How to Get a $50,000 Personal Loan

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

Assuming you’re trying to reduce the stress in your life by getting this personal loan, it’s advisable that you only apply for a $50,000 personal loan if you can easily make the monthly payments. If making these monthly payments will lead to you counting pennies and putting back the extra loaf of bread at the grocery store, this may not be the best financial decision for you at the moment.

What is the minimum credit score required for a $50k personal loan?

For banks and credit unions, the minimum credit score required often lies around 650. However, if you have a lower credit score there are plenty of online lenders who will work with you if you have a credit score as low as 560. This is why it’s so important to shop around to see what options are available to you.

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

This is the ideal circumstance - if you have good credit, congratulations! You’re much more likely to get approved, get the best interest rates, and have more options available to you. You’re also more likely to avoid the higher total interest rate, and be able to have more flexible terms.

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

Many assume that if they have poor credit that they shouldn’t even bother applying for a $50k personal loan. However, don’t be too quick to jump to an assumption! There are different ways you could still qualify for a $50,000 personal loan despite the bad credit.

If your income is high, then you may be able to qualify despite poor credit. Lenders want to see that there is a high likelihood that you’ll be able to pay back the loan, and a high level of income qualifies as one of these assurances. You still have chances of getting approved without a high income. Your best bet is to either go to an online lender or to ask a trusted and close relative or friend to co-sign with you. As long as you have someone co-sign who has a great credit score, you’re good to go!

What are the monthly payments on a $50,000 personal loan?

Monthly payments will greatly differ on these loan characteristics:

• Length of loan
• Interest rate
• Additional fees

The easiest way to determine how much your monthly payment will likely be is to get all of the required information (see above this paragraph) from your lender or several lenders you’re considering, and then put this into a personal loan calculator.

How long does it take to pay off a $50,000 personal loan?

Each lender will have a different repayment plan tailored to you and your personal financial circumstances. Typically, a $50,000 personal loan will be paid back over the course of 1 to 5 years. However, there are some lenders who offer longer repayment terms. In some cases, you can pay back in seven or even twelve years. It really simply depends on your lender’s terms! This is another reason why shopping around is important to do.

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

There are various factors that will determine if you qualify for a $50,000 personal loan. These include your debt to income ratio, credit score, annual income, if you have an account with this bank or credit union, and whether or not you have a co-signer.

An ideal debt to income ratio that is typically approved by lenders is below 36%. Your credit score on the other hand is not quite as straightforward of an indicator if you’ll be approved or not. Obviously, you’re more likely to be approved if your credit score is good. However, you still could be approved with a lower credit score based on the other factors.

Your relationship with the bank or credit union, should you choose either of those options, can also positively influence the approval process. Banks want to keep their clients happy and retain them, so they are often more willing to work with you than if you weren’t an existing client. Co-signers can also increase your chances of getting approved for a $50,000 personal loan.

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

How quickly you can receive your $50,000 personal loan completely depends on the route you take in terms of lending. For faster access to cash, an online lender may be the best option for you. Banks and credit unions often take longer to go through the approval process. Online lenders can (sometimes) approve you in as little as 24 hours. You can simply ask your bank or lender what the average approval processing time is.

Will obtaining a $50k personal loan impact my credit score?

Obtaining a $50,000 personal loan can actually improve your credit score, believe it or not! What impacts your score negatively is for example credit cards with high charges and being close to your limit. A personal loan shows diversified credit, which can increase your credit score. There are some circumstances in which it can also affect it negatively, but these are less likely to happen.

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

There are several ways to find online personal lenders. Often when searching, you will find websites that automatically draw comparisons for you between online lenders. This can be incredibly helpful in determining which online lender to apply to.

Compare personal loan rates online

It is so so so important to shop around. There’s nothing worse than getting financed for a large loan and then finding out you would have qualified for a loan with significantly lower interest rates shortly after. This can be completely avoided by simply doing due diligence by researching your options.

You’ll want to do this especially since factors like interest rates and the repayment period can significantly impact the total interest you pay on this personal loan. Why pay more than you have to, when there are other options available?

Compare Best 50k Personal Loans for Good to Excellent Credit

• 680 Credit Score Personal Loans
• 700 Credit Score Personal Loans
• 750 Credit Score Personal Loans
• 800 Credit Score Personal Loans

Apply for a $50,000 personal loan

The application process for a $50,000 personal loan is quite simple and can be broken down into four steps.

1. Search and compare different lenders and loan options.
2. Fill out an application, submit it, and make sure to include any important documents that the lender might need (tax statements, etc.).
3. Ace the interview (not always applicable - some lenders include an interview into their application process).
4. Receive your $50,000 personal loan.

As you can see, applying and getting approved for a large personal loan isn’t as stressful and complicated as often made out to be. With the right tools and information, this can be a very doable process and help relieve any financial tension that may exist in order to get one step closer to your big dream.