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.
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.
The maximum personal loan amount available to the most qualified applicants is $100,000, at least among major lenders. But only a few major lenders even offer the chance of loan amounts as high as $100,000. Two notable options are LightStream and Wells Fargo. Generally, lenders’ maximums can be anywhere from $25,000 to $100,000.… read full answer
But just because a lender might advertise large amounts, like $100,000, doesn’t necessarily mean you will be approved to borrow that much. Getting anything close to the maximum loan amount requires having a very high credit score, a lot of income, and little existing debt. If you only meet the lender’s minimum requirements, you are more likely to get a minimum amount of $1,000 to $5,000.
Personal Loan Limits by Lender:
LightStream: $100,000 maximum
Wells Fargo: $100,000 maximum
SoFi: $100,000 maximum
USAA: $50,000 maximum
Upstart: $50,000 maximum
Prosper: $40,000 maximum
Marcus: $40,000 maximum
FreedomPlus: $40,000 maximum
Discover: $35,000 maximum
Avant: $35,000 maximum
LendingPoint: $25,000 maximum
Those are just some of the major lenders currently offering personal loans. And remember, every personal loan provider has its own maximum loan amount. Personal loan limits aren’t set by law, or anything like that.
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.
The best way to get a $50,000 loan is to take out a personal loan from LightStream, SoFi, or Navy Federal Credit Union. These lenders offer personal loans of $250 to $100,000, with APRs as low as 2.49%, depending on an applicant's creditworthiness.
*According to either the lender or multiple third-party sources
There are several other ways to get a $50,000 loan, too. For example, you could tap into your home equity, charge the amount to a credit card, or borrow from a friend or family member. Pawnshop loans are an option, as well, though they're expensive and it's best to avoid them.
Ways to Get a $50,000 Loan
Personal loans offer $1,000 to $100,000 in funding for 12 to 84+ months, depending on the lender. Their APRs typically range from 6% to 36%, and they may or may not charge an origination fee to open the loan. Personal loan credit score requirements typically range from 585 to 700+, but there are some options for people with lower scores (including secured loans).
You can get a home equity loan or home equity line of credit (HELOC) to borrow against your home. You'll be able to borrow a percentage of the difference between your home's value and the amount you have left to pay on the mortgage. There's the potential for a lot of funding if you have a lot of equity. Home equity loans usually last for 5 to 30 years, have APRs of 4% to 8%, and tend to require credit scores of 680+. If you cannot repay what you owe, you risk foreclosure on your house.
Depending on what you need money for, you may have the option to charge it to a credit card. Credit cards have a wide range of credit limits, depending on the card and your creditworthiness. You may want to check out WalletHub's picks for the best high limit credit cards. It will likely be difficult to find a credit card with a minimum credit limit of $50,000 or higher, but it's possible to get a limit this large if your credit score and income are high enough.
Friends and family
You can always turn to someone you know to borrow money, and you're likely to get better terms than you would with a traditional lender. However, you also risk putting your relationship with that person in jeopardy if you can't repay what you owe. It may also be difficult to convince someone to lend you an amount this large.
Pawnshops give you money for an item and let you pay it back with interest to reclaim the item. However, this interest tends to be very expensive, around 2% to 25% per month. Plus, if you don't pay back what you owe, the pawnshop can sell your item. This option is not ideal.
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