Get a $50,000 Personal Loan with Good or Bad Credit | (2023)

Where to get a loan for $50,000

Banks, credit unions and online lenders all offer personal loans up to $50,000. Online lenders like Upgrade, Upstart or LightStream typically offer the fastest approval processes – while traditional banks and credit unions may take longer to underwrite and approve your loan.

Banks and credit unions

Certain banks and credit unions offer personal loans up to $50,000, but many require that you live in a certain state or have an account before you apply.

LenderInterest ratesLoan amounts
Wells Fargo7.49% to 23.24%$3,000 to $100,000

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Alliant6.24% to 27.24%$1,000 to $50,000
Read review
First Tech Federal Credit UnionStarting at 5.70%$500 to $50,000
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KeyBank7.84% to 18.24%$5,000 to $50,000
Read review
New York Municipal Credit Union (MCU)7.95% to 15.45%$1,000 to $50,000
Navy Federal Credit Union7.49% to 18.00%$250 to $50,000
Read review
Regions7.99% to 29.99%$2,000 to $50,000
Read review
Umpqua9.02% (starting at)$1,000 to $100,000
Read review

Eligibility requirements for a $50,000 loan

To qualify for a $50,000 loan, lenders look at your credit score, and debt-to-income (DTI) ratio and income.

Be prepared to meet the following criteria to qualify:

  • Fair to good credit score. Most lenders want to see a credit score of 670 and up before extending a large loan amount, although there are exceptions. For example, Upstart only requires a credit score of 300, but you need to show regular income.
  • DTI of 43% or less. The lower your monthly debts, the higher the chance of qualifying. In general, your monthly debts shouldn’t exceed 43% of your gross monthly income, but 20% is better. To calculate your DTI, divide your monthly debt by your gross monthly income.
  • Proof of income. You need proof of regular income to get a personal loan. You may be asked to provide bank statements, direct deposits, tax returns or 1099s and your employer’s contact information.

How to increase your chances of approval

To increase your chances of approval, get a copy of your credit report and make sure it’s accurate. You can order a free copy from Equifax, Experian and TransUnion once a year. Then, stay current with your payments and don’t take on any new debt.

(Video) PERSONAL LOAN with Bad Credit, Low FICO 300 GET the money you NEED!

If you’re ready to apply, check the lender’s eligibility criteria and prequalify for the loan before applying, if possible. Prequalifying for a loan doesn’t hurt your credit score – but every hard application dings your credit score by a few points.

If you’re unsure whether you qualify or not, contact the lender and speak with a loan officer who can give you a better idea. This can help keep your credit score intact as you search for the best loan.

Can I get a loan for $50,000 with bad credit?

Having a fair or bad credit rating doesn’t automatically disqualify you from getting a $50,000 loan. But you’ll pay a higher interest rate than someone with good to excellent credit – plus origination fees which can run from 1% to 10% of the total loan amount.

To increase your chances of approval:

  • Find the right lender. Lenders offering $50,000 loans vary widely in the types of borrowers they work with. Some lenders, such as Upgrade and FreedomPlus, specialize in bad to fair credit, which may make it easier to qualify.
  • Get a cosigner. Some lenders, like Upgrade and FreedomPlus, allow you to apply with a cosigner to help increase your chances of approval. But if you can’t make your payments, your cosigner will be on the hook for your loan.
  • Use collateral. Some lenders will allow you to pledge collateral – such as your car or heavy equipment – to back your loan. But if you can’t make your payments, you risk losing your assets.

How much $50,000 loans cost

The cost of your personal loan is determined by the interest rate and term. The shorter your loan term, the higher your monthly payments will be — but the less interest you’ll pay. Currently, rates range from 6% APR for excellent credit borrowers up to 35.99% APR for bad credit borrowers.

Here’s what a personal loan would cost with an APR of 10.73% – the national average in 2022.*

Loan termMonthly paymentTotal interest
2 years$2,324$5,779.10
5 years$1,080$14,824.04
7 years$849$21,319.37

As this table shows, you need to be able to afford monthly repayments of at least $849 — likely more. If you can only qualify for the highest rate and longest term, you could end up paying nearly twice as much in interest as the loan itself.


