Finder rating
Min. credit score
Finder rating
Min. credit score
Finder rating
Min. credit score
Finder rating
Min. credit score
While not all lenders offer $50,000 loans, many do. You’ll likely need good credit to qualify, but some lenders have more flexibility. This means even bad or fair credit borrowers may be able to get a loan if they can show sufficient income.
These providers offer $50,000 loans and cater to borrowers with a range of credit scores. Search by state, credit score and loan amount to find the right option for your needs.
Banks, credit unions and online lenders all 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 may take longer to underwrite and approve your loan.
Certain banks and credit unions offer personal loans up to $50,000, but many require that you live in a certain state or have an account before you apply.
Lender | Interest rates | Loan amounts | |
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Wells Fargo | 7.49% to 23.24% | $3,000 to $100,000 | |
Alliant Credit Union | 10.49% to 27.24% | $1,000 to $100,000 | |
Navy Federal Credit Union | 7.49% to 18.00% | $250 to $50,000 |
To qualify for a $50,000 loan, lenders look at your credit score, and debt-to-income ratio (DTI) and income.
Be prepared to meet the following criteria to qualify:
To increase your chances of approval, get 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 or not, contact the lender and speak with a loan officer who can give you a better idea. This can help keep your credit score intact as you search for the best loan.
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:
The easiest way to compare loan costs is to compare annual percentage rates, or APRs, which tell you the total interest and fee cost over one year. Personal loan APRs range from 6% to 36% APR in most cases — and when you’re borrowing $50,000, you often have a chance to qualify for the lowest rate a lender offers.
That’s because lenders typically reserve their lowest rates for loans $25,000 to around $50,000 when the market is uncertain — and loans $50,000 or higher when rates are low and the market is stable. However, that’s not the case with every lender.
The total and monthly cost of your personal loan is determined by the APR and term. The longer your loan term, the lower your monthly payments will be — 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.
Loan term | APR | Monthly payment | Total interest |
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2 years | 7.99% | $2,261.14 | $4,267.28 |
5 years | 8.79% | $1,032.83 | $11,969.75 |
7 years | 10.59% | $845.38 | $21,012.02 |
As this table shows, you need to be able to afford monthly repayments of at least $845 — likely more. If you extend the term from two to seven years, you’ll reduce your payment by almost two-thirds, but pay more than five times in total interest.
Have a loan in mind? Use our calculator to find out how much your $50,000 loan costs at different rates and terms.
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Follow these steps to apply for a $50,000 loan:
To limit the amount you pay in interest:
Paying off a $50,000 loan can seem overwhelming. Here are some tips for paying off your loan faster.
Even if you can secure a $50,000 loan, keep the following watch-outs in mind:
Taking out a personal loan for $50,000 isn’t the only way to access cash for a range of needs.
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