What credit score do I need for a $50000 loan?
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. You also must be 18 years old and a U.S. citizen, legal resident, or visa holder.
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.
The ease of getting a $50,000 loan depends on your credit and a lender's specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms.
You can borrow $50,000 - $100,000+ with a 720 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.
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|---|---|
| $35,000 | 3 | $1080.54 |
| $35,000 | 5 | $726.37 |
| $50,000 | 3 | $1578.15 |
| $50,000 | 5 | $1049.85 |
Requirements to receive a personal loan
It depends on the lender, but most will evaluate your creditworthiness and debt-to-income ratio. Lenders want to know that you've responsibly handled debt products in the past and can afford to make timely monthly payments on a new loan.
| Credit score range | Average APR | Average loan amount |
|---|---|---|
| 640-659 | 44.50% | $10,010.65 |
| 620-639 | 62.90% | $6,881.93 |
| 580-619 | 89.86% | $4,811.89 |
| 560-579 | 125.18% | $3,147.46 |
Individuals with bad credit can sometimes get personal loans up to 50k, but it's not common. The lender may require that a bad credit borrower provide collateral for a large personal loan. Alternatively, they may require that you apply with a cosigner that has good credit.
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.
If you lock in an unsecured personal loan of $55,000 with an interest rate of 18%, you can expect to have a monthly payment around $1,988 for a 36-month loan, $1,397 for a 60-month loan, and $1,115 for an 84-month loan.
Can I get a $50000 loan with a 700 credit score?
You will likely need a credit score of at least 580 for a $50,000 personal loan, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, having a valid bank account, and being a U.S. citizen, permanent resident, or visa holder.
| Credit Score | Tier | Percentage of Americans |
|---|---|---|
| 720 – 850 | Excellent | 38.12% |
| 660 – 719 | Good | 17.33% |
| 620 – 659 | Fair/Limited | 13.47% |
| 300 – 619 | Bad | 31.08% |
You can borrow over $100,000 with a 770 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
- SoFi – Best Overall Personal Loan.
- 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.
For example, for a $60K personal loan, for a term of 30-years with an annual percentage rate of 6% , the estimated monthly payment would be about $360, while a 15-year loan at an annual percentage rate of 3.5% would have an estimated monthly payment of about $429.
Grace Enfield, Content Writer. You will likely need a credit score of at least 660 for a $45,000 personal loan.
$40,000 loan FAQ
In general, you'll want to have a credit score of at least 670 and a DTI ratio below 35% to qualify and get good rates.
While you'll generally need good to excellent credit to get approved for a $30,000 personal loan, you might still be able to qualify even if you have poor or fair credit.
| 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% |
Secured loans
With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.
How long does it take to get your credit score from 580 to 700?
Average Recovery Time
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
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.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.
- Peer-to-Peer Lending. ...
- Car Title Loans. ...
- Borrow Money From a Friend or Family Member. ...
- Pawnshop Loans. ...
- Payday Loans. ...
- Credit Card Cash Advance.
The monthly payment on a $35,000 loan ranges from $478 to $$3,516, depending on the APR and how long the loan lasts. For example, if you take out a $35,000 loan for one year with an APR of 36%, your monthly payment will be $$3,516.
References
- https://www.lendingtree.com/personal/personal-loan-calculator/
- https://www.businessinsider.com/personal-finance/50000-personal-loan
- https://www.bankrate.com/loans/personal-loans/50-000-personal-loan/
- https://wallethub.com/answers/pl/what-credit-score-do-i-need-for-a-45000-personal-loan-1000461-2140767476/
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-720-credit-score-1000508-2140806892/
- https://www.forbes.com/advisor/personal-loans/best-personal-loans/
- https://www.creditninja.com/blog/who-will-give-me-a-loan-when-no-one-else-will/
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-560-credit-score-1000508-2140806924/
- https://www.creditkarma.com/personal-loans/borrow/50000-loan
- https://www.acornfinance.com/blog/50k-personal-loan/
- https://www.credible.com/blog/personal-loan/30000-loan/
- https://www.acornfinance.com/blog/personal-loans/55k-personal-loan/
- https://www.investopedia.com/easiest-personal-loans-approved-7644059
- https://www.lendingtree.com/personal/best-personal-loans-for-bad-credit/
- https://www.credible.com/personal-loan/40k-loan
- https://wallethub.com/credit-score-range/720-credit-score
- https://lendingusa.com/blog/financing/how-to-get-a-60000-personal-loan/
- https://www.lendingtree.com/personal/what-credit-score-do-you-need-for-personal-loan/
- https://wallethub.com/best-banks-for-personal-loans
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-770-credit-score-1000508-2140806881/
- https://wallethub.com/answers/pl/35000-personal-loan-monthly-payment-1000450-2140762728/
- https://www.jdpower.com/cars/shopping-guides/how-much-should-i-expect-to-pay-each-month-on-a-40000-car-loan
- https://money.usnews.com/credit-cards/articles/how-long-does-it-take-to-build-credit
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-700-credit-score-1000508-2140806873/