*We chose 10.73% APR because it is the average interest rate for personal loans, according to 2022 data from Bankrate.

Calculate your loan repayments

Have a loan in mind? Use our calculator to find out how much your $50,000 loan will cost you at different rates and terms.

$50,000 loan repayment calculator

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6 steps to apply for a $50,000 loan

Follow these steps to apply for a $50,000 loan:

  1. Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an option you can afford with a lender that accepts your credit score.
  2. Get prequalified. Many lenders have an online prequalification process to determine if you qualify for a loan before applying and doing a hard credit check.
  3. Apply for the loan. Once prequalified, complete the loan application online or over the phone. Double-check the application for accuracy and correct any mistakes before submitting it.
  4. Upload required documents. Be prepared to provide proof of income, bank statements and a valid government ID. Some lenders may connect to your financial accounts directly to verify your information.
  5. Review and sign your loan agreement. Once you have the loan agreement from your lender, carefully read your loan’s terms and conditions before signing. Verify your loan’s APR, origination fees (if any) and your monthly payment.
  6. Wait for your funds to arrive. After approval, most lenders will transfer funds to your bank account as soon as one business day, although it can take up to five business days in some cases.

Tips to get the lowest rate on your loan

To limit the amount you pay in interest:

  • Get preapproved. Loan preapproval lets you compare potential interest rates, fees and loan terms without impacting your credit. Not every lender offers this option, but if so, it’s a quick way to compare different offers.
  • Get a cosigner. Not only can a cosigner increase your chances of approval, it may help you snag a lower interest rate too. FreedomPlus is one lender that offers a rate discount if you have a cosigner on your loan.
  • Look for rate discounts. Some lenders offer rate discounts if they pay your creditors directly (for debt consolidation), if you have a cosigner or retirement savings, or if you set up autopay.
  • Improve your credit score. Check your credit profile and clean up any errors that may be pulling your score down. Keep current on your payments and don’t apply for new credit before applying for a loan.

How to pay off $50,000 in debt

Paying off a $50,000 loan can seem overwhelming. Here are some tips for paying off your loan faster.

  • Pay more frequently. Making weekly or bi-weekly payments is a smart method that can help you save. With this method, you’re paying the same amount every month, but you’re saving on interest charges by paying more frequently.
  • Pay more than the minimum. Pay more than the minimum by rounding up your monthly payment or adding extra each month. A general rule of thumb is to devote at least 10% of your income each month to paying off debt if you can afford it.
  • Refinance your debt. Refinancing is a popular choice for borrowers with a lot of debt. If you have a good to excellent credit score, you could potentially secure a lower interest rate by refinancing which can help you pay off your debt faster.

What to watch out for

Even if you can secure a $50,000 loan, keep the following watch outs in mind:

  • Origination fees. Some lenders charge origination fees up to 10%, especially if you have bad credit. For example, an origination fee of 5% of a $50,000 loan is $2,500. This means you’ll only receive $47,500. But if you have good to excellent credit, you typically can avoid paying these fees.
  • Loan use restrictions. Make sure you can use the funds for what you need them for. For example, some personal loan providers don’t allow you to use their loans to pay off student loan debt. Sofi and Laurel Road are two exceptions to this.
  • Loan terms. Your loan term impacts your monthly payments and how much interest you’ll pay. A shorter loan term will increase your monthly payment, but decrease the overall cost of your loan. In general, you should opt for the shortest loan term with monthly payments you can afford.
  • Other fees. Prepayment penalties, late fees and non-sufficient funds (NSF) fees won’t play a role in the upfront cost of your loan, but they can impact the overall cost. Even if you don’t think you’ll be late, compare each lender’s additional charges to get a full idea of the price you might have to pay — just in case.

Alternatives to $50,000 personal loans

Taking out a personal loan for $50,000 isn’t the only way to access cash for a range of needs.

(Video) 3 Ways to Get a Loan with BAD CREDIT

Other alternatives include:

  • Home equity loan. A lump sum, fixed-rate term loan up to 30 years using your home as collateral.
  • HELOC. A variable-rate, revolving line of credit for 10 years using your home as collateral.
  • Business loan. If you’re a business owner, you may qualify for a business loan or line of credit up to $50,000.

