How to Get a $50,000 Loan

Where can I get a loan for $50,000?

Banks, credit unions and online lenders 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 generally 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 you may need to live in a certain state or have an account before you apply.

Eligibility requirements for a $50,000 loan

To qualify for a $50,000 loan, lenders look at your credit score, debt-to-income ratio (DTI) 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, pay stubs, tax returns or 1099s and your employer’s contact information.

How much income do I need for a $50K loan?

There’s no set income requirement for a $50,000 loan, but lenders want to see steady earnings that show you can afford monthly payments. In most cases, borrowers need an annual income of at least $35,000 to $50,000, though this varies based on the lender and other financial factors. If you have significant debt, you may need a higher income to qualify.

Lenders also consider your credit score, employment stability and loan term when determining eligibility. To see if your income meets lender requirements, try using a loan affordability calculator or prequalifying — this allows you to gauge your chances of approval without impacting your credit score.

How to increase your chances of approval

Start by getting 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, contact the lender and speak with a loan officer who can give you a clearer understanding of your options and help you avoid unnecessary credit inquiries.

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 with bad credit:

• 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. Lenders consider the highest credit score if you apply with a cosigner. However, cosigner personal loans are difficult to find and may not be available to all bad credit borrowers.
• Use collateral. Some lenders allow you to pledge collateral, such as your car or heavy equipment, to back your loan. But you risk losing your assets if you can’t make your payments.

How much does a $50,000 loan cost?

The total cost and monthly payment on your $50,000 personal loan are determined by the APR and term. The longer your loan term, the lower your monthly payments are — but the more interest you’ll pay. Many lenders also charge higher rates for longer loan terms, adding to that extra cost. Here’s how much the cost of a $50,000 loan might vary depending on the term.

As this table shows, you need to be able to afford monthly payments of at least $717 if you want to take out a $50,000 loan — assuming you can find a lender that offers repayment terms that long. It’s also important to note that when you extend the term from two to 10 years, you reduce your monthly payment by 68% but pay more than eight times as much in total interest.

Calculate your loan repayments

Want to know how much monthly payments on a $50,000 personal loan will be? Plug your expected APR and repayment term into our calculator to find out.

How 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 you apply and commit to 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.
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 received 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 monthly payment.
6. Wait for your funds to arrive. After approval, most lenders 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.
• Apply with a joint applicant. Some lenders, like Upgrade and FreedomPlus, allow you to apply with a coapplicant to help increase your chances of approval for a large amount. While you both need to meet the lender’s requirements, it’ll consider both incomes to help you get approved.
• 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 pull 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 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 monthly income to paying off debt if you can afford it.
• Consolidate 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 taking out a debt consolidation loan.

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 may be able to avoid 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 increases your monthly payment but decreases the overall cost. In general, 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. Compare each lender’s additional charges — just in case.

Alternatives to $50,000 personal loans

Taking out a personal loan for $50,000 isn’t the only way to access the cash you need. Here are some alternatives:

• Home equity loans give you a lump sum, fixed-rate term loan for up to 30 years using your home as collateral.
• A home equity line of credit (HELOC) is a variable-rate, revolving line of credit for 10 years that uses your home as collateral.
• Business loans and lines of credit are available to small business owners at $50,000 or higher. Compare our top picks for business financing.

Frequently Asked Questions

Is it hard to get a $50,000 personal loan?

It could be difficult, depending on your qualifications. If you have good credit, steady income and a low debt-to-income ratio, you should have no problem getting a $50,000 personal loan. If you don’t meet the requirements, you may still qualify, but you’ll have to apply with a cosigner, offer collateral or choose a lender that works with bad credit borrowers.

What credit score is needed for a $50,000 personal loan?

Most lenders prefer a credit score of 670 or higher for a $50,000 personal loan, but some may approve lower scores if you have strong income and a low debt-to-income ratio. A few lenders, like Upstart, accept scores as low as 300, but be ready for higher interest rates.

How long can I take to repay a $50,000 personal loan?

Repayment terms for a $50,000 personal loan typically range from two to seven years, though some lenders offer terms as long as 10 years.

To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd and reviewed by Anna Serio, a member of Finder's Editorial Review Board.

Written by

Christi Gorbett

Contributor

Christi Gorbett is a freelance writer with more than eight years of experience and a master's degree in English. She’s created a wide range of content for banks, financial product comparison sites, and marketing companies on topics like small business loans, credit cards, mortgages, retirement planning, lender reviews, and more. As a former teacher, Christi excels at making complex financial topics accessible and easy to understand. Her interest in finance grew when she returned to the U.S. after living in South Korea for nearly a decade. This shift was driven by several personal financial challenges: rebuilding her financial base after the move home, starting her own business, and catching up on retirement savings. These experiences deepened Christi’s practical understanding of finance and intensified her interest in the field. See full bio