We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. The Simple Dollar does not include all card/financial services companies or all card/financial services offers available in the marketplace. The Simple Dollar has partnerships with issuers including, but not limited to, Capital One, Chase & Discover. View our full advertiser disclosure to learn more.
Much as we try, we can’t always prepare for life’s challenges. There are some events in life that can demand more of you financially than you are able to give. Personal loans have become increasingly popular during coronavirus, with more and more Americans looking to personal loans in order to make the bills and keep the lights on.
That’s why it’s more important than ever to carefully vet your $50K personal loan options to make sure that you are choosing the right lender for you. Using our SimpleScore methodology, we reviewed the best $50,000 personal loan options by comparing rates, fees, loan amounts, customer support and customer satisfaction.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.
We follow a rigorous editorial policy designed to keep our writers and editors independent. Articles may reference products from our partners, so here’s more information on
How we make money
The Simple Dollar is an independent, advertising-supported publisher and comparison service. The Simple Dollar is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. The Simple Dollar does not include all companies or all available products.
As an online lender, SoFi offers extended terms for your personal loan, giving you up to seven years to repay your loan with no origination fees. This is a $50K personal loan option best for borrowers with good credit in order to take advantage of SoFi’s competitive rates.
In the COVID age, the additional career counseling support is a huge help to the many Americans currently out of work, and you can also make some extra money through the referral bonus when you share the news with a friend and they sign up.
Fixed rates from 5.99% APR to 20.69% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
TD Bank has multiple options for borrowers, and if you need quick cash, the bank’s funding time is only one business day.
The application process includes just a simple online sign-up, but if you prefer a live person, TD Bank has over 1,300 locations to provide in-person support. However, services are limited to just 16 states along the Atlantic Seaboard. If approved, you can receive funding in as little as one day if you qualify for TD Bank’s Fit Loan.
Upstart is one of the most generous lenders when it comes to credit scores, which means your odds of approval are higher if you have new or poor credit. In addition to your credit score, Upstart will also consider your education and employment history to determine both your current income, as well as future income potential. There is even no prepayment penalty if you were able to pay your loan in full early.
However, the APRs are some of the highest on our list, and you will have a more limited timeframe to repay your loan, with Upstart limiting loans to just two to five years.
* The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 19% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. ** Estimated savings are calculated based on the credit profiles of all loans originated by Upstart-powered lenders using the Upstart Platform as of April 1, 2019 in which the funds were used for credit card refinancing. Estimated savings are calculated by deriving current credit card APR using minimum monthly payment and 1% of the principal balance. The estimated credit card APR is then compared to the accepted loan to determine median savings per borrower. To evaluate savings on a loan you are considering, it is important to compare your actual APR from your existing debt to the APR offered on the Upstart Platform. More than 303,000 loans have been originated on the Upstart platform as of July 1, 2019. Images are not actual customers, but their stories are real. † If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and in accordance with federal law. ‡ While most of our borrowers opt for automated recurring payment for ease of use, we also accept payments by check or one time electronic payments. Borrowers have the flexibility to choose the repayment method that works best for them. 9 out of 10 Upstart users surveyed internally reported that they would recommend Upstart. †† When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus. § Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
Lightstream is the online lending arm of SunTrust, now Truist. With the backing of BB&T and SunTrust together as Truist, you have low, competitive APRs with more time to pay it all back. That can mean lower monthly payments, which can also be a great way to get your finances back on track.
In addition to long repayment terms, LightStream will beat any competitor’s rates by 0.10% and guarantees your satisfaction in the loan process or you’ll get $100 back.
Disclaimer: 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 may be 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 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66
LendingClub has some of the higher rates on our list, and there is also less time to pay it back, with shortened loan terms of up to just five years. If you are using this loan for debt consolidation, there’s the option for direct payments to creditors, saving you time and helping you improve your credit over time.
You can also use a cosigner for your loan at LendingClub, which is a welcome addition for many borrowers because there are many lenders who do not allow for cosigners. LendingClub also gives you a 15-day grace period with payments, something that’s helpful during particularly tough times.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $5,700 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. *The origination fee ranges from 1% to 6%; the average origination fee is 5.2% (as of 12/5/18 YTD).* There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
As an online marketplace, Credible is a little different from the other lenders on our list. It is an easy way to compare rates from up to 14 lenders at a time without having to impact your credit. It saves you a ton of time and research because it’s completely free to check your options and shop interest rates for your personal loan. The rate-checking process is both secure and quick.
If you choose a loan through Credible, you won’t have to pay any prepayment penalties if you pay your loan off early, and there’s also a Best Rate Guarantee that will pay you $200 if you find a better price elsewhere.
What is a personal loan?
A personal loan is a short-term loan that you can borrow from a bank, credit union or private lender. It is paid in a lump sum and typically repaid in five to six years using monthly installments, much like your mortgage or car payment. But unlike your car or mortgage, personal loans are usually not secured loans, which means that you will not need to provide collateral.
Personal loans are used to cover a variety of financial needs, such as debt consolidation and home repairs and renovations. They are also often used to finance major life events, such as fertility treatments, adoptions and funerals.
Where to get a $50,000 personal loan
There are three types of providers that you can work with to receive a $50,000 personal loan: online lenders, credit unions and banks. Although similar in their products, they are each set up a little differently and can have special benefits, depending on your needs.
