Where to get a $50,000 loan (2024)

Find a $50,000 personal loan

Shop for Loans Now

Written by: Eric Freeman

Updated:

March 7, 2024

Advertiser Disclosure

We think it’s important for you to understand how we make money. It’s pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That’s why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don’t represent all financial products out there, but our goal is to show you as many great options as we can.

Monthly payments for a $50,000 personal loan

Loan duration	Average monthly payments ($50,000 loan)
	Poor credit	Average credit	Good credit	Excellent credit
1–12 months	$4,218.00	$5,618.33	$12,412.33	$4,306.43
13–24 months	$2,310.59	$2,339.38	$2,283.53	$2,259.89
25–36 months	$1,880.71	$1,666.19	$1,598.51	$1,559.68
37–48 months	$1,406.06	$1,372.74	$1,316.98	$1,268.35

The best $50,000 personal loans
How to get a $50,000 loan
FAQs about $50,000 loans

The best $50,000 personal loans

Upgrade

Upgrade offers some flexible loan terms and amounts, and you’ll have the option to prequalify. The lender doesn’t charge prepayment penalties (which is good if you pay your loan off early), but it does charge an origination fee that will add to your costs.

SoFi

You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.

Best Egg

Best Egg offers competitive rates for those with good or excellent credit. There are no prepayment penalties on the loan, but you’ll have to pay a one-time origination fee. If approved, you may see the money quickly — Best Egg says about half of its customers receive the funds the next business day.

Regions Bank

Regions Bank offers unsecured and deposit-secured personal loans with fixed rates and no origination fees (watch out for a potential “processing” fee though). The lender offers prequalification and promises competitive rates for those with strong credit. New bank customers must apply over the phone or in person.

LightStream

Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.

Find a personal loanShop for Loans Now

How to get a $50,000 loan

Before you take out a loan, you’ll want to consider what you want to finance with the money.

For instance, if you want to renovate your kitchen, you may want to take out a home equity loan instead of a personal loan. But if you don’t own a home and want to consolidate debt, a personal loan will probably make the most sense.

It’s also a good idea to apply for prequalification with several lenders before you make a final decision. Prequalification lets you preview your potential rate and compare loan offers without a hard credit inquiry. Just keep in mind that if you decide to move forward with a lender, they’ll likely run a hard credit inquiry that can affect your scores temporarily.

There are some basic pieces of information you’ll want to have available before you apply, including …

Paystubs
W-2s
Driver’s license/Social Security number/identification
Monthly expenses, such as housing or other debts
How much you want to borrow
Information about any collateral (if you’re applying for a home equity loan, HELOC or secured personal loan)

You may be able to receive your money within a few days if you apply for a personal loan, but your timeline could be a month or more if you want to use your home equity as collateral. (The exact timing will also depend on your bank.)

FAQs about $50,000 loans

Is it easy to get a $50,000 loan?

The ease of getting a $50,000 loan depends on your credit and a lender’s specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.

Can you get a $50,000 loan with no credit?

$50,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don’t have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind. It’s a good idea to apply to prequalify with various lenders so you can shop around and compare potential offers without a hard credit inquiry that can temporarily hurt your credit scores.