If you have to pay substantial expenses, you may be thinking of getting a personal loan. When you initiate the process of getting a loan, you may expect a complicated procedure ahead, especially if you have bad credit. You can take a loan for anything, from debt consolidation to home renovation and more.
However, the question is how you can get a big personal loan with extended tenures, such as a $50,000 loan payment for 10 years. And at what interest rate would you get a personal loan.
Usually, personal loans have a fixed interest rate with which you pay monthly installments throughout the period of the loan. Continue reading to know more about the $50,000 loan payment for 10 years:
Where Can You Get a $50,000 Loan?
When it comes to different options for taking a personal loan of $50,000, there are three types of personal loan vendors:
- Banks
- Credit Unions
- Online lenders
Bank
Various banks offer discounted interest rates on personal loans. For example, if you already have a savings account or checking account with the bank, you may get a discount. Many banks also offer autopay discounts to allow automatic loan payments from your saving or checking account every month.
Banks like Citibank and Wells Fargo offer personal loans, whereas big banks like Chase or Bank of America do not offer personal loans.
Citibank can loan you up to $50,000, but you have to visit their nearest branch office to get more than $30,000.
Credit Unions
Another option is a credit union. In most cases, you must be a member to get the loan, but many credit unions have open membership that allows almost everyone to join and get a loan.
Credit Unions such as Alliant Credit Union, First Tech Federal Credit Union, and Navy Federal Credit Union offer loans up to $50,000 with different repayment terms.
Online Lenders
Online lenders are also a good option for large personal loans. Generally, their application process is comparatively simpler than banks and credit unions and may offer lower interest rates.
Another good thing about online lenders is that you may get a loan as early as one business day. Online lenders such as Upstart, LightStream, and SoFi offer large personal loans ranging from $50,000 to $100,000.
How To Get $50 000 Loan Payment For 10 Years With Bad Credit?
Since $50 000 is a big amount, lenders have strict requirements to offer loans. You need to fulfill the minimum credit score requirement to qualify for the loan.
However, many lenders will agree to pay you a loan up to $50,000 even with bad credit. But as you are on bad credit, you have to pay a much higher interest rate to compensate for the lender’s risk.
It’s better to improve your credit score to get a loan with better terms in the future. You can do so by making payments on time, paying down existing debt, and reducing the number of credit applications.
Monthly Loan Payment with Interest Rate for a $50,000 Loan for 10 Year
You can use the given loan payment table to view monthly loan payment for 10 years for 50,000 loans.
| Years | 2.50% | 3.00% | 3.50% | 4.00% | 4.50% | 5.00% | 5.50% | 6.00% |
|---|---|---|---|---|---|---|---|---|
| 1 | $4,223.31 | $4,234.68 | $4,246.08 | $4,257.50 | $4,268.93 | $4,280.37 | $4,291.84 | $4,303.32 |
| 2 | $2,138.02 | $2,149.06 | $2,160.14 | $2,171.25 | $2,182.39 | $2,193.57 | $2,204.78 | $2,216.03 |
| 3 | $1,443.07 | $1,454.06 | $1,465.10 | $1,476.20 | $1,487.35 | $1,498.54 | $1,509.80 | $1,521.10 |
| 4 | $1,095.70 | $1,106.72 | $1,117.80 | $1,128.95 | $1,140.17 | $1,151.46 | $1,162.82 | $1,174.25 |
| 5 | $887.37 | $898.43 | $909.59 | $920.83 | $932.15 | $943.56 | $955.06 | $966.64 |
| 6 | $748.55 | $759.68 | $770.92 | $782.26 | $793.70 | $805.25 | $816.89 | $828.64 |
| 7 | $649.46 | $660.67 | $671.99 | $683.44 | $695.01 | $706.70 | $718.50 | $730.43 |
| 8 | $575.19 | $586.48 | $597.90 | $609.46 | $621.16 | $633.00 | $644.97 | $657.07 |
| 9 | $517.48 | $528.85 | $540.37 | $552.05 | $563.88 | $575.86 | $588.00 | $600.29 |
| 10 | $471.35 | $482.80 | $494.43 | $506.23 | $518.19 | $530.33 | $542.63 | $555.10 |
Estimated Cost to Repay $50,000 Personal Loan
As a rule of thumb, if you choose a personal loan with a shorter repayment term, the interest rate and total interest charges will be lower, and the monthly payment will be higher.
You can also use personal loan calculators to estimate monthly payments and total cost, including interest.