guide explores $50,000 loans, providing you with essential information to make an informed decision.
Our top loan options for $50,000 loans combine competitive rates, flexible terms, and excellent customer service.
Best $50,000 Loans: Quick Answer
While these are our top picks, remember that the best loan for you depends on your unique financial situation. We encourage you to compare multiple options before making a decision.
| Company | Interest | Loan Term | Loan amount | Accepts bad credit: | |
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| 7.80% – 35.99% | 3 Years – 5 Years | $1,000 – $50,000 | Yes | Explore more |
recommended
| 9.99% – 35.99% | 2 Years – 7 Years | $1,000 – $50,000 | Yes | Explore more |
| 1,179.00% – 2,084.00% | 3 Years – 6 Years | $7,000 – $50,000 | No | Explore more |
| 11.69% – 35.99% | 3 Years – 5 Years | $1,000 – $50,000 | Yes | Explore more |
| 8.00% – 18.00% | 6 Months – 10 Years | $75,000 – $50,000,000 | No | Explore more |
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| Company | Overall Rating | Interest | Loan Term | Loan amount | Accepts bad credit: | Get Started |
|---|---|---|---|---|---|---|
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| 7.80% – 35.99% | 3 Years – 5 Years | $1,000 – $50,000 | Yes | Explore more | |
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recommended
| 9.99% – 35.99% | 2 Years – 7 Years | $1,000 – $50,000 | Yes | Explore more | |
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| 1,179.00% – 2,084.00% | 3 Years – 6 Years | $7,000 – $50,000 | No | Explore more | |
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| 11.69% – 35.99% | 3 Years – 5 Years | $1,000 – $50,000 | Yes | Explore more | |
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| 8.00% – 18.00% | 6 Months – 10 Years | $75,000 – $50,000,000 | No | Explore more |
Ready to explore your loan options? Use our LoanFinder™️ tool to compare personalized offers from multiple lenders in minutes.
In-Depth Analysis of $50,000 Loan Top Options
Let’s dive deeper into our top two picks for $50,000 loans: Upstart and Upgrade. Both offer competitive rates and unique features that cater to different borrower needs.
Upstart: Ideal for Fair Credit Borrowers
Upstart is an online lending platform that uses artificial intelligence to evaluate loan applications. This innovative approach allows them to consider factors beyond traditional credit scores, potentially offering better rates to a wider range of borrowers.
Upstart offers several advantages, but it’s important to consider potential drawbacks as well:
AI-powered underwriting: Considers factors beyond credit score, potentially benefiting those with limited credit history.
Competitive rates: APRs start as low as 7.80%, making it an attractive option for well-qualified borrowers.
No prepayment penalties: You can pay off your loan early without incurring extra fees, potentially saving on interest.
Fast funding: Many borrowers receive funds as soon as the next business day after approval.
Soft credit pull for rate check: You can see your potential rate without impacting your credit score.
Educational resources: Upstart provides helpful financial education materials to borrowers.
Pros
Higher maximum APR: At 35.99%, the top end of Upstart’s APR range is relatively high.
Limited repayment terms: Upstart only offers 36 or 60-month terms, which may not suit all borrowers.
Cons
How Much Would a $50,000 Loan With Upstart Cost?
The table below illustrates the potential cost of a $50,000 loan from Upstart, assuming the minimum APR of 7.80% and no origination fee:
| Upstart: $50,000 Loan | Origination Fee (0%) | Monthly Payment (APR 7.80%) | Total Payment |
|---|---|---|---|
| 12 months | $0 | $4,338.43 | $52,061.16 |
| 24 months | $0 | $2,258.62 | $54,206.88 |
| 36 months | $0 | $1,563.52 | $56,286.72 |
| 48 months | $0 | $1,216.98 | $58,414.04 |
Remember, taking out a $50,000 loan is a significant financial decision that comes with risks. This table is just an example, and your actual loan offer may vary based on your individual financial situation and creditworthiness.
Upgrade: Flexible Terms and Joint Applications
Chosen 2,534 times- High Trustpilot Rating
- No prepayment fees
- Fast Funding
- Helpful Support Team
Upgrade is an online lender that offers personal loans with a focus on flexibility and accessibility. They’re known for allowing joint applications and providing options for borrowers with fair credit.
Here’s what stands out about Upgrade:
Joint application option: You can apply with a co-borrower, potentially improving your chances of approval or securing a better rate.
Direct payment to creditors: For debt consolidation loans, Upgrade can pay your creditors directly, simplifying the process.
Flexible loan use: Loans can be used for a wide variety of purposes, from home improvements to business expenses.
Fast funding: Many borrowers receive funds within a day of approval.
Free credit monitoring: Upgrade provides free credit monitoring and educational resources to help you improve your financial health.
Hardship program: If you face financial difficulties, Upgrade offers options to temporarily reduce or suspend payments.
Pros
Origination fee: Upgrade charges an origination fee of 1.85%, which is deducted from your loan amount.
Higher minimum APR: The minimum APR of 9.99% is higher than some competitors.
No physical branches: All services are online, which may not suit those who prefer in-person banking.
Cons
How Much Would a $50,000 Loan With Upgrade Cost?
Here’s an example of what a $50,000 loan from Upgrade might cost, assuming the minimum APR of 9.99% and an origination fee of 1.85%:
| Upgrade: $50,000 Loan | Origination Fee (1.85%) | Monthly Payment (APR 9.99%) | Total Payment |
|---|---|---|---|
| 12 months | $925 | $4,402.78 | $53,758.36 |
| 24 months | $925 | $2,321.77 | $56,647.48 |
| 36 months | $925 | $1,625.31 | $59,536.16 |
| 48 months | $925 | $1,277.97 | $62,467.56 |
It’s crucial to understand that this table provides an estimate. Your actual loan terms may differ based on your credit profile, income, and other factors. Always carefully review the terms of any loan offer before accepting.
