How To Get A $50,000 Personal Loan: Try These Lenders

PM Images/ Getty Images; Illustration by Austin Courregé/Bankrate

If you want to borrow up to $50,000 without collateral — such as a car or home — you may want to check out personal loans offered by your local bank or credit union if you have excellent credit. Online lenders and marketplace lending sites like Bankrate also provide access to funds, though the rates and terms may be more expensive since they tend to cater to lower credit-score borrowers. 

Rates range from the 8% range up to 36%, making it critical to shop several lenders to make sure you’re getting the best terms possible for the lowest personal loan rate.

Lenders that offer $50,000 personal loans

If you have a good credit score, you can check with your bank or credit union to get a personal loan if they offer them. Online lenders are also an option, and many feature a simple application process and fast funding times. If you’re not sure what you qualify for, an online marketplace can match you to several lenders based on basic information you provide about your income and credit.

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Bankrate’s view

If you have good or excellent credit, LightStream is worth considering. It offers some of the lowest interest rates on personal loans in the industry, and borrowers can select a loan term and funding date that works best for them. Even better, there are no origination fees, and you won’t be charged a prepayment penalty if you decide to pay the loan off early. LightStream will also beat any competitor’s rate for a comparable personal loan product by 0.1 percent through its Rate Beat program.

 

Pros

• Low rates compared to competitors
• Rate Beat program
• Funding same business day

Cons

• High minimum credit score requirement
• Prequalification not offered
• Several years of credit history required

Bankrate’s view

SoFi offers prequalification in just 60 seconds with no impact on your credit score. You may receive your loan on the same business day if you’re approved before 7 p.m. ET. Along with its simplified application process, SoFi also extends other perks to its customers, including free access to career education resources, rewards and financial planning. You can get a small interest rate discount for opting into autopay.

Pros

• No origination fees
• Quick prequalification
• Multiple rate discounts available

Cons

• Relatively high starting APR
• Requires good to excellent credit
• Cosigners not accepted

Bankrate’s view

A $50,000 personal loan from Upgrade could be ideal if you have fair credit. You can choose a loan term between two and seven years and a monthly payment that works for your budget. However, you’ll pay an origination fee between 1.85 percent and 9.99 percent when you borrow a loan.

Pros

• Accepts joint loan applications
• Option to prequalify
• Rate discounts available

Cons

• Origination fees
• Late fees
• High maximum APR

Best Egg

If you have a credit score over 700 and income of at least $100,000, you can get Best Egg’s most competitive rates. Loans are also available to borrowers with lower credit scores — just expect higher rates. You could get approved and funded on the same day, and there are no prepayment penalties if you choose to pay the loan off ahead of schedule. However, Best Egg charges an origination fee between 0.99 percent and 9.99 percent.

Pros

• Rate check in minutes
• Approvals based on more than just credit score
• Low rates for good credit

Cons

• No rate discounts available
• Origination fees
• Returned payment fees

How to get a $50,000 loan

Most lenders base their loan decision for a $50,000 loan on your credit score, income and debt-to-income ratio (DTI). You’ll generally need a higher score for a large loan amount, although lenders don’t disclose what that score is. You’ll also need to prove you have a stable income — even though you may have other debt — to support the higher payment you’ll have with a maximum repayment term of seven years. 

Follow these steps to give yourself the best chance at getting approved for a $50,000 loan:

1. Check your credit: A fair or bad credit rating doesn’t necessarily mean you can’t get a $50,000 personal loan, but you can expect to pay far more in interest over the loan term. Some featured lenders allow you to add a co-borrower or cosigner to improve approval odds.
2. Understand DTI: Lenders will check your debt-to-income ratio (DTI), which is the percentage of your gross monthly income used to cover your minimum monthly debt payments. They want to ensure you can handle the payments on a $50,000 loan. If your DTI is too high, the loan may be denied.
3. Get prequalified: Explore several lenders and get prequalified with at least three. Prequalification only requires a soft, not a hard inquiry on your credit score and will not affect it. You can also fill out the form on a marketplace site like Bankrate and lenders will send you prequalified offers.
4. Gather documentation: In most instances, you’ll need to provide the lender with documents such as proof of identity, address and income, as well as your employer’s contact information. You’ll also need your banking information if you want funds deposited directly into your account.
5. Formally apply for a loan: Once you select a lender and agree to the terms and fees that fit your needs, you’ll complete the loan application. Provide documents quickly if you want your funds fast.
6. Receive a lending decision and sign your papers: If approved, review the loan agreement and sign the contract. Most lenders disburse funds electronically, but the funding timeline varies. You could receive proceeds as soon as one to a few business days.

• Common personal loan requirements

  Lenders are likely to thoroughly vet your financial information, especially if you’re getting an unsecured loan for $50,000. Though specific requirements vary slightly from lender to lender, applicants are typically asked to provide some (or all) of the following when applying for a personal loan:

  • • Proof of identity: Driver’s license, state-issued ID, passport, certificate of citizenship, birth certificate, Social Security card or military ID.

  • • Proof of address: Mortgage statement or lease agreement, proof of insurance (home, renters or auto), utility bill, voter registration card, property tax receipt or account statement.

  • • Employer’s contact information: Employer’s name, supervisor’s phone number and email address.

  • • Proof of income: Paystubs, tax returns, W-2s and 1099s or bank statements.

  • • Proof of your banking information: Valid bank account number and routing information.

Long-term costs of a $50,000 personal loan

A short repayment term will save you the most money over the life of a personal loan, but it will also come with the highest monthly payment. Lenders also tend to offer the lowest rates for terms of three years. 

A longer term will be easier on your monthly budget but will cost you more in long-term interest costs. Plus, personal loans with longer terms tend to have higher interest rates.

Use a personal loan calculator, to experiment with different loan terms and rates. For example, this is how much a $50,000 personal loan would cost with an average interest rate of 12.15% over three different terms.

Alternatives to a $50,000 loan

If you’re not completely sold on the idea of taking out a $50,000 loan, consider these alternatives:

• Credit cards: APRs on credit cards are generally high, and it may be hard to find credit card limits of $50,000. However, if you plan to pay the balances in full and don’t need all of the funds at once, they might be a worthwhile alternative to personal loans. 
• Home equity loans: You can borrow against the equity in your home with a home equity loan. These loans comes with a fixed interest rate and payment and terms of 15 to 30 years. But because your home secures the loan, approval can be more difficult, requiring a review of your home’s value.
• Home equity lines of credit (HELOCs): Like credit cards, a HELOC gives you a preset spending limit to use as-needed. The line replenishes as you repay borrowed funds, and you can use it until the draw period ends. Because your home equity secures a HELOC, these typically have higher spending limits and lower rates than credit cards. However, like home equity loans, you risk losing your home to foreclosure if you default. 
• Personal lines of credit: A personal line of credit can be a good option for covering a significant expense. This type of funding works like a credit card, providing ongoing access to funds during the draw period. You only pay back what you borrow. The drawback is these are often based on variable rates that may increase over time.

Bottom line

A $50,000 personal loan can give you cash quickly to meet a financial goal, fund a new business venture or avoid borrowing against an asset. Because APRs and fees vary widely, always compare lenders and consider the borrowing costs before you apply. Most importantly, only borrow what you need to avoid unnecessary debt and an overextended budget.