$50,000 Business Loans

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$50k business loan

How to Get a $50k Business Loan

Running a business can be difficult not only mentally, but also financially. There is always a new expense coming up that would propel your business to a whole new level and give you the capability of adding even more value to current clients. Therefore, it’s sometimes necessary to apply for loans.

If you’re curious as to what you need to get a $50,000 business loan, and what the process looks like, that’s what this guide is there for. We hope you find this guide comprehensive and that it enables you to apply for your business loan with the same confidence you have in your own business.

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Apply for a $50,000 Business Loan

Can I get a $50k business loan?

Yes, you should be able to get a $50,000 business loan, though it depends on a few factors. Factors impacting whether or not you qualify for a $50k loan include:

  • Monthly revenue
  • Amount of time in business
  • Credit score
  • Other financial factors like if there are bankruptcies, if you have a business bank account, annual sales, etc.

Where can I get a $50k business loan?

There are different options as to where you can get a $50,000 business loan. For some it may make the most sense to get one from an online lender, while others may be served better by other options.

Online lenders

If you’re relatively new to business, need the money fast, and don’t have the best credit score, an online lender may be the best option for you. Often they are able to get you the money as fast as the next day, tend to require lower credit scores, and are open to lending to newer businesses.


Microlenders are difficult to work with when it comes to larger business loans, but some do offer business loans up to $50,000. However, if you’re a newer business or have lower credit, this won’t be the option for you.

Community banks

Community banks are a great option if you’re not under time pressure. Typically it takes a few weeks to receive the money, but you do also get a great sounding board in the process for financial business advice.

National banks

National banks tend to prefer to work with larger businesses, so if your business does not fall into that category, you’re better off looking at some of the other options mentioned here.

Credit Unions

If you are a member of a credit union, then you’re most likely going to be able to get a $50,000 business loan. However, if you aren’t a member, it’ll be extremely difficult to get one at a credit union as membership is a requirement.

How much does a $50,000 business loan cost?

It’s difficult to say exactly how much a $50k business loan will end up costing you, because it depends on a variety of factors. What is your APR? What are your loan terms aka what is the time you’re given to pay the loan back? Are you paying monthly minimum payments, or are you paying more? Are there any additional fees?

This is why it’s so important to compare rates and shop around, as well as know your loan terms in and out before agreeing to a business loan option. Some business loans do offer a fixed rate instead of an interest. This can be beneficial, depending on the comparing loan terms. The biggest piece of advice we can give you is to do your research.

However, once you have all your information together, you can calculate the approximate monthly payments via a loan calculator online.

When is it a good idea to take out a $50,000 business loan?

It’s never a good idea to take out a business loan of any size if you’re not sure you can make the monthly payments. If that’s a concern, you definitely do not want to be taking on a loan of this size. In that case, it may be best to take out a smaller loan, or wait until your business is having higher revenue months before you take out the loan.

As a business owner, there are always a plethora of things going on as well as expenses to take care so the need for a business loan is completely understandable. Perhaps the business loan will allow you to make more money and profit than ever before. As appealing as it is to use that as something to depend on to make monthly payments, it’s unwise to take that risk when taking out a $50,000 business loan.

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What is the minimum credit score required for a $50,000 business loan?

The minimum credit score will really depend on the lender you’re working with. As online lenders are more forgiving, there are a few lenders who will work with individuals who have a personal credit score as low as 500.

Can I get a $50,000 business loan if I have good credit?

You are much more likely to qualify for a business loan of any kind if you have good credit, however that isn’t the only factor determining whether or not you qualify for a business loan. Business loans are different from personal loans in the sense that instead of looking at your income, they look at your monthly revenue. If you have good credit as well as the minimum qualifying monthly revenue as well as some business history, then you’re likely to qualify.

Typically, lenders will expect at least $10,000 in monthly revenue or sales in addition to a good credit score. Some lenders may make some exceptions there for a $50,000 business loan.

Can I get a $50,000 business loan if I have bad credit?

If you have bad credit, there’s still a chance you can qualify for a business loan depending on the other factors mentioned above. If you have outstanding monthly revenue and a long time in business, then you’re much more likely to be able to still qualify despite the bad credit. However, if you have a business partner with good credit, it may serve you best to have them apply as they are much more likely to get accepted.

Typically, online lenders or community banks will still give you a business loan despite bad credit. You can always ask a community banker to weigh other promising financial aspects instead of your credit score.

What are the monthly payments on a $50k business loan?

Monthly payments once again vary depending on your business loan terms. It’s similar to not being able to explain the exact amount it’ll cost you in total for a $50k business loan. Depending on your interest rate and loan terms, your monthly payments may vary.

How long does it take to pay off a $50k business loan?

If you pay off the minimum monthly payment, it’s whatever your loan terms are. However, if you are able to double down or just pay a little extra every month, you’ll be able to finish paying your business loan a lot quicker.

How do I qualify for a $50k business loan?

As to what kind of information or documents you need to qualify for a $50k business loan, there are a few different documents that are helpful to have on hand:

  • Credit score
  • Tax statements
  • Proof of revenue/gross income
  • Proof of residency

If you happen to not qualify for a business loan, it may be wise to take out a personal loan.

How quickly can I get a $50,000 business loan?

It depends on the lender. With an online lender, you could get it as quickly as the next business day, with a bank or other financial institution it may take weeks. If you need money fast, then you’ll definitely want to go the route of an online lender.

What is the best way to obtain a $50,000 business loan online?

It’s best to conduct thorough research. There are some websites that offer some comparison of rates and requirements across different lenders. This helps you assess which one will fit your personal financial situation best. Some online lenders for example specialize in helping new businesses or business owners with poor credit.

Compare rates online to find the best deal for you

When taking out a sizable loan, you want to make sure that you are getting the best deal. Finding something with the lowest interest rate or monthly payment can help you save money in the long run, and make it possible for you to even make the monthly payment. There’s no reason to pay more or get a worse deal simply due to a lack of research.

Apply for a $50,000 business loan

Applying for a business loan is very similar to the process of a personal loan.

  1. Do the research. Compare lenders.
  2. Pre-qualify.
  3. Decide on the lender and fill out an application.
  4. Get approved!

Hopefully this guide has given you the necessary information to feel confident about applying for a business loan!

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