Where to get a $50,000 personal loan. 9 Lenders for you to consider.
These nine companies will lend at least $50,000. That right there delivers on the promise made by the video’s thumbnail. But, we’re going to do one better for you. I am going tell you a little bit about each one of them to help you further narrow down which lender you might want to go with. We’ll tackle them alphabetically.
Achieve Personal Loans
Achieve is a lender launched by a company that started out doing debt settlement, so they are particularly focused on debt consolidation. They lend to people with Fair credit or better. But, if you do have Fair credit, you might want to pay particular attention to the APR that they offer you. They have modest origination fees and late fees. And they will accept co-borrowers on the loan if you need a little extra help getting approved.
Axos Bank Personal Loans
Axos Bank lends only to people with Excellent credit. The minimum FICO score they lend to is 730. For that reason, they have some of the best APRs of the lenders on this list. Their origination fees are very low and their late fee is respectable. Their minimum loan amount is $7,000, which is the highest on this list. So, they are really only interested in lending substantial amounts of money to people with Excellent credit. If you can get approved, they will probably offer you a great rate.
Best Egg Personal Loan
Best Egg has some of the best flexibility of the lenders on this list. You can borrow as much as $50,000, but you don’t have to do it all at once. They will allow you to stack loans as long as you don’t go over that amount. If you don’t need all 50,000 up front, it would be great to not pay interest on money until you really need it. They also offer secured loans as well as debt consolidation loans. As a company, they also lend to people with Fair credit, but you will only know if they will lend you $50,000 after you apply.
Lightstream Personal Loan
Lightstream is an online lender that was created by Truist Bank. They are one of two lenders on this list that will lend up to $100,000…that’s a lot of money. They lend to people with Good to Excellent credit, so they are pretty restrictive. They do not charge an origination fee and they don’t charge late fees. That’s unusual and cool. And if you need a little help getting approved for the money you need, they will allow you to include a co-applicant when you apply.
Penfed Personal Loan
Penfed is a credit union. In fact, it is one of the largest credit unions in the United States. They started out as a credit union for people in the military. The name comes from the Pentagon. But, they don’t restrict membership anymore. They lend to people with credit scores as low as 650. They are also one of the few lenders on this list that will lend just a few hundred dollars. They don’t charge an origination fee on their loans, but they do charge the largest late fee of any lender on this list. So, you’ll want to watch out for that.
Prosper Personal Loan
Prosper is one of the most transparent lenders out there. That gives me a lot of confidence about them as a company. They mainly lend to people with Good credit, but they claim to dip into the Fair credit range. They have an origination fee that could be as high as 8%. They have a fairly modest late fee but that could be compounded because they also charge a failed payment fee, which most lenders on this list do not have. They also offer home equity loans which could help you get approved for more money or get a lower interest rate.
Sofi Personal Loan
Sofi is one of the biggest FinTech lenders in the country. They lend to a fairly broad range of credit scores, but getting $50,000 might be dicy if your credit score is below 680. But, if you’ve got the income and credit score to support it, they lend up to $100,000. If they approve you, they may present you with several options. So, you could avoid an origination fee if you would like. They don’t charge a late fee. And, they will accept a co-borrower, but only if you both live at the same address.
Upgrade Personal Loan
Upgrade offers loans to people with credit scores above 620-ish. But, their APRs go all the way up to 35.99%, so you won’t want an interest rate anywhere near that high for a $50,000 loan. Their origination fee could be as high as 10%. They offer a range of different lending options including loans secured by the title to your automobile, debt consolidation loans, as well as unsecured personal loans. They also charge a modest late fee and a modest failed payment fee. If you need additional help getting approved, they will accept cosigners on the application.
Upstart Personal Loan
Upstart claims to consider other factors in their approval process like education and employment. They say that means that they can accept more people than other lenders would. Another unusual thing about Upstart is that they have over a hundred banks and credit unions that do their lending. So, they are a little bit more like a marketplace. But, still most of their loans go through just three lenders. They charge late fees and ACH Return fees. Of all the lenders on this list, they have the highest possible origination fee.
If you are looking for a $50,000 personal loan, you could go to every one of these lenders’ websites and apply individually, but that doesn’t sound like a great way to spend an evening. But, there is so substitute for shopping around. After all, every single one of these lenders will have a different algorithm for determining who to lend to, how much to offer, and at what rate. The only way to be confident that you’re getting the best deal you can in your situation is to get at least two or three offers in hand before you accept a loan.
The Yukon Project
At The Yukon Project, we’ve tried to make shopping around easy. If you visit our marketplace page, you can filter for the purpose of your loan, the amount you are looking for, and your credit score. When you apply to one of our featured lenders, we will check your rate with up to 40 other lenders behind the scenes. Our partners use a soft credit check, so applying won’t hurt your credit score. We will show you all of your approved offers so you can pick the loan that would be best for you.
Good luck. We hope you get the best offer. If you have any questions, leave a comment below and we will see if we can get it answered for you. If you found this information useful, please like this video and subscribe to our channel. Your support helps us out and we appreciate it.
