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A $50,000 loan can be used for anything from financing a major purchase to financing a home renovation. Here’s how to get one. (iStock)

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Whether you’re financing a major purchase or trying to fund a home remodel, getting a $50,000 loan will go a long way toward getting your dream within reach.

To qualify for such a huge loan amount, you would need to have good to excellent credit. Looking for great loans requires comparing rates and lenders so that you can save as much money as possible on your loan and get the best terms.

reliable makes it easy Compare rates from personal lenders who provide a $50,000 loan.

Where to Get a Personal Loan for $50,000

Choosing a lender is one of the most important parts of the lending process because your lender will determine how much you pay each month and over the life of your loan. You have several lender options, but each lender has its own rates, terms, and fees.

Two different types of lenders offer $50,000 loans:

  • Banks and Credit Unions — If you have an account with a local credit union or bank, you may be able to qualify for special discounts or other offers on personal loans.
  • online lender – online lender offer quick money And there are often lower rates because they don’t have to pay to maintain physical facilities.

Taking a little extra time to compare rates from three to five different lenders can save you hundreds to thousands of dollars over the life of your loan.

These reliable partner lenders offer personal loans for $50,000 or more.

best egg

Best Egg is an option for this borrowers with good credit scores. The lender offers a range of personal loans, with a funding period of one to three business days after successful verification.

  • Loan: $2,000 to $50,000
  • Minimum Credit Score: 600

Freedom Plus

FreedomPlus is an excellent option if you want to consolidate credit card debt and need quick access to funds. You must pay a loan origination fee, but there is no prepayment penalty.

  • Loan: $7,500 to $50,000
  • Minimum Credit Score: does not disclose

lightstream

Lightstream is a good option for borrowers who need a large amount.

  • Loan: $5,000 to $100,000
  • Minimum Credit Score: 660

penfed

You’ll need a healthy credit score to qualify for a personal loan with PenFed, but if you’re approved, you could have the funds in two to four business days.

  • Loan: $600 to $50,000
  • Minimum Credit Score: 670

Sophie

If you have an excellent credit score and want help consolidating debt or financing a home improvement project, SoFi may be a good fit.

Loan: $5,000 to $100,000

Minimum Credit Score: does not disclose

universal credit

Universal Credit is an excellent option if you don’t have a good credit score – the lender helps borrowers build their credit.

  • Loan: $1,000 to $50,000
  • Minimum Credit Score: 560

upgrade

Upgrade offers loans to borrowers with less-than-full credit. The lender makes credit decisions quickly, and you can have the funds within a day of approval.

  • Loan: $1,000 to $50,000
  • Minimum Credit Score: 560

Nouveau riche

Upstart uses a unique formula to qualify borrowers. In addition to your credit history, the lender reviews your education and job history.

  • Loan: $1,000 to $50,000
  • Minimum Credit Score: 580

How much would a $50,000 loan with interest cost?

The actual cost of a $50,000 personal loan depends on factors such as your interest rate, repayment terms, and fees. These factors vary by lender, as well as what you qualify for. you can use a personal loan calculator To get an idea of ​​what you can expect to pay.

Here are two examples of what you might pay for a $50,000 loan with different terms:

repayment period of three years

  • Rate of interest: 10%
  • Monthly payment: $1,613
  • Total payment: $58,080

repayment period of five years

  • Rate of interest: 17%
  • Monthly payment: $1,243
  • Total payment: $74,557

How do I qualify for a $50,000 loan?

Specific qualifications for a $50,000 personal loan vary by lender. But there are some things you can expect your lender to consider:

debt-to-income ratio

Yours Debt-to-Income Ratio (DTI) Shows how much of your income is already covered by loan payments, such as your rent or mortgage. Most lenders look for a DTI of 36% or less. While some lenders will approve loans with higher DTIs, they are more risk-averse, so you may be charged higher interest rates.

You can determine your DTI by adding up all of your monthly loan payments (including rent and loan payments) and dividing that amount by your gross monthly income (which you make before taxes). Multiply that number by 100 to get your DTI.

Let’s say you have a total of $1,000 in loan payments (including credit card, student loan payments and car loans), and your monthly gross income (before taxes) is $3,500 – your total DTI would be 29%.

credit score

Your credit score directly affects your interest rate. if you have a The higher the credit score, the more you qualify for lower rates. Your credit score takes all of your credit history (credit age, repayment history, loan amount and type of loan) and boils it down to a three-digit number. This number tells lenders whether you are a risky customer or not. The lower your credit score, the more likely you are to default on the loan from the lender’s point of view.

Annual Income

Your annual income also determines how much you are eligible to borrow. Lenders usually look at your pre-tax income.

Applying for a $50,000 Personal Loan

When you’re ready to apply for a $50,000 loan, follow these steps:

  1. shop around. It’s important to compare rates from at least three different lenders to find your best option.
  2. Submit your application and required documents. Be sure to keep these documents handy in case the lender has questions.
  3. Complete a quick interview. Some lenders require a phone interview; Others will determine your eligibility and approve your loan without a phone call.
  4. get your money. Once the lender approves your loan and you sign the appropriate documents to accept the loan, you can expect to receive your funds within a few days.

Before you sign on the dotted line, have a repayment plan in place. Consider setting up automatic payments, as some lenders offer a discount if you agree that your payment will be automatically taken out of your account each month.

gives you reliable Compare Personal Loan Rates From different lenders in one place.

Getting a $50,000 Loan with Good or Bad Credit

Happen good or bad credit This does not automatically mean that you will not be eligible for a personal loan. Some lenders cater to borrowers with low credit scores. While you can expect to pay higher interest rates for these loans, you may still be able to access the cash you need.

You have a few options when it comes to getting a personal loan with bad credit. If you are sure that you will get the loan and are comfortable paying the higher interest rate, you can apply yourself.

You can also ask a trusted friend or family member who has a good credit history to sign the loan with you. When you have a cosigner, the lender looks at your credit history to help determine your interest rate.

a cosigner with great credit You can substantially increase the amount you qualify for and reduce the interest rate on your loan. Remember that while your cosigner doesn’t benefit from signing your loan, they carry a lot of risk – they’ll have to pay off the loan if you fail – so pay attention before asking someone to be your cosigner. Think with

What you need to know about personal loan

A personal loan allows you to make a variety of purchases, from a dream vacation to medical expenses or home repairs. Many personal loans do not require collateral, although a secured loan (which requires collateral) may be an option if you have a very low credit score.

Consider the following factors when shopping for your $50,000 personal loan:

Rate of interest

Your interest rate determines the total cost of your loan. A lower interest rate means a lower total loan cost.

Monthly payment

Your monthly payment is determined by your interest rate, loan amount and repayment terms. Longer repayment terms mean lower monthly payments, but you’ll probably pay more interest. Shorter repayment terms will result in higher monthly payments, but you can pay off the loan faster and save money on interest. When shopping for a loan, make sure the monthly payment will work in your budget.

fees

Ask your lender what type of fee it charges. Standard fees include loan origination fees, late fees and prepayment penalties for processing the loan. These fees can affect the amount you will receive, or add to your total loan balance.

repayment terms

The repayment terms of most personal loans range between one and five years, although some lenders offer terms of up to seven years. The repayment period will affect your monthly payment and the total cost of your loan.

main total

The total principal is the amount you borrow plus any fees. Some lenders reduce your loan total fee, while others add a fee on top of the amount you borrow. Ask your lender how its fees will affect your loan.

total interest

Total interest refers to the total amount you pay to borrow throughout your life…