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Wallet Canvas > Financial Planning > How to get a $50,000 personal loan: Try these lenders
Financial Planning

How to get a $50,000 personal loan: Try these lenders

April 29, 2025 10 Min Read
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How to get a $50,000 personal loan: Try these lenders
A stack of cash arranged to resemble a staircase set on a solid green background.

PM Images/ Getty Images; Illustrations by Austin Coule Certified/Bankrate

If you want to borrow up to $50,000 without collateral for a car or home, check out the personal loans offered by local banks and credit unions, and check out if you have great credit. Online lenders and market lending sites like Bankrates also provide access to funds, but rates and terms can be more expensive as they tend to reduce credit score borrowers.

Rates range from 6% to 36%, so it’s important to shop some lenders to make sure you’re getting the best possible criteria Lowest personal loan rate.

Lenders offering $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 provide them to your bank or credit union. Online lenders are also optional, many with simple application processes and fast funding times. If you’re not sure if you’re eligible, the online marketplace can match you with some lenders based on the basic information they provide about your income and credit.

Lender APR Range Loan amount range Minimum Credit Score Requirements
Lightstream 6.49%-25.29%* (with autopay) $5,000-100,000 695
Sophie 8.99%-29.49% (with autopay) $5,000-100,000 There are no requirements
Upgrade 7.99%-35.99% (with autopay) $1,000-$50,000 580
The best eggs 6.99%-35.99% $2,000-50,000 600
New 6.70%-35.99% $1,000-$50,000 There are no requirements

Best Personal Loans of 2025

Explore the top picks of bank rates for the best personal loans to find the perfect lender for you.

learn more

How to get a $50,000 loan

Most lenders are based on your loan decisions that amount to $50,000 on your credit score, income, debt-to-income ratio (DTI). The lender doesn’t disclose what the score is, but usually requires a higher score for a large amount of loan. You also need to prove that you have a stable income, even if you may have other liabilities, to support the higher payments you have in the 7-year maximum repayment period.

Follow these steps to give yourself the best chance to get approval for a $50,000 loan.

  1. Check your credits: A fair or bad credit rating doesn’t necessarily mean you won’t be able to get a $50,000 personal loan, but you can expect to pay much more interest than the loan term. With some featured lenders, you can add co-investrs or co-signers to improve approval odds.
  2. Understand DTI: The lender will scrutinise the percentage of total monthly income used to cover minimum monthly obligation payments, allowing the lender to process new payments on a $50,000 loan. If it is too expensive, the lender may refuse the loan or fall below the loan amount.
  3. Get prequalified: Explore several lenders and get prequalified in at least three. You can also fill out forms on market sites such as Bankrate and Lenders.
  4. Collect documents: In most cases, you will need to provide the lender with identification documents such as identity, address, proof of income, and employer contact information. Also, if you want to deposit funds directly into your account (this is the most common and preferred method of fundraising), your bank information should be available.
  5. Please formally apply for a loan: Once you select a lender in the APR and agree to the terms and fees that suit your needs, the selected lender will complete your loan application online or in person (if you are at a local bank or credit union). If you want to make your funds faster, please provide the documentation quickly.
  6. Please receive your loan decision and sign your paper: If approved, please review the loan agreement and sign the agreement. Most lenders distribute the funds electronically, but the funding timeline is different. You can receive your loan revenue immediately from a few business days.

General Personal Loan Requirements

Lenders may take a thorough look at their financial information, especially if they are receiving unsecured loans for $50,000. Although certain requirements vary slightly from lender to lender, applicants are usually 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, citizenship certificate, birth certificate, social security card, or military ID.
  • Proof of address: A mortgage statement or lease agreement, proof of insurance (home, tenant or car), utility bill, voter registration card, property tax receipt or account statement.
  • Employer Contact Information: The employer’s name, supervisor’s phone number, and email address.
  • Proof of income: Paystubs, tax returns, W-2 and 1099 or bank statements.
  • Proof of your bank information: Valid bank account numbers and routing information.

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

A short repayment period saves you the most money over the life of your personal loan, but it also comes with the highest monthly payment. Lenders also tend to offer the lowest rates on three years terms.

In the long term, monthly budgets will be easier, but there will be long-term interest costs. Furthermore, long-term personal loans tend to have higher interest rates.

Use a Personal Loan Calculatorexperiment with different loan terms and fees. For example, this is how much a $50,000 personal loan costs. Average interest rate 12.43% in three different terms.

Loan period Monthly payment Total interest paid
3 years $1,671 $10,156.11
5 years $1,123 $17,387.05
7 years $894 $25,110.76

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

An unsecured $50,000 loan is a good option if you need to cover your primary business expenses, or if you need to significantly improve your home or raise funds for expensive vehicles like boats and RVs. Credit usage is also an alternative to saving credit scores to get the most out of your credit card, as credit utilization is not affected by debts like personal loans.

If you are consolidating credit card debt or using it to fund “desire” instead of needs, borrowing such a large amount may be risky. To ensure you have your payment, we will pre-calculate your number with a personal loan calculator.

A $50,000 loan alternative

If you’re not selling completely with the idea of ​​getting a $50,000 loan, consider these alternatives.

  • Credit Card: APR-ON Credit Card It can be difficult to come with a card that generally offers a high credit limit of $50,000. However, if you plan to pay the balance in full and don’t need all the funds at once, it may be worth the alternative to a personal loan.
  • Home Equity Loan: You can use your home equity loan to borrow against your home stocks. It comes with a fixed interest rate and payment on a long term of 15-30 years, offering much lower payments, but to secure a home’s stock loan you will need to jump over more hoops for approval, including a full review of the value of the home.
  • Home Equity Credit Line (HELOCS): Like credit cards, HELOC offers preset spending limits for use when needed. Once you repay the borrowed funds, the line will be restocked and can be used until the draw period ends. Because fairness in your home ensures HELOC, you will typically have a higher spending limit and lower rates than credit cards. However, like home equity loans, if you default, you take the same risk of losing your home to foreclosure.
  • Personal trust line: Personal credit lines are a good option to cover large expenses. This type of fundraising acts like a credit card and provides continued access to funds during the draw period. You just need to pay back what you borrow. The downside is that it is often based on fluctuation rates that can increase over time.

Conclusion

A $50,000 personal loan can quickly provide cash to meet your financial goals, fund new business ventures, and avoid borrowing on assets. The APR range and fees are very largely ranged, so always compare lenders and consider borrowing costs before applying. Most importantly, borrow only what you need to avoid unnecessary debt and excessive expansion budgets.

See also  Choosing a debt consolidation lender
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