Other loan amounts

  • $10,000
  • $15,000
  • $20,000
  • $35,000
  • $75,000
  • $100,000


What credit score is needed for a 50000 personal loan? ›

For a loan of 50k, lenders usually want the borrower to have a minimum credit score of 650 but will sometimes consider a credit score of 600 or a bit lower. For a loan of 50k or more, a poor credit score is anything below 600 and you might find it difficult to get an unsecured personal loan.

Is it hard to get a personal loan for $50000? ›

Getting a $50,000 personal loan can be easy if you meet the qualification requirements. A good to excellent credit score typically makes it easier for a borrower to get a loan, while individuals with bad credit may find it difficult.

How can I get a $50000 loan with no credit check? ›

You can borrow $50,000 with no credit check from a friend or family member, a pawnshop or an auto title lender. There aren't any traditional lenders that will offer loans of $50,000 with no credit check, unfortunately. Lenders with no credit check only offer small loans because there's much more risk of nonpayment.

How much would a monthly payment be on a 50000 loan? ›

The monthly payment on a $50,000 loan ranges from $683 to $5,023, depending on the APR and how long the loan lasts. For example, if you take out a $50,000 loan for one year with an APR of 36%, your monthly payment will be $5,023.

How much loan can I get with a 700 credit score? ›

You can borrow $50,000 - $100,000+ with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

How can I get a loan with very poor credit? ›

Ways to get a personal loan with bad credit
  1. Check your credit score and credit reports. ...
  2. Ensure that you can repay the loan. ...
  3. Compare bad credit loans. ...
  4. Get prequalified. ...
  5. Look into secured loans. ...
  6. Add a co-signer if necessary. ...
  7. Gather financial documents. ...
  8. Be prepared for a hard credit check.
Jan 31, 2023

How can I get a 50k personal loan? ›

Eligibility Criteria for Rs. 50,000 Instant Loan
  1. You must be between the ages of 21 and 57 to apply.
  2. You must have a monthly income of Rs. 13,500 or more.
  3. Income must be credited directly to your bank account.
  4. You must have a minimum CIBIL score of 600 or minimum Experian score of 650.

What FICO score is needed for personal loan? ›

To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 690 and above.

What is the highest amount you can borrow for a personal loan? ›

The largest personal loan available is about $100,000. Many lenders limit borrowing to less than that, however, and the maximum you can borrow is typically impacted by your income and debt obligations.

Does Speedy cash approve everyone? ›

Anyone who meets the application requirements is eligible to apply for a Payday Loan, and may qualify for cash. Requirements to apply for a payday loan: Meet minimum age requirements in your state (18 in most states) Have an open and active checking account.

What is the easiest loan to be approved for? ›

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

What is a hardship loan? ›

A hardship loan doesn't have an official definition, but many personal finance institutions may offer their own version of hardship loans. At its core, a hardship loan is a loan that can help you get through unexpected financial challenges like unemployment, medical bills, or caregiving responsibilities.

Why is it so hard to get a personal loan? ›

The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.

How do you qualify for a large personal loan? ›

Research around personal loans show those with higher credit scores take out larger loans and have greater outstanding balances. To prove you're creditworthy, you'll need an excellent credit score also need a stable employment history and income that's high enough to make the payments.

How long does it take to receive a personal loan? ›

Typically, you can expect to wait 1 – 7 business days for a personal loan to go through. Approval will generally take 1 – 3 business days, while disbursal will typically take 1 – 5 business days. It is possible for a loan to take as long as 30 days to process.

What raises credit score? ›

Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.

Who has a perfect credit score? ›

1.6% of Americans have a perfect 850 credit score, but here's the only one that matters, according to experts.

Can you get approved for anything with a 700 credit score? ›

In other words, a 700 credit score will still qualify you for better deals on credit cards, personal loans, mortgages and other types of credit, but it won't give you access to the same types of terms someone with very good credit, or a credit score above 740, would have.

