Hoping to buy that new car to make your commute to work easier, or maybe take a few months off work to travel, reset and refocus? Do you perhaps have medical bills you need to pay off pronto, or need cash to plan your dream wedding?

If so, a $50,000 personal loan might be the appropriate solution. But where do you go next, and what are your options? It's time to look at what's available if you're looking for $50,000 personal loans, and how they might affect you. 

 

Find and compare $50,000 personal loans

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Loan term
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5.60%

Variable

5.70%

Family First Credit Union

$1512

36 months

0 year to 10 years

4.36

/ 5
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6.99%

Fixed up to 25.69%

7.79%

Harmoney

$1544

36 months

3 years

3.71

/ 5
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11.99%

Variable

12.61%

Heritage Bank

$1660

36 months

1 year to 5 years

2.67

/ 5
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12.45%

Fixed

13.32%

ANZ

$1671

36 months

1 year to 7 years

2.44

/ 5
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12.69%

Variable

13.56%

NAB

$1677

36 months

1 year to 7 years

2.56

/ 5
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15.99%

Variable

16.84%

ANZ

$1758

36 months

1 year to 7 years

1.96

/ 5
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4.45%

Variable

4.65%

Endeavour Mutual Bank

$1486

36 months

0 year to 7 years

4.84

/ 5
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4.61%

Variable

11.42%

Coastline Credit Union

$1490

36 months

1 year to 7 years

4.77

/ 5
More details

4.61%

Variable

5.96%

Coastline Credit Union

$1490

36 months

1 year to 7 years

4.77

/ 5
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4.64%

Variable

4.91%

Community First Credit Union

$1490

36 months

0 year to 10 years

4.60

/ 5
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4.95%

Fixed

4.95%

Hume Bank

$1497

36 months

1 year to 5 years

4.75

/ 5
More details

4.69%

Variable

4.69%

Police Credit Union

$1492

36 months

1 year to 7 years

4.61

/ 5
More details

5.49%

Variable up to 11.99%

5.87%

Nova Alliance Bank

$1510

36 months

1 year to 7 years

4.57

/ 5
More details

5.49%

Variable up to 11.99%

5.87%

Nova Alliance Bank

$1510

36 months

1 year to 7 years

4.57

/ 5
More details

5.31%

Variable

5.59%

Bank of us

$1506

36 months

0.5 year to 10 years

4.42

/ 5
More details

5.60%

Variable up to 5.74%

5.60%

Family First Credit Union

$1512

36 months

0 year to 10 years

4.37

/ 5
More details

5.04%

Variable

5.64%

Summerland Credit Union

$1499

36 months

0 year to 7 years

4.44

/ 5
More details

4.85%

Fixed up to 11.9%

5.71%

Australian Military Bank

$1495

36 months

1 year to 5 years

4.60

/ 5
More details

4.85%

Variable up to 11.9%

5.71%

Australian Military Bank

$1495

36 months

1 year to 7 years

4.63

/ 5
More details

5.59%

Fixed

5.86%

Credit Union SA

$1512

36 months

1 year to 7 years

4.41

/ 5
More details

5.25%

Variable

5.64%

Illawarra Credit Union

$1504

36 months

1 year to 5 years

4.35

/ 5
More details

5.79%

Variable

5.92%

Police Bank

$1516

36 months

1 year to 7 years

4.34

/ 5
More details

5.79%

Fixed

5.92%

Police Bank

$1516

36 months

1 year to 7 years

4.34

/ 5
More details

5.79%

Variable

5.92%

Bank of Heritage Isle

$1516

36 months

1 year to 7 years

4.32

/ 5
More details

5.79%

Variable

5.92%

Bank of Heritage Isle

$1516

36 months

1 year to 7 years

4.28

/ 5
More details

5.79%

Variable

5.92%

Police Bank

$1516

36 months

1 year to 7 years

4.34

/ 5
More details

5.99%

Variable

5.99%

Central West Credit Union

$1521

36 months

1 year to 7 years

4.14

/ 5
More details

5.89%

Variable

6.10%

Horizon Bank

$1519

36 months

0 year to 10 years

4.40

/ 5
More details

5.95%

Fixed

6.16%

Hume Bank

$1520

36 months

1 year to 5 years

4.29

/ 5
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5.99%

Fixed

6.62%

WAW Credit Union

$1521

36 months

1 year to 7 years

4.22

/ 5
More details

5.99%

Fixed

6.62%

WAW Credit Union

$1521

36 months

1 year to 7 years

4.22

/ 5
More details

5.99%

Variable

6.26%

Community First Credit Union

$1521

36 months

1 year to 10 years

4.25

/ 5
More details

5.99%

Variable

6.26%

Community First Credit Union

$1521

36 months

1 year to 10 years

4.25

/ 5
More details

5.99%

Variable up to 7.99%

6.26%

Community First Credit Union

$1521

36 months

1 year to 10 years

4.25

/ 5
More details

