A $50,000 personal loan can cover a home remodel project or other large expense. Pre-qualify and compare multiple lenders to find the best rate.
This service is free and will not affect your credit score.
Best for secured loans
6.99 - 35.99%
$2K - $50K
600
3 to 5 years
Our take on Best Egg
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt. Read our review of Best Egg
Best for joint loans
2025 NerdWallet award winner
7.90 - 35.99%
$1K - $60K
600
2 to 7 years
Our take on LendingClub
A LendingClub personal loan is a standout option for qualified borrowers who want to pay off debt with flexible terms. Read our review of LendingClub
Best for home improvement
2025 NerdWallet award winner
6.49 - 24.89%
$5K - $100K
660
2 to 7 years
Our take on LightStream
LightStream is a solid option for good- and excellent-credit borrowers, with no fees and a promise to beat competitors’ rates. Read our review of LightStream
Best for fast funding
2025 NerdWallet award winner
8.99 - 35.49%
$5K - $100K
None
2 to 7 years
Our take on SoFi Personal Loan
SoFi offers large online personal loans with consumer-friendly features for good- and excellent-credit borrowers. Read our review of SoFi Personal Loan
Best for debt consolidation
2025 NerdWallet award winner
7.74 - 35.99%
$1K - $50K
600
2 to 7 years
Our take on Upgrade
Upgrade accepts lower credit scores than similar lenders, and it offers multiple rate discounts for its personal loans. Read our review of Upgrade
Best for thin- or low-credit borrowers
6.70 - 35.99%
$1K - $75K
None
3 to 5 years
Our take on Upstart
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases. Read our review of Upstart
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
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If you need to borrow a large sum of money, several lenders offer personal loans up to $50,000. A $50,000 personal loan could fund a home renovation, consolidate maxed-out credit cards, finance an elective surgery or cover multiple large expenses.
Here’s what makes our picks for the best $50,000 loan stand out.
Adding collateral to a personal loan could improve your chances of approval or of getting a lower interest rate. Best Egg offers two types of secured personal loans — one that uses a vehicle as collateral and a more unique option that uses fixtures in your home (like kitchen cabinets and bathroom vanities) as collateral.
Applying for a personal loan with a co-borrower may increase your odds of being approved for a large personal loan, particularly if your co-borrower has a higher credit score or income. LendingClub lets co-borrowers pre-qualify together to preview potential offers prior to completing the formal loan application. Once you’re approved and the loan is funded, you’ll have two people to share in the repayment, which can make the large monthly payments on a $50,000 loan more manageable.
LightStream offers loans up to $100,000 and repayment terms up to 20 years to fund home improvement projects. This lender doesn’t charge origination fees and has same-day funding, so you can get started on your renovation project right away.
SoFi offers same-day funding, even for borrowers who complete their loan applications later in the day. The lender says the majority of typical personal loan applicants who signed loan documents by 6 pm ET on a business day were funded that same day.
If you’re using the loan to consolidate debt, Upgrade will send the loan proceeds directly to your creditors, saving you a step in the process. The lender also has rate discounts up to 3 percentage points if you opt for direct payment for debt consolidation.
Upstart uses an AI-powered underwriting model that factors in non-traditional criteria, like college education and work experience, when making loan approval decisions rather than focusing predominantly on credit scores. The lender doesn’t have a set credit score requirement and considers applicants with thin credit histories and bad credit (scores from 300 to the high 500s).
» MORE: Compare the best personal loans
How much you’ll pay each month for a $50,000 loan will depend on your annual percentage rate and the loan’s repayment term. The lower the APR, the lower the cost of the loan.
A loan with a shorter repayment term will have larger monthly payments, but you’ll pay less in interest overall. A longer term gives you lower monthly payments but will result in a higher total interest cost.
Here are the costs of a $50,000 personal loan at various rates and repayment terms.
Term | APR | Monthly Payment | Total Interest |
|---|---|---|---|
3 years | 14% | $1,709 | $11,520 |
3 years | 20% | $1,858 | $16,894 |
6 years | 14% | $1,030 | $24,181 |
6 years | 20% | $1,198 | $36,230 |
» MORE: How to choose the best personal loan term length
Use a personal loan calculator to see how different rates and terms affect your monthly payments and to see the total interest you can expect to pay over the life of the loan.
Estimated monthly payment
$309.92
Total interest over 3 years
$1,156.95
Total loan payment
$11,156.95
Loan amount
$10,000
Interest rate
7.25%
Loan term (years)
3
Another thing to keep in mind regarding the cost of your loan is the origination fee, if your lender charges one. Origination fees typically range from 1% to 10% of the total loan amount, and lenders often deduct the fee from your loan amount before disbursing the funds.
This means if you’re approved for a $50,000 loan with a 5% origination fee ($2,500) that’s deducted upfront, you’ll see only $47,500 hit your bank account when the loan is funded.
Lenders review a loan applicant’s credit, income and current debts to evaluate the likelihood of timely loan repayment. Approval chances for a $50,000 personal loan are better if you have good or excellent credit (a score in the mid-600s or higher), high income and a low debt-to-income ratio.
Make sure to check your credit report before applying for a loan to see if there is anything bringing down your score that you can easily address, such as an incorrect account balance you can dispute with the credit bureaus.
You may increase your odds of being approved for a $50,000 loan by adding a co-borrower with a higher credit score or annual income or pledging a valuable asset as collateral for a secured personal loan.
Depending on your purpose for borrowing the money, there may be cheaper alternatives than a personal loan.
Consider a home equity loan or home equity line of credit for home improvement projects. Rates are generally lower and repayment terms can be longer than personal loans, but the lender can take your home if you don’t keep up with the payments.
Look into debt management as an alternative to debt consolidation. With a debt management plan, you’ll work with a credit counselor to pay off your debt.
Ask about a payment plan with the doctor’s office or hospital for medical expenses your insurance doesn’t cover. The payment plan could have lower costs than a personal loan.
Credit score requirements vary from lender to lender; however, a good or excellent credit score (a score in the mid-600s or higher) typically gives you a better chance of qualifying for a large personal loan.
Many lenders don’t disclose income requirements, but you should have enough income to comfortably afford the monthly payments for the loan plus your other regular expenses. Use a personal loan calculator to estimate your monthly payments, and factor that into your budget. Include all sources of income, like side gig profits or alimony, on your personal loan application to boost approval odds.
Repayment terms are generally two to seven years. Shorter terms result in less total interest, so you’ll save money by opting for the shortest repayment term that gives you monthly payments you can manage. If you need lower monthly payments, you'll have a longer repayment term, and you'll pay more in overall interest.
