How to get a $50,000 personal loan
You need good credit, steady income and low DTI ratio
Partner Disclosures
Terms presented, including APR and monthly payment amount, are estimated and created based on information entered by you and through analysis of historical data on loans through Prosper. Your eligibility for a loan and actual terms depend on the information you provide in your application, and other variables including, but not limited to, your credit score, Prosper Rating, loan amount, loan term, employment and income details, credit usage and history. Eligibility for personal loans up to $50,000 depends on a number of factors, including (but not limited to) your financial history, credit score, monthly income, and monthly expenses. Eligibility for personal loans is not guaranteed, and requires sufficient investor commitments to fund. Personal loans through Prosper have an annual percentage rate (“APR”) of 8.99% to 35.99%, terms between two and five years, and an origination fee from 1% to 9.99%. For example, a three-year $10,000 personal loan with an interest rate of 9.38% and a 9.99% origination fee results in a 16.74% APR. You would receive $9,001.00 and make 36 scheduled monthly payments of $319.77. A five-year $10,000 personal loan with an interest rate of 11.14% and a 9.99% origination fee results in a 15.84% APR. You would receive $9,001.00 and make 60 scheduled monthly payments of $218.12. Whether you are eligible for a specific APR or loan term will depend on a number of factors, including (but not limited to) your current credit rating and information you provide in your application. The lowest rates are for the most creditworthy applicants. Your actual rate may differ. You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s transaction processing speed. All personal loans made by WebBank.
Partner Disclosures
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay interest rate discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 4/24/25 and are subject to change without notice. Not all rates and amounts are available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000- $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Partner Disclosures
*Trustpilot TrustScore as of April 2025. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender, Column N.A., Member FDIC, Equal Housing Lender. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 6.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 6.99% APR has 36 scheduled monthly payments of $152.83. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: crt resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855- 282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Partner Disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Partner Disclosures
Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward®, N.A., Equal Housing Lenders. Loan applications are subject to credit review, underwriting criteria and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. APRs range from 8.99 to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. The origination fee is deducted from the loan proceeds. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to pay off qualifying existing debt directly; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Funding time periods are estimates and can vary for each loan request. Same day decisions assume a completed application with all required supporting documentation submitted early enough on a day that our offices are open. Achieve Personal Loans loan consultants' hours are Monday-Friday 6am-8pm AZ time, and Saturday-Sunday 7am-4pm AZ time.
Partner Disclosures
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
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Big expenses can spring up in life, whether they are home renovations, weddings or emergency medical bills. These aren’t inexpensive events either, which might leave you thinking about starting the search for a $50,000 loan.
A personal loan can be a way to get the funds you need in one lump sum with an extended timeline for repayment. However, you have to qualify first, and that isn’t always easy when asking for such a large amount. When your emergency fund isn’t enough to cover a large expense, this is how to get a $50,000 personal loan to cover the bill.
Most lenders require strong credit, low debt and steady income for large personal loans.
Jump to insightA $50,000 loan can be used for big expenses like home projects, medical bills or consolidating debt.
Jump to insightLenders may charge origination fees, prepayment penalties and other costs beyond interest.
Jump to insightIf a $50,000 loan doesn’t fit your needs, alternatives include HELOCs and secured loans.
Jump to insightUses for a $50,000 personal loan
A $50,000 personal loan can be used for everything from emergencies to big-ticket purchases. In a recent in-house study, the loan marketplace Credible found that debt consolidation was the top reason borrowers applied, followed by credit card repayment, home improvements and special occasions.
These are some common uses for a personal loan:
- Home renovations: Personal loans are a popular way to pay for costly home improvements and repairs.
- Medical bills: If you don’t have much luck negotiating lower medical bill balances, you might consider a personal medical loan to help cover the cost.
- Debt consolidation: If you have high-interest debt or simply too many open accounts, you can consolidate your debt into one payment with a personal loan that works similarly to a debt consolidation loan.
- Emergency expenses: Life’s emergencies are not always cheap, but an emergency personal loan can help pay for unexpected expenses, such as auto repairs or an emergency procedure.
- Life events: A personal loan can help with significant life events, such as weddings, funerals or the birth of a new baby.
- Moving costs: If you are planning a big move, a personal loan can help you cover the expenses.
- Tax debt: If you owe back taxes and you don’t qualify for an IRS payment plan, a personal loan may be able to help.
What personal loans can't be used for
Lenders generally don’t allow you to use a personal loan for the following purposes:
- Educational expenses: Most lenders don’t allow you to use a personal loan to pay college tuition. In this case, a student loan is the better option.
- Buying a home: Personal loans can't generally be used for the down payment of a home.
- Business expenses: You can’t use most personal loans for business expenses. Instead, you would need to take out a business loan.
How to qualify for a $50,000 personal loan
Every financial institution has its own qualification requirements for personal loans. However, lenders generally evaluate four important factors when determining whether to approve a $50,000 personal loan: your credit score, credit history, proof of income and debt-to-income (DTI) ratio.
“To secure a larger loan, focus on improving your credit score and DTI ratio,” Chris Heerlein, CEO of REAP Financial in Austin, Texas, told us. “A higher credit score shows lenders you can handle debt responsibly, while a lower DTI ratio demonstrates that you can manage increased debt. Having a stable income and assets to offer as collateral can also increase your chances of approval.”
» LEARN: How to get a personal loan in 6 steps
Credit score and credit history
Your credit score is one of the biggest factors lenders consider when reviewing your application. When you have a good credit score, you have a better chance of receiving a low interest rate for your loan.
Lenders also review your credit report for red flags like bankruptcies, late payments and high credit utilization. Before you apply, get a free copy of your credit report to check your history for errors or signs of financial distress that could affect your odds of approval.