5.99%

Variable

7.71%

Horizon Bank

$1521

36 months

0 year to 10 years

4.33

/ 5
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6.25%

Variable

6.50%

GMCU

$1527

36 months

1 year to 7 years

4.05

/ 5
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6.44%

Variable

6.68%

First Option Bank Ltd

$1531

36 months

1 year to 7 years

4.09

/ 5
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6.09%

Variable

6.69%

Summerland Credit Union

$1523

36 months

0 year to 7 years

4.15

/ 5
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6.70%

Fixed

6.70%

AWA Alliance Bank

$1537

36 months

1 year to 7 years

3.94

/ 5
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6.75%

Variable

6.78%

Laboratories Credit Union

$1538

36 months

1 year to 7 years

4.08

/ 5
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6.45%

Fixed

6.80%

IMB Bank

$1531

36 months

1 year to 5 years

3.99

/ 5
More details

6.49%

Fixed

6.88%

Beyond Bank Australia

$1532

36 months

0 year to 7 years

4.03

/ 5
More details

6.49%

Fixed

6.88%

Greater Bank

$1532

36 months

1 year to 7 years

4.11

/ 5
More details

6.95%

Fixed up to 17.95%

8.57%

Pepper

$1543

36 months

1 year to 7 years

3.50

/ 5
More details
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Hoping to buy that new car to make your commute to work easier, or maybe take a few months off work to travel, reset and refocus? Do you perhaps have medical bills you need to pay off pronto, or need cash to plan your dream wedding?

If so, a $50,000 personal loan might be the appropriate solution.

Where can I get one from?

Most well-known banks will offer $50,000 loans to their eligible customers, so your bank of choice is one place to start. Alternatively, you might choose to approach a smaller lender—check out RateCity’s loan comparison page to find potential lenders.

Interest matters

Interest rates for $50,000 personal loans have been known to go as low as 5 per cent and as high as 18 per cent, depending on the lender. It’s important to note that the higher the interest rate, the more you will have to repay.

While fixed interest can be desirable as the rate will remain the same for the duration of the loan regardless of market rates, agreeing to a variable rate will allow you to benefit if the market rate drops.

Secured loans vs unsecured loans

You might notice that interest rates associated with secured loans seem lower than those of unsecured loans.

This is because lenders ask for an asset, such as a car or home, as a guarantee for secured loans—this gives the lender the ability to repossess the asset in question and sell it to obtain the amount owing, if you default on your loan.

Unsecured loans pose more risk to lenders as they do not provide the lender with this security, which is why their interest rates are higher.

Crucial documents

While the documentation requirement of each lender will vary slightly, most lenders will ask you to provide examples of a combination of the following:

Proof of identity

  • Driver’s licence
  • Passport
  • Proof of age card
  • Birth certificate
  • Utility bills

Proof of income

  • Recent pay slips
  • Recent tax returns or financial statements
  • Recent ATO tax notice of assessment

Proof of ability to meet repayment requirements

  • Bank statements
  • Credit card statements
  • Information on any other loans undertaken

If you are hoping to have a $50,000 personal loan approved for purchasing a car, you might have to provide additional documentation such as insurance details and your car’s tax invoice.

Pros and cons

Obtaining a $50,000 personal loan will no doubt assist you to book that extended holiday or buy that new car you need. A personal loan’s interest rate would be much lower than that of a credit card, so if you know you will need some time to pay back the full amount, a personal loan might be the right option for you.

On the flip side, the application process for a personal loan can be quite time consuming. It will also mean added debt, which is not ideal if you already have an excessive credit card debt or a large amount owing on a home loan.

As with any financial decision, it’s important to do your research, compare products and speak to several lenders prior to committing to a loan. Visit RateCity’s personal loan comparison page to find out more about personal loan options which suit your needs.

Disclaimer: This information contained in this article must not be taken as financial advice.

FAQs

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What are the pros and cons of bad credit personal loans?