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By Matt Fernell, Editor at Finance.co.uk.
A loan of £50,000 can help you fund home improvements, consolidate your debts or make a big purchase. Here’s how to find a £50,000 loan that works for you.
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To get started, we just need some information about:
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You’ll then get a decision within an hour, and we’ll be in touch to discuss your options and help you find the right £50,000 loan deal.
To get a loan for £50k, you will probably need to use your home as security. This is known as a secured loan, meaning you will need to be a homeowner with an existing mortgage.
The other eligibility criteria will differ from lender to lender, but most will also require you to be:
A UK resident
At least 18 years old
In employment and able to show you can afford the repayments
We check your eligibility using a ‘soft check’, which won’t impact your credit score. That means we only show you quotes for loans you are eligible for.
How much your £50,000 loan costs overall will depend on the interest rate (APR) and the loan term. The APR the lender offers will be based on your security, financial situation, and credit score.
For example, if you wanted to borrow £50,000 over 5 years at an APR of 8%, your monthly repayment would be £1,007.15, with a total repayable amount of £60,439.16. This means the loan would cost you £10,429.16 in interest over the 5 years.
You can reduce your monthly payments by increasing the term, but you would end up paying more interest overall.
So, the same loan over 10 years would only be £599.29 a month, but the total repayable amount would be £71,914.52. That means the overall cost in interest would be more than double at £21,914.52.
You can use a £50,000 loan for any reason, but some lenders will ask you what the loan is for when you apply. Some of the most common reasons people get a £50k loan include:
Funding major home improvements
Consolidating debts
Spreading the cost of a large purchase like a new car
Financing a new business
Paying for a major event like a wedding
Getting a large loan is a big commitment, so it’s worth considering if you definitely need it before you apply.
Getting a £50,000 loan is possible if you have a poor credit history, but it can make it harder or more expensive.
Secured loans can be easier to get when you have poor credit. Using your home as collateral reduces the risk to lenders because they could repossess it to cover the loan if you cannot keep up with your repayments.
This means they can be more willing to lend to you if you have a low credit score. However, you will usually be charged a higher interest rate if you have bad credit. Find out more about getting a loan with bad credit here.
If you’re struggling to manage your debt and improve your credit rating, you could consider getting a loan to consolidate your debt. You can use this to pay off any expensive borrowing and consolidate it into one more affordable repayment.
Getting a £50k personal loan might be possible, but not many lenders offer these. You can usually borrow between £1,000 and £25,000 using an unsecured loan.
This is because there is more risk associated with this type of loan, as the lender could struggle to get their money back if you cannot keep up with the payments.
However, if you have an excellent credit rating and can prove you can make the repayments, you may be able to borrow up to £50,000 as an unsecured loan. Remember that unsecured loans usually have higher interest rates, but you won’t risk your home.
The information provided does not constitute financial advice, it’s always important to do your own research to ensure a financial product is right for your circumstances. If you’re unsure you should contact an independent financial advisor.
The annual percentage rate (APR) is the rate displayed to help you work out the cost of borrowing. It includes the interest rate and any extra charges for the loan. All finance companies have to provide a representative example and tell you the APR of the loan before you sign a credit agreement.
The representative APR is an advertised rate that 51% of the people approved for credit will be offered. If your credit rating is poor or you have a low income, you could pay more than the representative APR being advertised.
It should be possible to pay off your loan early, but you’ll probably be charged early repayment charges if you do.
These are usually set on a sliding scale, so the closer you are to the end of your loan term, the lower the fee is likely to be. This is because the charge is often based on one or two months’ worth of interest, so the more of the loan that has been paid off, the lower the interest will be.
The early repayment charges will be outlined when you take the loan out. If you think you might want to pay the loan back early, work out how much it might cost you.
It depends on what term you choose for your loan. You could borrow a £50,000 loan over as little as one year or more than 20 years.
The shorter the term, the less interest you will pay back overall, but your monthly repayments will be higher. When working out what term to borrow over, try to work out the shortest period with a monthly repayment you can comfortably afford.
This will depend on the lender, and secured loans can take slightly longer than unsecured loans to arrive in your account.
However, once approved, it should only take a few days for you to receive the money.
Getting a £50k loan is possible if you don’t have a good credit score. However, having a good credit score will give you more choice and access to lower interest rates.
Lenders will view you as a higher risk if you have a poor credit score, which means they may not offer you a loan as big as £50,000. Even if they can, they will charge you a higher interest rate to offset the risk.
£50,000 loans can come with a fixed interest rate or a variable interest rate. Getting a loan with a fixed interest rate means your repayments will stay the same for the loan's lifetime, making it easier to budget.
A variable interest rate, however, can go up or down depending on external factors like the Bank of England base rate. This can make it harder to budget, but variable-rate loans often don’t have any early repayment charges, which means you could pay the loan back early without paying a fee.
Which option is best for you depends on your attitude to risk and what level of flexibility you want with your repayments.
