The Best $50K Loans Options | The Simple Dollar

The Best $50K Loans Options | The Simple Dollar

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.

The 6 best $50K personal loans of 2020 

We found results in California.

Best $50K personal loans at a glance

Lender APR Terms Fees SimpleScore
SoFi 5.99%–25.05% 2-7 years None 4.6/5
TD Bank 6.99%–21.99% 36–60 months 5% late fee 4.6/5
Upstart 8.41%–35.99% 3-5 years 0%–8% origination fee; 5% or $15 late fee 3.4/5
LightStream 2.99%–20.49% w/out Autopay 2-7 years None 4.8/5
LendingClub 10.68%–35.89%  3-5 years 2%–6% origination fee; 5% or $15 late fee 3.2/5
Credible Starting at 4.99%  1-7 years Varies by lender 3.66/5

*Rates accurate as of January, 2021 and exclude autopay discounts.

Best for Good Credit – SoFi

SoFi is also our pick for comprehensive support, also giving you access to other in-house services such as home insurance and unemployment protection.

APR Range

5.99%–22.56% w/AutoPay

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.

SoFi Disclosure

Fixed rates from 5.99% APR to 22.56% APR (with AutoPay). SoFi rate ranges are current as of January 11, 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.

Best for Quick Funding – TD Bank

If you are an East Coaster with good credit, TD Bank could be your perfect match with low rates, generous terms and in-person support.

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.

Best for New Credit – Upstart

Because Upstart is so generous with its terms, be prepared to stand on your own because this lender doesn’t allow for co-signers.

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.

Upstart Disclosure

* 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.

Best Long-Term Loan – LightStream

Backed by two financial giants, it’s no wonder you need to be a financial giant on your own to qualify for the best rates with LightStream.

APR Range

2.99%–20.49% w/out Autopay


4.8 / 5.0

SimpleScore LightStream 4.8

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.

LightStream Disclosure

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

© 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Best for Joint Loans – LendingClub

There’s only a soft credit check needed to prequalify, so if you’re struggling to find a loan that will work with your poor credit, consider a co-signer or joint loan with LendingClub.

APR Range



3.2 / 5.0

SimpleScore LendingClub 3.2

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.

LendingClub Disclosure

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 website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

Best Online Marketplace – Credible

In today’s busy world, Credible can be a great way to get a feel for current APRs and personal loan options in just minutes.

Loan Amount

up to $100,000


3.7 / 5.0

Customer Satisfaction N/A

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.

[ More: Is a Personal Loan My Best Option? ]

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

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.

[ See: How Personal Loans Work ]

Credit unions

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.

Pros and cons of a personal loan

There are both pros and cons to a personal loan that you should consider in order to determine whether a personal loan is the right fit for you.


  • Works for many purposes
  • No collateral necessary
  • Widely available


  • Can carry origination fees
  • May have higher interest rates
  • Monthly payments required

[ Read: Multiple Personal Loans and Your Credit Score ]

The cost to repay a $50K personal loan

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.

[ Next: When to Use Personal Loans to Pay for Unexpected Expenses ]

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at with comments or questions.

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