Can I apply for a loan with 500 credit score? ›

It is possible to qualify for a personal loan with a poor credit and a credit score as low as 500, but your choices are very limited. The best way to get a personal loan with a 500 credit score is to start by checking to see if you pre-qualify for loans from major lenders.

Can you get a personal loan with a 480 credit score? ›

As a result, a 480 credit score will make it difficult to qualify for a loan or unsecured credit card, and you will need to focus on rebuilding your credit before trying to get a mortgage, car loan, etc.

Which banks give loans easily? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

What is the interest rate for 50000 personal loan? ›

Interest rates for personal loans for Rs 50,000 usually start from 10.49% p.a. onwards and tenures can go up to 5 years. But some public sector undertaking banks may offer personal loans at lower interest rates and for longer tenures.

How do I qualify for a 40k personal loan? ›

To qualify for a $40,000 personal loan, you'll usually need a score exceeding 600 and should aim to improve your credit score to 620 or higher prior to applying. Keep in mind that borrowers with higher credit scores usually stand the best chance of getting a lower interest rate.

Which app gives quick loan? ›

Credy is one of the quick loan giving apps in India that provides personal loans on personalised terms. With no hidden costs, no requirement of collateral or a guarantor, fast online processing, and acceptance of a low CIBIL score, Credy is simple, fast and low-cost.

Can I get a loan with a 550 FICO score? ›

Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.

What credit score do banks use for personal loans? ›

Here's what most lenders look at on a personal loan application: Credit score: Many lenders look at the FICO credit scoring model, but some use VantageScore. Other lenders say they use many data points about a borrower to determine approval, which may include a FICO or VantageScore.

How to qualify for a 30k personal loan? ›

You will likely need a credit score of at least 660 for a $30,000 personal loan. Most lenders that offer personal loans of $30,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.

Can I borrow 100k from the bank? ›

Borrowers with excellent credit scores (720 or higher) have the best chance of getting approved for a $100,000 personal loan. You'll also likely get the lowest interest rate the lender offers.

Is it easy to get a large personal loan? ›

Getting a personal loan can be a relatively simple process, but to qualify, lenders usually require information about your credit history, income, employment status and current debt obligations. Your income needs to be high enough to cover the loan repayment amount and your other monthly expenses.

What is considered a large loan amount? ›

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $726,200 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $1,089,300).

Does cash Store approve everyone? ›

Yes! We want to help you get a fair deal — even if you have bad debt, no credit score, or no credit history.

How does Speedy Cash verify income? ›

You'll prove your eligibility with a valid ID that shows you are at least 18 years of age, and you'll provide proof of recurring income and updated contact information, such as a working phone number.

Does Speedy Cash do a hard credit check? ›

Speedy Cash will perform a credit check once you apply — which could negatively affect your credit scores by a few points.

Which bank gives instant personal loan? ›

Top Instant Personal Loans from Banks
BankInstant Approval inPersonal Loan Interest Rate
HDFC Bank10 Seconds10.50% -21.00% p.a.
Yes Bank1 Minute10.00% p.a. onwards
IDFC First2 Minutes10.49% p.a. onwards

What is the best loan to get approved for? ›

Here are the top nine reasons to get a personal loan.
  1. Debt consolidation. Debt consolidation is one of the most common reasons for taking out a personal loan. ...
  2. Alternative to payday loan. ...
  3. Home remodeling. ...
  4. Moving costs. ...
  5. Emergency expenses. ...
  6. Large purchases. ...
  7. Vehicle financing. ...
  8. Wedding expenses.
Feb 2, 2023

What is the easiest government loan to get? ›

If you need help paying for school, federal student loans (under the Direct Loan program) are probably your best option. They are easy to qualify for, they have competitive rates, and they offer flexibility when you're getting on your feet (and when you face financial hardships in life).

Who is eligible for hardship fund? ›

Students in low income families. This will normally be families with a household income of less than £18,000 or families who are claiming Universal Credit or other means tested benefits.

