$50,000 Personal Loans For Good & Bad Credit

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Borrow up to $100,000

  • Get your rate in minutes

  • No credit score impact

  • Borrow up to $100,000

How PrimeRates Works

PrimeRates provides access to personalized loan offers through our simple and quick pre-qualification application. Once you're pre-qualified, you can select the best offer for you and finalize the loan application with the lender.

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    Simple pre-qual application in less than 1 minute. 

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    Choose the offer that best fits your needs.

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    Finalize your loan offer, get approved, and receive funds.

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How To Get A $50k Personal Loan

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 is needed for a $50000 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.

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

The difficulty of getting a $50,000 loan can depend on your qualifications. Most lenders have requirements that borrowers need to meet to qualify for a loan. Larger loan amounts can mean stricter requirements, especially for unsecured loans. Most personal loans are unsecured, meaning they don’t require collateral. Personal loans are usually based solely on creditworthiness. Therefore, an applicant with stellar credit, stable income, and a reasonable debt-to-income ratio may be more likely to receive a personal loan offer. Some lenders offer co-borrowers or co-signers to apply for the loan with the primary applicant to increase the chance of approval. When there’s a primary applicant and co-borrower or co-signer, the lender can assess both credit scores, income, and other details that can help them make a loan decision. One of the best ways to determine how hard it might be to get a $50,000 personal loan is to get pre-qualified. As we mentioned earlier, requirements can vary by lender. Therefore, you may have a better chance of qualifying with one lender as opposed to another. At PrimeRates, you can check offers from a network of lenders with various requirements with no credit score impact. In minutes, you can find the right loan offer or affirm you might need to do some prep work before being ready for a $50,000 personal loan.

How much would a $50 000 loan cost per month?

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.

What is a good rate for a 50000 loan?

Interest rates are important to borrowers. After all, they can make a big impact on the monthly payment. Interest rates can vary, though, depending on the risk for the lender, the market, and other factors. Borrowing $50,000 without backing the loan with collateral can be rather risky for a lender, especially if the borrower is less than qualified. The best way to decide a good rate for a $50,000 loan is to check personalized offers. As we mentioned, rates can vary depending on the risk for the lender. Lender risk is heavily dependent on the applicant’s qualifications. As you compare offers, you should be able to identify what a good or fair rate is. While you can shop for information online, usually, the lowest possible rate is advertised. This can make it hard to understand what a good rate is that you actually qualify for.

Costs of a $50,000 personal loan in the long term

Borrowing money may seem like a simple solution to getting the funds you need. While it can be – there’s more to consider. Borrowing money, especially in amounts of $50,000, can be costly. From interest rates to fees, it’s important to know the costs associated with a loan. The cost can help you decide whether the loan is worth it. It can also encourage you to pay the loan off as quickly as possible, assuming there are no prepayment penalties. As you compare loan offers, consider the following as they may impact the cost of the loan.

  • Origination fees (upfront fee): Origination fees can be charged by a lender to process a new loan. Origination fees are generally calculated as a percentage of the total loan amount. This fee is common for personal loans. Since it’s based on the loan amount, it can be quite large for a $50,000 loan. 
  • Fixed or variable  APR: Fixed interest rates do not fluctuate, while variable rates do fluctuate. In some cases, a variable rate can end up being cheaper, but the instability of the payment can be hard to manage. Additionally, if the market increases rates, it may not work in your favor. Loans with fixed APR offer borrowers a consistent fixed payment. 
  • No early repayment penalties: Some lenders charge repayment penalties. This gives borrowers the opportunity to pay off their loan early to save money on interest and potentially other fees, too. As a result of paying off the loan, your credit score may increase.
  • APR: Focusing on total loan costs is a more accurate representation of the cost of the loan compared to the monthly payment.

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.

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.

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. It can also show future lenders that you’re a reliable borrower who is capable of paying ahead of time. In addition to capability, it can demonstrate care for repaying the money you borrow. Credit scores factor utilization, the amount of revolving credit by the amount of credit available to you. Credit scores also consider how much debt a borrower owes. By paying off a personal loan early, you can improve both of these categories, which can also benefit your credit report. A closed or paid account can be positive for a borrower’s credit report regardless of whether it was paid early or not. The most important thing to focus on is on-time payments. Missing payments or being late on payments can negatively impact your credit score.

How to determine if you need a $50,000 loan

First, ask yourself what you need the money for? Next, ask yourself if you need the money? Loans can make sense whether you need the money or not, but assessing what you need the money for and how important it is can help you make important decisions. Another valuable way to determine if you need or if a loan makes sense is to check offers. At PrimeRates, you can find the right loan offer in minutes with no credit score impact. The flexibility to compare offers from just about anywhere can give you the space to think through the decision without distractions.

Requirements to receive a personal loan

Requirements to qualify for a $50,000 personal loan can vary by lender. In addition, lenders may have varying requirements depending on the loan amount. Here are some requirements you might need to meet to qualify for a $50,000 personal loan.

  • Credit score: Qualifying for a $50,000 personal loan usually means you need good to excellent credit. Since the loan is not backed by collateral, it’s based on the borrower’s creditworthiness.
  • Income: The ability to repay a $50,000 loan is important for you and the lender. Be prepared to prove your income and accept an offer only with confidence that you can afford repayment.
  • Current debt: Borrowing $50,000 with no collateral backing is a big financial decision. Lenders often consider the amount of debt the borrower currently holds. This represents the current obligations the borrower has. The borrower should also consider this, as taking on too much debt can be stressful. It can also negatively impact your credit score.

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 range 8.49% — 35.97%
Available loan terms: 36 and 60 months
Loan amounts: $1,000 — $50,000
Time to fund: One day
Origination fee: 2.9% – 8%
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 8.49%
  • 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 8%
  • 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 range 4.60% — 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 range 4.60% – 35.99%
Available loan terms 36 – 60 months
Loan amounts $1,000 – $50,000
Time to fund One business day
Origination fee 0% – 8%
Credit needed 620+
Income needed N/A
Soft Credit Check? Yes
Best for New 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 4.60%
  • 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: 7.99 — 25.49% 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 7.99%
  • Maximum APR of 25.49%
  • 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: 8.99% — 25.81% (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 8.99%
  • 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.

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