What are the best $50,000 Installment loans?

You need a credit score of at least 580 to qualify for a decent installment loan from a major lender. You will likely need a higher score to get a personal installment loan with no origination fee and a low APR, however.

Other types of installment loans will have different requirements than personal loans. For example, you may be able to get a mortgage or a car loan with a low credit score or no credit history.... read full answer

Credit Score Required for Personal Installment Loans by Lender

*According to multiple third-party sources.

You’re not guaranteed to get approved for an installment loan just because you meet the credit score requirement. You’ll also need to be at least 18 years old, have enough income to make monthly payments and have a bank account.

To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.

You can borrow $50,000 with no credit check from a friend or family member, a pawnshop or an auto title lender. There aren’t any traditional lenders that will offer loans of $50,000 with no credit check, unfortunately. Lenders with no credit check only offer small loans because there’s much more risk of nonpayment.... read full answer

Places to Get a $50,000 Loan With No Credit Check

Friends and family: There’s no limit on the amount you can borrow from friends and family, as long as they’re willing to lend it. Just be sure to have a solid repayment plan so you don’t ruin your relationship.

Pawnshops: Pawnshops typically offer 25% - 60% of an item’s value and give you time to repay that money with interest to reclaim the item. The interest is expensive, though.

Auto title lenders: You can get a loan for 15 to 30 days of around 25% to 50% of the value of your car. But if you can’t pay it back – with interest as high as 25% of what you borrow – you could lose your car.

There are also quite a few lenders that offer secured personal loans, which are relatively easy to qualify for because the borrower provides collateral that the lender can keep if they default. But there’s typically a credit check during the approval process for secured personal loans.

You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.... read full answer

Credit Score Required by Lenders That Offer $50,000 Personal Loans

Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.

Even if your credit score is 660, you won't necessarily be approved for a $50,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.