How to qualify for a 50k personal loan?
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.
You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.
You'll typically need good to excellent credit to qualify for a $50,000 loan, though there are some options available if you have less-than-stellar credit. Kat Tretina is a freelance writer specializing in personal finance.
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.
Know your credit history: Because $60,000 is such a large sum of money and there are fewer lenders that offer such large loans, you'll find it's harder to qualify for. You'll typically need good or excellent credit (a FICO score of 670 or higher) and may need to meet certain income requirements.
- Consider Qualification Requirements. The first step is to look over the qualification requirements from different lenders. ...
- Prequalify With Multiple Lenders. ...
- Compare Your Offers. ...
- Complete and Submit Your Application. ...
- Manage and Repay Your Loan.
| Lender | Loan Amounts | APRs |
|---|---|---|
| Upstart | $1,000 - $50,000 | 6.4% - 35.99% |
| Oportun | $300 - $18,500 | 10.07% - 35.95% |
| OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
| RISE | $500 - $5,000 | 60% - 299% |
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Avoid loans with APRs higher than 10% (if possible)
“That is, effectively, borrowing money at a lower rate than you're able to make on that money.”
You'll generally need a good or excellent credit score — meaning a FICO score of 670 or higher — to qualify for a large personal loan. Sufficient credit history: It's not just your credit score that lenders look at, but also your credit history.
How long to pay off a $50,000 loan?
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.
- SoFi – Best for High Loan Amounts.
- LightStream – Best for Low Interest Rates.
- LendingPoint – Best for Fast Funding & Below-Average Credit.
- Upgrade – Best for Bad Credit.
- Universal Credit – Best for Comparing Multiple Offers.
- Discover – Best for No Interest If Repaid Within 30 Days.
| This week's rates | Last week's rates | |
|---|---|---|
| Average overall rate | 20.90% | 20.90% |
| Average low rate | 11.18% | 11.19% |
| Average high rate | 30.62% | 30.62% |
| Highest rate | 99.99% | 99.99% |
| Lender | Loan Amounts | APRs |
|---|---|---|
| Upstart | $1,000 - $50,000 | 6.4% - 35.99% |
| Oportun | $300 - $18,500 | 10.07% - 35.95% |
| OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
| RISE | $500 - $5,000 | 60% - 299% |
Is a $60,000 loan hard to get? Your ability to get a $60,000 loan typically depends on your credit profile and a lender's requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit.
| Credit score range | Average APR | Average loan amount |
|---|---|---|
| 720+ | 14.34% | $19,657.52 |
| 680-719 | 21.19% | $16,032.83 |
| 660-679 | 32.30% | $12,392.46 |
| 640-659 | 44.50% | $10,010.65 |
There's a general rule floating around stating that your total student loan balance should not exceed your expected starting salary out of college. So if, based on your desired profession, you anticipate making $50,000 your first year after college, you wouldn't want your student loan balance to exceed $50,000.
| Company | Forbes Advisor Rating | Loan amounts |
|---|---|---|
| U.S. Bank | 3.5 | $1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers) |
| TD Bank | 3.5 | $2,000 to $50,000 |
| Discover | 3.5 | $2,500 to $40,000 |
| Wells Fargo | 3.5 | $3,000 to $100,000 |
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.
What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.
What is the easiest loan to get approved for?
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.
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
You will need a credit score of 580 or higher for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments.
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