Online lenders like Credible allow for an easy way to search multiple vendors at the same time. There is usually just a soft credit check that is needed to prequalify, and you can receive results in just minutes. Because online marketplaces are so convenient, more and more borrowers are using them to screen multiple lenders at a time, and it’s leading to more attractive rates from an increasingly competitive marketplace. In addition to low rates, you may also find that borrowers offer additional incentives to win your business, such as no prepayment penalties or no origination fees.
Credit unions like Navy Federal Credit Union are known for the exclusive offers and added benefits that are often available for their membership. These organizations are not-for-profits that are typically formed to serve a particular group of people, such as military members, government employees or teachers. Their families are also usually eligible for membership.
As a membership-based organization, credit unions are known for flexibility and willingness to provide loans to borrowers that other lenders may turn away. If you have poor credit, a credit union is more likely to work with you. They can also be a great choice for smaller loans, too, since many banks tend to require larger loans.
This is the most common form of provider for a $50,000 personal loan, but you will likely need good or excellent credit to qualify. Banks can sometimes carry the highest rate of these providers, but they are also known to work with existing banking customers, offering special terms or benefits that non-members do not receive. It could be the difference to make a personal loan either affordable or attainable when your credit maybe isn’t the best. Popular banks for personal loans include options like TD Bank, Discover, Marcus by Goldman Sachs, Citibank and Wells Fargo. However, be sure to check what is required for a personal loan, as many banks prefer secured personal loans in favor of unsecured loans.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.
To fully understand what a $50K personal loan will cost you, these are three different scenarios that illustrate the impact that your interest rate will have on your total loan. If you have a good credit score (from 700 to 749) and make $75,000 each year, this is what your $50,000 loan will cost you. With a loan term of five years:
With a 5% interest rate, your monthly payment will be $944 with a total of $6,613.70 paid in interest.
With a 15% interest rate, your monthly payment will be $1,190 with a total of $21,369.79 paid in interest.
With a 35% interest rate, your monthly payment will be $1,775 with a total of $56,470.92 paid in interest.
Additionally, you may have to pay extra fees, like originations fees which can cost up to 6% of the cost of the loan or more.
How long will it take to pay off a $50,000 personal loan?
When you take out a personal loan, you agree to repay the loan in full and with interest by a certain date. The top lenders on our list offer loans that range anywhere from one to seven years, which is common among personal loans. However, the length of your loan term will have a significant impact on how you pay when it’s all said and done.
For example, let’s assume that you take out a $50,000 loan with a 15% interest rate. With a five-year term, your estimated monthly payment would be $1,190, and you would pay a total of $21,369.79 in interest by the time it is all said and done. On the other hand, if you choose a seven-year term, you would pay $965 a month with a total of $31,046.37 paid in interest by the end of your loan. In just two years, you could pay almost $10,000 more in interest, but you would also have a lower monthly payment with the longer repayment period.
What to consider when comparing loans
When it comes to choosing a lender for your $50,000 loan, there are a few factors you should consider for your personal loan.
Credit score requirements. Before approving you for a loan, a lender will look at your credit score. Your payment history helps to determine how likely you are to repay what you borrow. Lenders also consider things like your debt-to-income ratio, as well as how much you make each year and even your education.
Fees. Lenders also vary in the fees that they charge. Be sure to carefully review the terms of your loan and look for common fees like origination fees, prepayment penalties, late fees and application or processing fees. These can all add a significant amount to your total loan when all is said and done.
Interest rates. As you can see from our list of the top lenders for a $50K loan, interest rates are not always the same from the lender to lender and can vary considerably. An online marketplace is one way to conveniently shop rates from multiple lenders.
Funding process. Depending on the use of the loan, you may need the funds sooner rather than later. The processing time for funding can vary from lender to lender; while some lenders may offer same-day service, others may require several days before you receive your funds.
Personal loan FAQs
The credit score for a $50,000 loan all depends on your lender and your financial situation. Typically, higher loan amounts require higher credit scores — usually 650 and above. If you are taking out a secured loan with collateral, you may not need as high of a credit score.
It is possible to get a $50,000 loan with bad credit because lenders will also consider things like your debt-to-income ratio, how much you make each year, your job history and your education. However, a bad credit $50,000 loan may come with high interest rates.
The monthly payment on a $50,000 loan depends on your interest rate. For example, if you receive a 9% interest rate with a 5-year term, you would pay about $1,038, while a 35% interest rate would mean a much higher payment at $1,775 per month.
Too long, didn’t read?
There are many different ways that you can obtain a $50,000 loan, whether it’s through a bank, an online marketplace or a private lender. However, interest rates can vary significantly and you will quickly find that not all loan terms and fees are the same. When you need a $50K personal loan, be sure to do your research and find the best option that fits your financial needs and ability to repay the loan.
We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at firstname.lastname@example.org with comments or questions.
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
Identifies five measurable aspects to compare across each brand
Determines the rating criteria for each aspect score
Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).
We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.
We awarded higher scores to lenders with more generous loan sizes.
We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
We awarded higher scores to lenders with the most channels for customer support.
We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.
Lena Borrelli is a Tampa-based freelance writer who has worked with leading industry titans, such as Morgan Stanley, Wells Fargo, and Simon Corporation. Her work has most recently been published on sites like TIME, ADT, Fiscal Tiger, Bankrate and Home Advisor, as well as many other websites and blogs around the world.
Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.