» COMPARE: Best personal loans for excellent credit
Proof of income and employment
Lenders will ask for documentation to verify your income and employment. This can include:
- Pay stubs
- W-2 forms
- Tax returns
- Employment verification letter
If you have other sources of income, such as alimony or Social Security, you should include those as well.
Debt-to-income ratio
Your debt-to-income ratio shows how much of your income goes toward debt each month. Most lenders prefer a DTI ratio of 36% or less, but some accept up to 45%.
“Higher DTI ratios are associated with higher risk of missing or making late payments,” said Kyle Enright, President of Lending for Achieve. “Many lenders look for DTI of 45% or lower; others want to see less than 36% but would consider a higher ratio for someone with a good payment history, high savings level or other compensating factor.”
Where to get a $50,000 personal loan
Your bank or credit union is a great place to start when looking for a $50,000 loan. Credit unions often offer the lowest rates, but online lenders can be competitive, especially if you have strong credit. Be sure to compare multiple offers to avoid overpaying on interest and fees.
These are some of the best banks, online lenders and credit unions offering personal loans of up to $50,000.
Best personal loan lenders
| Lender | Best for | Loan amount | Term | Interest rate |
|---|---|---|---|---|
| Achieve | Large loans (at a bank) | $5,000-$100,000+ | 24-60 months | 8.99%-29.99% |
| Best Egg | Flexible repayment | $2,000-$50,000 | 36-60 months | 6.99%-35.99% |
| Navy Federal Credit Union | In-person service | $250-$50,000 | 36-180 months | 8.99%-18.00% |
| Pentagon Federal Credit Union | Co-borrowers | Up to $50,000 | 12-60 months | 8.99%-17.99% |
| Prosper | Online loans | $2,000-$50,000 | 24-60 months | 8.99%-35.99% |
| SoFi | Loan options | $5,000-$100,000 | 24-84 months | 8.99%-29.49% |
| Truist | Cosigners | $3,500-$50,000 | 24-84 months | 8.20%-17.04% |
| Upgrade | Overall | $1,000-$50,000 | 24-84 months | 7.99%-35.99% |
| U.S. Bank | No fees | $1,000-$50,000 | 12-84 months (60 months for nonclients) | 7.99%-24.99% |
| Wells Fargo | Large loans (at a credit union) | $3,000-$100,000 | 12-84 months | 6.99%-24.49% |
How to choose the best lender
When choosing between lenders, consider these factors:
- Loan amount: Not all lenders offer loans up to $50,000.
- Term: A longer term lowers your monthly payment but increases total interest.
- Annual percentage rate (APR): The APR includes both your interest rate and lender fees. Check whether it's fixed or variable.
- Application process: Some lenders offer quick online applications or same-day funding.
- Customer service: Look for support channels like live chat or phone numbers.
- Discounts: Some lenders offer rate reductions for autopay or being an existing customer.
How to get a $50,000 personal loan
When you are ready to move forward, this is how to apply for a $50,000 personal loan:
- Calculate payments: Use a personal loan calculator to see if you can afford the monthly cost.
- Prequalify: This lets you preview your rates without running a hard inquiry, which affects your credit score.
- Apply: Submit your documents and complete the application online, by phone or in person.
- Review the offer: Make sure you understand all terms before signing.
- Receive funds: Many lenders deposit funds within a day or two of approval.
Understanding the costs of a $50,000 personal loan
Besides interest, $50,000 personal loans may come with other fees.
- Application fee: Charged by some lenders, even if you're denied
- Late payment fee: Applies if you miss a due date
- Prepayment penalty: A fee for paying off your loan early
- Origination fee: Usually 1% to 8% of the loan
Some lenders, like LightStream, don’t charge fees at all.
“A good lender will be upfront about origination and other fees, and work with the borrower to calculate overall interest savings,” said Enright.
FAQ
How hard is it to get a $50,000 personal loan?
It’s harder to get a $50,000 loan than smaller loans, but it’s not impossible. With a good credit score and adequate income, you are more likely to receive approval.
What credit score do you need for a $50K personal loan?
Most lenders require a minimum credit score of at least 580, but requirements more commonly call for a score of 670 or more to get a $50,000 personal loan.
What is the highest amount you can borrow for a personal loan?
Most lenders offer a maximum loan of $50,000, but it’s possible to find personal loans for $100,000 with lenders like SoFi or even $200,000 with BHG Financial.
Can I get a $50,000 loan with bad credit?
You can, but it’s difficult. If you need to get a $50,000 loan with bad credit, you may want to consider secured lending or wait a little while until your credit score improves.
» LEARN: 9 ways to improve your credit score
Is a $50,000 personal loan the right choice for you?
A $50,000 personal loan can help cover major expenses like home repairs, medical bills or credit card consolidation. But with that much money comes a serious commitment — and interest costs that add up over time.
“Be absolutely sure you need the larger amount and have a clear plan for the funds,” Enright said. “It’s easy to overextend and end up with payments you can’t manage.”
Before applying, review your credit score, income and budget. If you’re already struggling with payments or dealing with a financial hardship, a personal loan could make things worse. In that case, Enright told us, debt resolution might be a more realistic option.
If a $50,000 loan isn’t the right fit, consider other ways to borrow — like a secured loan, a HELOC or a personal line of credit.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Credible, “How To Get a $50,000 Personal Loan.” Accessed May 16, 2025.
- Experian, “What Can a Personal Loan Be Used For?” Accessed May 16, 2025.
- Equifax, “Why Your Debt-to-Income Ratio Matters for Your Mortgage.” Accessed May 16, 2025.
- Experian, “5 Personal Loan Fees to Watch Out For.” Accessed May 16, 2025.
- Experian, “Do Personal Loans Have Prepayment Penalties?” Accessed May 16, 2025.
