Can You Actually Get a $50000 Personal Loan?

There’s a good chance that no one would question the fact that $50,000 is a lot of money. In fact, the majority of people, both middle class and below, often do not even attempt to apply for loans of this magnitude because they already have a pretty good idea that not only will they have difficulty paying it back, but also that they probably can’t get approval. While it is true that lenders often give out more than $50000 for things like mortgages, it’s not as common for them to grant approval for something like a $50000 personal loan.

Chances of Getting a $50000 Personal Loan

Unless you have near-perfect credit, your chances of getting a $50000 personal loan are very, very slim. A $15000 personal loan would be much more realistic if you have decent credit. Not only does your score need to be above 700, which is what Experian considers to be excellent credit, but you also need to be able to prove that you can pay that much money back without difficulty. Lenders will probably factor in every aspect of your financial business before loaning you this much money. You’ll probably have to prove exactly how much you bring in per week or month and back that up with documentation as well as how much you pay out every month. You might believe that you can easily get a $50000 personal loan because your yearly salary is well above the nationwide average, but there’s no question that your payments will be high. Lenders will determine whether or not you can realistically afford the payments before loaning you this much money.

Think About Why You Need the Money

No matter how much money you earn, you can’t deny the fact that things change. The economy fluctuates regularly, and this generally impacts employment. You might be riding high on something right now and earning well over six figures per year, but there’s always a chance that something will happen and your income will drastically diminish. It’s happened to people continuously over the years and will probably keep happening indefinitely. Before you try to secure a $50000 personal loan for something you don’t really need when you have a good credit score, you should think about the fact that almost no one is set for life in regards to their income. If you’re not positive that you can keep making payments on this amount five to ten years down the road, maybe you should take another look at borrowing the money. Not making good on your promise to pay back this much money could lead to your financial ruin.