How can I increase my chances of getting a personal loan? ›

Strategies to increase your chances of getting a personal loan
  1. Work on your credit score. ...
  2. Run the numbers and borrow only what you can afford. ...
  3. Find a co-signer. ...
  4. Check out more than one lender. ...
  5. Double and triple check your application.
Feb 13, 2023

What is one huge disadvantage of a personal loan? ›

Personal loans may come with fees and penalties that can drive up the cost of borrowing. Some loans come with origination fees of 1 percent to 6 percent of the loan amount. The fees, which cover loan processing, can either be rolled into the loan or subtracted from the amount disbursed to the borrower.

Can you be denied a personal loan after pre approval? ›

The personal loan application involves more documentation. For example, your pre-approval might be based on a certain amount of income. What happens if your lender is unable to verify your income? You could be rejected for the loan -- even though you passed the pre-approval process.

How much is a monthly payment on a $100 000 loan? ›

Monthly payments on a $100,000.00 mortgage by interest rate

At a 7.00% fixed interest rate, a 30-year $100,000.00 mortgage may cost you around $665.30 per month, while a 15-year mortgage has a monthly payment of around $898.83.

What is the minimum amount you can take out for a personal loan? ›

What's the lowest amount you can borrow with a personal loan? For the most personal loan lenders, $1,000-$5,000 is the lowest amount you can borrow. But the minimum loan amount can vary substantially from one lender to another.

Is it easy to get a personal loan right now? ›

Personal loans generally aren't hard to get and are available from credit unions, banks, and online lenders. There are various types of personal loans to consider, depending on how much money you need to borrow.

Do personal loans usually get approved? ›

You are almost certain to be approved by at least some lenders for a personal loan if you have good credit, make enough money to easily repay your loan, have been at your job for a while, and your debt-to-income ratio is below 35% -- even when factoring in the payment on the loan you're applying for.

How long does it take a bank to approve a personal loan? ›

Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.

How can I get a $50,000 loan in one day? ›

Essential documents for a 50,000 instant cash loan
  1. Aadhaar Card Number linked to your mobile number for one-time password verification.
  2. Pan card Number.
  3. Photo ID proof on a prompt basis via the in-built camera in the loan app.
  4. Electronic signature.
Sep 11, 2022

How much of a loan can I get with a 850 credit score? ›

The average mortgage loan amount for consumers with Exceptional credit scores is $208,617. People with FICO® Scores of 850 have an average auto-loan debt of $17,030.

How high does your credit score have to be to get a $10000 loan? ›

To get approved for a $10,000 personal loan, you'll typically need a credit score of 620 or higher — though keep in mind that some lenders are willing to work with borrowers who have scores lower than this.

Can I get a personal loan with a 560 credit score? ›

Credit Rating: 560 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.

How to get instant personal loan without documents? ›

Individuals who want to get personal loans instantly without documents should first approach banks/NBFCs from which they are availing banking/lending facilities. This is because such lenders already have your personal details and hence, may not require additional documentation.

How can I get $50000 in debt? ›

Advice for Paying Off $50,000 in Credit Card Debt
  1. Find a credit counseling agency with a good Debt Management Plan.
  2. Look into a Credit Card Debt Forgiveness Plan.
  3. Pick one of the many debt-reduction methods and “Do It Yourself”
  4. File for bankruptcy.
Nov 11, 2022

Can you have a 900 credit score? ›

Depending on the type of scoring model, a 900 credit score is possible. While the most common FICO and VantageScore models only go up to 850, the FICO Auto Score and FICO Bankcard Score models range from 250 to 900.

What's the highest credit score on Credit Karma? ›

Most credit scores range from 300 - 850, and the scores you see on Credit Karma are as follows:
  • 300-639 - Needs Work.
  • 640-699 - Fair.
  • 700-749 - Good.
  • 750-850 - Excellent.
Sep 15, 2021

What is Experian highest credit score? ›

A credit score ranges from 300 to 850 and is a numerical rating that measures a person's likelihood to repay a debt. A higher credit score signals that a borrower is lower risk and more likely to make on-time payments.

What is the easiest loan to get approved for? ›

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

Can I get a loan with 552 credit score? ›

Credit Rating: 552 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.

How much loan can I get with a 600 credit score? ›

You can borrow anywhere from a few thousand dollars to $100,000+ with a 600 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.


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