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How to Get a $50,000 Personal Loan


Do you need a $50,000 personal loan but aren’t sure if you qualify or who are the best lenders? Larger loans for this amount are readily available from banks, credit unions, and online lenders. But before applying, it is important to assess whether you need a loan for this amount or whether a smaller loan will suffice.

You should also familiarize yourself with what lenders are looking for in applicants and get at least three loan quotes to assess whether the benefits of getting a $50,000 personal loan outweigh the cost of borrowing.

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

How do you intend to use the loan proceeds? Are you going to cover a large expense, a financial emergency, renovate your home, or consolidate high-interest debt? If not, do you have a compelling reason to borrow such a sum of money?

Take a notebook and calculate the exact amount you need. It can be tempting to ask the lender for a lot more, especially if you have little or no money saved up. Yet you risk borrowing more than you can afford to repay, racking up late fees and hurting your credit rating.

However, certain circumstances justify a larger loan amount than you actually need. Home improvement projects and special events, like weddings, often go a little over budget. So, it may be a good idea to overestimate your expenses and apply for a loan for that amount.

Conditions to benefit from a personal loan

It depends on the lender, but most will assess your creditworthiness and debt-to-equity ratio. Lenders want to know that you have responsibly managed debt products in the past and can afford to make timely monthly payments on a new loan.

Your credit rating sheds light on how you manage outstanding debts. Lower interest rates are generally reserved for borrowers with good or excellent credit. As of May 24, 2022, the average personal loan interest rate for consumers with excellent credit ranged from 10.3% to 12.5%, compared to 28.5% to 32% for borrowers with bad credit.

A fair or bad credit score doesn’t necessarily mean you can’t get a $50,000 personal loan. But you can expect to pay a lot more interest over the life of the loan. The lender may also require you to have a co-signer with exceptional credit health to approve you for a loan.

Most lenders will also assess your debt-to-equity ratio when deciding if you are a good candidate for a loan. This is the percentage of your gross monthly income used to cover minimum monthly debt payments. If this number is higher, lenders may be hesitant to approve you or charge a lot more interest because the risk of default is higher.

In most cases, you will also need to provide the lender with the following information and documents to process your application:

  • Identity proof: driver’s license, state-issued ID, passport, citizenship certificate, birth certificate, social security card, or military ID (note: most lenders will ask for two forms of identification)
  • Proof of address: mortgage statement or rental agreement, proof of insurance (home, renters, or auto), utility bill, voter ID, property tax receipt, or account statement
  • Contact details of your employer: employer name, phone number and email address of supervisors
  • Proof of income (traditional job): pay stubs, tax returns, W-2s and 1099s or bank statements
  • Proof of income (self-employment): bank statements, tax returns or 1099

Personal lenders who offer loans of $50,000

You can get a $50,000 loan from a traditional bank or credit union. Online lenders are also an option, and many offer a simple application process and fast funding times.

APR range Loan amount range Minimum credit score requirement
LightStream 3.99% to 19.99% (with automatic payment) $5,000 – $100,000 660
SoFi 6.99% to 22.28% (with automatic payment) $5,000 – $100,000 680
Upgrade 5.94% – 35.97% (with automatic payment) $1,000 – $50,000 560
best egg From 5.99% (with term of 3 or 5 years) $2,000 – $50,000 660


If you have good or excellent credit, LightStream is worth considering. It offers some of the most competitive personal loan interest rates in the industry, and borrowers have the flexibility to choose the loan term and funding date that works best for them. Best of all, there are no origination fees and you won’t be charged a prepayment penalty if you decide to pay off the loan early. LightStream will also beat any competitor’s rate for a comparable personal loan product by 0.1 percentage points to win your business.


SoFi offers an innovative borrowing experience. You can see your rate in just 60 seconds without impacting your credit score and, if approved, receive the loan proceeds the same day. Along with its streamlined application process, SoFi also offers other benefits to its customers, including free access to financial education resources, financial coaches, and unemployment protection in the unlikely event that you lose your job. during loan repayment. You can also benefit from a reduced interest rate when you opt for automatic payment.


A $50,000 personal loan from Upgrade might be ideal if you have less than perfect credit. Most loans are funded within one business day and there are no prepayment penalties. You can choose a loan term of up to seven years and a monthly payment to suit your budget. Keep in mind that despite the flexible qualification criteria, you will pay origination fees between 2% and 8% to secure a loan.

best egg

If you have good credit, you can get a competitive interest rate on a personal loan from Best Egg. Loans are also available for borrowers with lower credit scores if their income is higher. You could be approved and funded the same day, and there are no prepayment penalties if you choose to pay off the loan earlier than scheduled. However, setup fees between 0.99% and 5.99% apply. If you select a term of four or five years, the origination fee will be at least 4.99%.

Costs of a $50,000 long-term personal loan

Ideally, you want a loan with a short repayment period and a low interest rate to minimize borrowing costs. Some borrowers choose an extended loan term to get more affordable monthly payments, but there are a few downsides. You’ll pay more interest because the lender will have more time to repay you (assuming you don’t repay the loan sooner). Also, longer term personal loans tend to have higher interest rates.

As an example, let’s say you get a $50,000 personal loan for 3 years with an interest rate of 10.5%. Your monthly payment will be $1,625 and you will pay $8,504.40 in interest over the life of the loan. But if you opt for a 5-year term and get an interest rate of 12.5%, your monthly payment will drop to $1,125. However, you will pay $17,493.81 in interest over the life of the loan.

At the end of the line

A $50,000 personal loan can help you achieve a financial goal or provide much-needed relief. Either way, be sure to evaluate lenders and consider the cost of borrowing before formally applying for financing. Most importantly, borrow only what you need to avoid racking up unnecessary debt and stretching your budget too much.