How to Get a $50,000 Loan
In this section, we’ll explore the typical requirements for a $50,000 loan, what to consider before applying, and the application process itself.
$50,000 Loan Typical Requirements
To qualify for a $50,000 loan, you’ll typically need to meet the following criteria:
- Good to excellent credit score (usually 680+)
- Steady income
- Low debt-to-income ratio (typically below 40%)
- Proof of employment
- U.S. citizenship or permanent residency
- Age 18 or older (21 in some states)
What To Consider Before Applying for a $50,000 Loan
Before you apply for a $50,000 loan, evaluate these factors:
- Purpose of the loan: Ensure it’s for a necessary expense or investment
- Your ability to repay: Can you comfortably afford the monthly payments?
- Interest rates: Compare rates from multiple lenders
- Loan terms: Look at repayment periods and any fees
- Impact on your credit: A large loan will affect your credit utilization ratio
- Alternatives: Consider if there are other ways to meet your financial needs
How To Apply for a $50,000 Loan
Check your credit score
- Obtain your free annual credit report from AnnualCreditReport.com
- For a $50,000 loan, aim for a FICO score of at least 670 (good credit)
- If your score is lower, consider taking steps to improve it before applying
Research lenders
Use LoanFinder™️ to compare the best alternatives.
If you have fair credit, consider:
Gather necessary documents
- Recent pay stubs (last 2-3 months)
- Tax returns from the past two years
- Bank statements (last 2-3 months)
- Proof of other income sources (if applicable)
- Government-issued ID
- Proof of address (utility bill or lease agreement)
- Information about existing debts and assets
Prequalify if possible
- Many US lenders offer online prequalification tools
- This process typically requires basic information and a soft credit pull
- Prequalification can give you an idea of potential rates and terms without affecting your credit score
- Remember, prequalification is not a guarantee of approval
Submit your application
- Choose your preferred lender based on prequalification results and research
- Complete the full application, which will likely require a hard credit pull
- Be prepared to explain the purpose of the loan, as some lenders may have restrictions
- Double-check all information for accuracy to avoid delays
Wait for approval
- Online lenders may provide decisions within minutes to hours
- Traditional banks and credit unions might take several business days
- Be prepared to provide additional documentation if requested
- If approved, carefully review the loan agreement before accepting
- If denied, ask the lender for specific reasons and consider applying with a co-signer or for a secured loan
Consider this before applying
Before submitting your application, make sure you’ve thoroughly reviewed your budget and considered the long-term impact of taking on this debt. Also, be prepared for a hard credit inquiry, which may temporarily lower your credit score.
How To Get a $50,000 Loan With Bad Credit
While it’s more challenging to secure a $50,000 loan with bad credit, it’s not impossible. Here are some strategies:
- Consider a secured loan: Offering collateral can improve your chances of approval
- Find a co-signer: A creditworthy co-signer can help you qualify for better terms
- Improve your credit before applying: Pay down existing debts and correct any errors on your credit report
- Look into credit unions: They often have more flexible lending criteria
- Explore online lenders: Some specialize in bad credit loans
Alternatives to a $50,000 Personal Loan
If a $50,000 personal loan isn’t the right fit, consider these alternatives:
- Home equity loan or HELOC: If you’re a homeowner, these options may offer lower rates
- 401(k) loan: You can borrow from your retirement savings, but be cautious of potential penalties
- Peer-to-peer lending: These platforms might offer competitive rates
- Credit card balance transfer: For debt consolidation, a 0% APR balance transfer card could be an option
- Negotiate with creditors: If you’re consolidating debt, try negotiating with your current creditors first
What To Do Now
Finding the right $50,000 loan requires careful consideration and comparison. Use our LoanFinder™️ tool to easily compare personalized loan offers from multiple lenders.
Remember, this guide is for informational purposes only. It’s always a good idea to consult with a financial advisor before taking on a significant loan. They can help you understand the long-term implications and ensure you’re making the best decision for your financial future.
Frequently Asked Questions About $50,000 Loans
What credit score do I need for a $50,000 loan?
Most lenders require a credit score of at least 680 for a $50,000 loan. However, some lenders may consider scores as low as 600, especially if you have a strong income or are willing to secure the loan with collateral.
How long does it take to get approved for a $50,000 loan?
The approval process can vary from a few minutes to several days, depending on the lender. Online lenders often provide the fastest approvals, sometimes within minutes of applying.
Can I use a $50,000 loan for any purpose?
In most cases, yes. Personal loans are typically flexible and can be used for various purposes, including debt consolidation, home improvements, or major purchases. However, some lenders may have restrictions, so it’s best to check with the specific lender.
What happens if I can’t repay my $50,000 loan?
Failing to repay a $50,000 loan can have serious consequences, including damage to your credit score, potential legal action, and difficulty obtaining credit in the future. If you’re struggling to make payments, contact your lender immediately to discuss potential options like loan modification or forbearance.
Are there any alternatives to getting a $50,000 loan?
Yes, alternatives include home equity loans, 401(k) loans, peer-to-peer lending, or using a credit card balance transfer for debt consolidation. Each option has its own pros and cons, so carefully consider your financial situation before deciding.
How does a $50,000 loan affect my credit score?
Initially, applying for a $50,000 loan may cause a small, temporary dip in your credit score due to the hard inquiry. Over time, making regular, on-time payments can positively impact your credit score. However, missing payments or defaulting on the loan will significantly harm your credit.
