Can I get a 50k loan with a 650 credit score?
In general, to qualify for a $50,000 personal loan you will need to show you have sufficient income to make the monthly payments and have a credit score of 650 or higher.
Lenders have varying criteria for borrowers seeking a $50,000 loan, but in general, the process is similar to smaller loans. Borrowers will need to provide proof of employment or income, a favorable debt-to-income ratio and a credit score and history that meets the lender's minimum qualifications.
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
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.
| 8.00% | 12.35% | |
|---|---|---|
| Seven-Year Repayment | $779.31/month, $15,462.10 in interest over time | $892.02/month, $24,929.90 in interest over time |
| 10-Year Repayment | $606.64/month, $22,796.56 in interest over time | $727.51/month, $37,300.90 in interest over time |
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.
Check Your Credit Score
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn't mean that it's impossible, but you may need to stick to bad credit loans (which typically have higher APRs).
With your 650 credit score, lenders will generally consider you to be a higher-risk borrower. This means to get loan approval, you're likely to need strong qualifications when it comes to income, employment, and other debts.
What APR will I get with a 650 credit score?
| Credit score | Average APR, new car | Average APR, used car |
|---|---|---|
| Prime: 661-780. | 7.01%. | 9.73%. |
| Nonprime: 601-660. | 9.60%. | 14.12%. |
| Subprime: 501-600. | 12.28%. | 18.89%. |
| Deep subprime: 300-500. | 14.78%. | 21.55%. |
You'll be able to get most loan products, but lenders are going to view you as being a high-risk borrower. That means they'll likely want to see a good income, strong employment, and positive payment history over the past couple of years.
The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.
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Yes, you can still get a personal loan with a 650 credit score. Interest rates will be higher than people who apply for loans with good or excellent credit, but there are plenty of lenders out there that will consider your loan application.
Borrowers with good to excellent credit (a FICO score of 670 or higher) can often find competitive loan offers. On the other hand, those with fair to poor credit will be more limited. If your score is low, you still may be able to get approved for a bad credit loan, but you'll likely pay a higher rate.
It will take 47 months to pay off $50,000 with payments of $1,500 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
To buy a $50,000 car and get favorable auto loan options, it's best to have a credit score in the prime or super prime categories. Prime borrowers are those with a credit score within the 661-780 range, while super-prime borrowers fall within the 781-850 range.
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If you take a loan for five years and your interest rate is 4%, your monthly payment for a $40,000 loan will be $737. Remember that the longer the loan period, the more money you will overpay to the bank.
How much is a $10,000 loan for 5 years?
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|---|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
To borrow a lot of money, you'll need a very good credit score, generally defined as a FICO® score of 740 or higher. You'll also need a stable employment history and income that's high enough to make the payments. Lenders also look at how much you make and other debts you owe.
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The monthly payment on a $70,000 loan ranges from $957 to $7,032, depending on the APR and how long the loan lasts. For example, if you take out a $70,000 loan for one year with an APR of 36%, your monthly payment will be $7,032.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
