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Best $50,000 Personal Loans For Good & Bad Credit

Taking out a personal loan of $50,000 is a major financial commitment and should be pursued while keeping in mind budget constraints, income and annual percentage rates on offers. A loan of this size can help you carry out major home renovations and repairs, pay for a vehicle, and finance medical expenses or weddings. Because these loans are on the high end of personal loans, they often have higher income and credit score requirements and come with longer repayment terms than smaller loans.

What credit score do you need for a $50,000 personal loan?

Because a $50,000 loan is relatively large for a personal loan, most lenders are going to look for a high credit score of 680 or above. Some lenders will, however, accept borrowers with credit scores around 620, and some even lower. The higher your credit score is, the more likely you are to be approved for a loan with low rates and flexible repayment terms.

How much would a monthly payment be on a $50,000 loan?

A monthly payment on a $50,000 loan is dependent on the APR, or annual percentage rate of a loan, along with its repayment terms, which will typically be around two to seven years on a loan of this size. For example, if you take out a $50,000 loan with a 14.7% APR and a five-year repayment term, your minimum monthly payment will come out to $1,181.64.

What is the best reason to get a personal loan?

Personal loans can help borrowers achieve any number of financial goals, from funding large life events such as weddings or surgeries, to renovating the entire house. Borrowers should, however, only take out a personal loan if they’re not able to finance their projects using money out of pocket or other methods that don’t require taking out a loan with interest.

Is a personal loan a good idea?

A personal loan is a good idea if you are not able to finance your goals with money out of pocket. When taking out a personal loan, make sure that even if you’re approved for a certain amount, that you are able to make timely monthly or weekly repayments.

Otherwise, fees can accrue, and at the worst you can default on your loan, which will cost you more in the end and negatively impact your credit score. It’s also important to make sure that you need the entire amount that you’re borrowing, because you’ll have to pay interest on each dollar that you take out.

How long does it take to get approved for a personal loan?

Some online lenders will approve you within as little as a few minutes, while some require a few business days to process your application. If you need a quick answer or fast cash, there are many lenders that can provide that for you and make your borrowing process relatively quick and easy.

Is a personal loan better than credit card debt?

Personal loans often come with much lower interest rates than credit cards, so if you know you need one lump sum, a personal loan can be the better option of the two. However, each method of financing depends on your personal needs.

If you’re looking to fund day-to-day or cyclical expenses, a credit card might be more ideal for you because you only pay interest on balances you carry over at the end of each billing cycle. However, if you have a major project to pay for and you know roughly how much it will cost, a personal loan will be the best option.

Does paying off a personal loan early hurt credit?

Paying off a personal loan early can be beneficial to your credit score and show future lenders that you’re a reliable borrower who is capable of paying ahead of time.

Best personal loan lenders $50,000 or more

Let’s take a look at some of the best lenders offering $50,000 loans for borrowers with all kinds of credit scores:

Average Credit

Upgrade
APR range7.99% — 35.89%
Available loan terms:36 and 60 months
Loan amounts:$1,000 — $50,000
Time to fund:One day
Origination fee:1.5% – 6%
Credit score needed:620
Income needed:n/a
Soft Credit Check?Yes
Best for:Those with a steady income
Click “Check Rates” to apply to Upgrade

Pros:

  • APRs as low as 7.99%
  • No prepayment fee
  • Funding in as little as 24 hours
  • Ability to renegotiate payment plans
  • No minimum annual income
  • Maximum late fee of $10, which is lower than many of Upgrade’s competitors
  • Low minimum credit score requirement of 620

Cons:

  • Origination fee of up to 6%
  • Maximum repayment terms of five years
  • Minimum monthly free cash flow requirement of $800
  • Unavailable to borrowers in Colorado, Connecticut, Iowa, Maryland, Vermont or West Virginia
Credible
APR range5.34 — 35.99%
Available loan terms:24 to 84 months
Loan amounts:Up to $100,000
Time to fund:Varies
Origination fee:Varies
Credit score needed:Fair to Excellent
Income needed:No Minimum
Soft Credit Check?Yes
Best for:Refinance your student loans, consolidate debt
Click “Check Rates” to apply to Credible

Pros

  • One form provides access to multiple lenders
  • Quick to fund, with many loans funding within as little as one business day
  • No extra fees to use the service or to apply
  • Potential for APRs as low as 5.34%
  • Flexible loan repayment terms of up to seven years
  • No minimum credit score

Cons

  • Potential for high or extra fees, depending on the lender
  • Smaller selection of lenders than other online loan-matching services
  • Third-party lending means customer service might not be as accommodating as with a direct lender

New Borrowers

Upstart
APR range5.99% – 35.89%
Available loan terms36 – 60 months
Loan amounts$1,000 – $50,000
Time to fundOne business day
Origination fee0% – 8%
Credit needed620+
Income neededN/A
Soft Credit Check?Yes
Best forNew Borrowers, Borrowers With Thin Credit, Fair Credit
Click “Check Rates” to apply to Upstart

Pros

  • Loans of up to $50,000
  • No prepayment fee
  • No minimum credit history requirement
  • Monthly repayments
  • Possibility of no origination fee
  • Rates as low as 7.69%
  • Low minimum income requirement of $12,000
  • Loans fund within as little as one business day
  • Flexible repayment terms between three and five years
  • Minimum credit score requirement of 620

Cons

  • Rates as high as 35.99%
  • Late fee of $15 or 5% of the overdue amount (whichever is greater)
  • Difficult for borrowers with average credit to qualify, with a minimum credit score requirement of 620
  • Origination fee as high as 8%

Good Credit

LightStream
APR Range:4.99 — 16.99% with AutoPay
Loan Terms:2 to 7 years
Loan Amount:$5,000 — $100,000
Time to Funding:As soon as same day
Credit Score:660+
Income:N/A
LightStream:Read Our Review
Click “Check Rates” to apply to LightStream

Pros

  • Allows co-signers
  • Rate beat program
  • APRs as low as 3.99%
  • Maximum APR of 16.99%
  • No origination, late fee or prepayment fees
  • Autopay option

Cons

  • Hard credit pull on loan applications
  • Difficult for borrowers with average credit to qualify, with a minimum credit score requirement of 660

Excellent Credit

SoFi
APR Range:5.99% — 16.49% (With AutoPay)
Loan Terms:2 to 7 years
Loan Amount:$5,000—$100,000
Time to Funding:Typically 7 days
Credit Score:680+
Income:$50,000+
SoFi:Read Our Review
Click “Check Rates” to apply to SoFi

Pros

  • Flexible repayment terms ranging between two and seven years
  • Loans of up to $100,000
  • No origination fees, late fees or overdraft fees
  • APR as low as 5.99%
  • Autopay option

Cons

  • Difficult for average-credit borrowers to qualify, with a minimum credit score requirement of 680
  • Not ideal for borrowers who need immediate access to cash, as loans take up to three days to fund

Conclusion

Taking out a $50,000 loan can help you fund that dream home improvement project, handle major emergency expenses or make a large purchase. No matter what your reason for taking out a $50,000 personal loan is, however, it’s not a decision that should be taken lightly as it can take several years to pay off the entirety of the loan. Make sure to compare multiple lenders and offers to find the loan with the lowest annual percentage rate before making a final decision.

ADVERTISER DISCLOSURE
The offers that appear on this site are from third party advertisers from which PrimeRates receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). PrimeRates strives to provide a wide array of offers, but our offers do not represent all financial services companies or products.

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