Get a $50,000 Personal Loan with BHG Financial – Consolidation Plus a Cash Boost

If you need to consolidate debt, a $50,000 personal loan could unlock enough money to do it efficiently. Personal loans have some advantages over other funding options like high-interest balance transfer cards, including flexible repayment terms and simplified, fixed monthly payments. In some cases, personal loan interest rates can be lower than the rates attached to your credit cards, helping you save money on interest.

Below, we’ll explain how to get a $50,000 loan, including the eligibility requirements, typical terms, and potential costs.

Key takeaways:

• A $50,000 personal loan for debt consolidation can be a smart option if you’re looking for ways to overcome high credit card balances with high interest rates.
• The lenders that offer as much as $50,000 typically have certain loan requirements that borrowers must meet.
• You’ll usually need “good” to “excellent” credit to qualify for a large personal loan, a stable income, and a history of well-managed credit.  

What can a $50,000 personal loan be used for? 

A $50,000 personal loan is large enough to be used for a variety of purposes, such as for debt consolidation, which is a common solution for paying off high-interest credit card debt. A loan of this amount can also be used to fund big purchases or pay for unexpected emergencies.  

The benefit of an unsecured personal loan, like the ones offered by BHG Financial, is that they don’t require collateral to secure the funds. This makes them a less risky option than secured loans that do require borrowers to provide collateral to access money.

How to qualify for a $50,000 personal loan

To qualify for large personal loans, you’ll need to meet specific personal loan eligibility criteria that show lenders you can repay the loan. While specific $50,000 loan requirements vary by lender, here are some common factors they consider: 

• Credit score: A “good” to “excellent” credit score significantly increases your chances of approval and helps you secure more competitive rates. 
• Credit history: Beyond just your score, lenders will look at your overall credit report, including your payment history and the types of credit you have. A track record of responsible credit use is crucial for loan approval.
• Income and employment: Lenders will want to see proof of a stable and sufficient income to be confident that you can comfortably handle the monthly payments. They’ll also review your employment history and income documentation, such as pay stubs or tax returns. 
• Proof of identity and address: Finally, lenders will ask you to supply identifying documents, such as a driver’s license or Social Security card, as well as address verifications, like a bill, bank statement, or leasing agreement.

What are the interest rates and repayment terms?

The personal loan interest rates you qualify for depend largely on your creditworthiness and the lender you choose. APRs for personal loans typically fall between 6% and 36%. Generally, borrowers with excellent credit receive the lowest rates. 

Personal loan repayment terms also vary. Terms typically range between one and seven years; however, BHG offers terms up to 10 years.^1,2

The term you choose will significantly impact your monthly payment. Shorter terms tend to come with higher payments, but you’ll pay less interest over the life of the loan. Longer terms generally result in lower monthly payments but add more interest to the loan overall. 

Use BHG Financial’s payment estimator to compare your monthly payment and loan terms so you can better balance affordability and the total interest paid. 

What are the monthly payments for a $50,000 loan?

The monthly payments on a $50,000 loan depend on the interest rates and the repayment terms you choose. Here is an example:

Where to find the best $50,000 loan lenders

Finding the best lenders for personal loans requires some research and comparison. Online lenders, banks, and credit unions offer personal loans. 

When comparing lenders, focus on:

• Interest rates (APRs): The annual percentage rate (APR) is largely determined by your creditworthiness and loan type. Even a small difference in rates can impact the total cost of the loan.
• Loan amounts: Not all lenders have loan amounts as high as $50,000 (BHG offers loans up to $200,000¹).
• Repayment terms: Ensure the terms align with your budget and goals. 
• Fees: Some lenders may charge origination fees, prepayment penalties, or late payment fees.
• Eligibility requirements: Prequalify to ensure you meet the lender's eligibility criteria before applying, like a minimum credit score or required collateral.
• Application process: Online lenders typically allow you to prequalify and compare rates without impacting your credit score. You may also want to compare how long it will take to get your funds. For example, BHG aims to disperse funds within five business days.³

FYI: BHG Financial offers large personal loans up to $200,000¹, with no collateral required and fixed, affordable payments with terms up to 10 years.^1,2

How to apply for a $50,000 personal loan with BHG Financial

Applying for a $50,000 loan with BHG is designed to be straightforward and easy for fast loan approval.³ Here’s how to do it: 

• Get a quote: Fill out our secure online form to get a personalized rate quote. You can view the available loan options, including interest rates and repayment terms, with a soft credit inquiry. This won’t affect your credit score.⁴
• Complete your application: Choose a loan based on the options available to you and complete the full application. This typically includes submitting more detailed financial information, such as proof of income and identification. 
• Get approved and funded³: BHG will review your complete application and supporting documents. BHG will conduct a hard credit inquiry to determine approval at funding.

$50,000 personal loan FAQ

What credit score do I need for a $50,000 loan?

Each lender has its own minimum credit score requirements for a personal loan. Borrowers with scores in the “good” or “excellent” range will typically qualify for the most favorable personal loan interest rates. 

How long does it take to get approved for a $50,000 personal loan?

You can get approval decisioning as fast as 24 hours after applying for the loan.³ It only takes a few minutes to complete an online loan application. However, each lender will have its own instructions for how to get a personal loan. It may take a few days to a couple of weeks to complete the approval process.

Can I use a $50,000 loan for debt consolidation?

Yes! Debt consolidation is one of the common uses of a $50,000 personal loan. You can use the funds to pay off multiple high-interest debts, such as credit cards, by making one predictable monthly payment on the loan. Personal loans for debt consolidation can also have lower interest rates than the ones attached to your credit cards, helping you simplify your finances and save you money on interest over time.

Are there fees associated with a $50,000 personal loan?

Yes, some lenders charge fees for personal loans, such as origination fees, prepayment penalties, and late payment fees. Carefully review the loan agreement to be sure you understand all associated fees before you commit.

How BHG can help you get a $50,000 personal loan

At BHG Financial, we believe financing should fit seamlessly into your life and goals. That’s why we offer personal loans tailored to your needs, with amounts up to $200,000¹ and flexible terms of up to 10 years.^1,2 Consolidate your high-interest debt with a BHG loan designed to help you move forward confidently.    
    
Plus, you’ll enjoy dedicated, U.S.-based concierge service that works around your schedule—because your time is valuable. Ready to see what’s possible? Use our quick and easy payment estimator to get your personalized loan estimate in just seconds.