Personal Loans Up To $50,000

Find and compare from personal loans up to $50,000 to help you save on your deal with Savvy.

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, updated on July 4th, 2024       

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The features and benefits of personal loans up to $50,000

Set your own repayment term

You can choose the period over which you repay your personal loan, from one to seven years, based on what you can afford for each repayment.

Borrow at a competitive rates

With interest rates based on your borrowing profile, you could lock in a low-cost loan from the beginning and save across your term.

Choose your repayment schedule

On top of selecting your repayment term, you also get to decide whether to make monthly, fortnightly or weekly loan contributions.

Unsecured finance

There isn’t a requirement for you to put forward a valuable asset like your car to act as collateral for the loan: you can still borrow $50,000 unsecured.

Money transferred in 24 hours

Because of their simple nature, unsecured personal loans can be approved in as little as 60 seconds and the money can be sent in just 24 hours.

Pay your loan out early

You can compare lenders who give you the freedom to make additional payments and pay out your loan early without incurring any fees.

Types of personal loan

Why compare personal loans through Savvy?

How to maximise your personal loan borrowing power

Frequently asked questions about $50,000 personal loans

Am I able to borrow $50,000 if I’m self-employed?

Yes – self-employed borrowers are treated in the same way as any other applicant, despite the fact that they earn their income in a different manner to PAYG employees. Because people in this position can’t supply payslips, lenders will instead ask for the most recent two years’ worth of tax returns. If you can produce this, you’ll be able to proceed with a personal loan application as normal.

How long will it take for my $50,000 loan application to be approved?

Depending on who you apply to, you can receive an outcome as soon as two hours after you submit your application. This will depend on several factors, though, such as your financial profile and credit history. Larger loans of $50,000 or more can often take longer to process as lenders take more time to assess your suitability for financing.

Will savings help me get approved for a large personal loan?

Yes – developed savings can boost your chances of approval for larger sums of money across any type of loan, including personal loans. This is because they serve as an indicator to lenders that you’re responsible with your money and are capable of practicing the kind of financial discipline required to pay off a long-term loan. Having a healthy savings account is another way to cut down on your loan’s interest rate, too.

What happens if my lender doesn’t think I can repay my loan?

If the loan you apply for is on terms that your lender isn’t 100% confident that you’ll be able to comfortably manage, they won’t accept your application. However, they’re unlikely to reject it outright and not progress any further if you otherwise meet their lending criteria; instead, they’ll return to you with a figure they’d be willing to approve you for. The flexible lenders that we’re partnered with and compare on our panel are willing and able to work with a diverse range of situations, so you can find a great option to suit you here.

More about $50,000 personal loans

What should I consider before taking out a $50,000 personal loan?

Before diving into a significant financial commitment like a $50,000 personal loan, it’s important to consider several different factors which may shape your repayment period. Fortunately, you can compare your personal loan options right here with Savvy to help you choose the best finance deal for your needs. The main areas to consider before applying for your loan are:

Are my loan’s rate and fees affordable for me?

The interest rate and various fees will play a major role in determining the overall cost of your loan. Interest rates in particular are especially important to get right when borrowing a larger sum, as the greater the size of your loan, the more you’ll pay in interest. For example, a five-year, $50,000 loan at 7% p.a. would set you back $9,403 in interest but bumping that rate up to 8% p.a. would increase your interest outlay to $10,829. High interest and fees (which can include an establishment fee of up to $595 and ongoing fees of up to $10 per month) can eat into your borrowing power, as they can notably increase the cost of your repayments, which is why it’s so important to compare your options.

How long will I need to repay my loan?

You should always ensure your lender offers the loan term which best suits your financial goals and situation. For instance, if you only needed a relatively small personal loan and wanted to pay it off as quickly as possible, it’s worth looking at lenders who offer terms as short as 12 months for their loans. This likely won’t be the case for $50,000 loans, though, so you may instead look for lenders who can accommodate terms of up to seven years. Longer terms will also result in a more expensive loan overall, but it’s always worth ensuring you’re comfortable when making your repayments above all else.

Can I pay any of my own money?

Because the interest and fees associated with your finance agreement can cost up to $10,000 or more extra over the course of your loan repayments, you may decide to put forward some of your own savings to subsidise its cost. Paying a deposit towards whatever purchase you have to make is interest-free and can not only reduce the cost of your repayments but also save you thousands across the term. For example, a $50,000 repaid over seven years at 7.5% p.a. would cost you $767 per month and $14,421 in interest. However, paying $5,000 of your own money reduces each of those to $690 and $12,979, respectively. If you’re in a position to do so, it may be well worth paying some of your savings.

Will I be able to pay it off ahead of schedule?

Having a loan as great as $50,000 will likely mean you’ll have given yourself ample time to pay it off. During this period, you may switch to a higher-paying job or pay off other debts in your life which frees up more funds for you to pay down your loan at a faster rate. As such, you should always look to give yourself the flexibility to contribute more than the minimum required and not incur any fees for doing so. For instance, by contributing $100 extra each month after the first year of your $50,000, seven-year loan at 7.5%, you could save over $1,600 and shorten your term by ten months.

Should I apply for a secured personal loan?

Adding security to your loan agreement can boost your borrowing power and reduce your interest rate. This security will come in the form of a valuable asset, most often your car, which acts as collateral for your loan agreement, meaning your lender can repossess and sell it if you become unable to complete your payments (albeit as a last resort). What security does is give lenders more confidence that their money will be repaid, making them more amenable to lower rates and fees. However, lenders are generally strict when it comes to the criteria these assets must meet, such as being within certain age and condition requirements, meaning your car may not be eligible.

Will I be able to borrow $50,000 from any lender, regardless of my profile?

No – your borrowing power will be decided by a variety of individual factors, meaning different applicants will be determined to have potentially vastly different borrowing power. The most significant of these factors are your income, expenses and credit score. Of course, you’ll need to be earning enough to support your repayments, so the greater your salary, the more you’ll have at your disposal to dedicate towards your loan repayments.

This is only in theory, though, as expenses will eat into your disposable income. Lenders won’t approve applications from borrowers who they believe won’t be able to comfortably repay the agreement they’re proposing, with 30% of your disposable income generally considered to be the maximum a lender will be willing to approve you for. You should assess your current financial situation before applying and see whether there are any expenses you can cut down on to increase your overall borrowing power.

Finally, your credit score will play a major role in determining what your lender is comfortable approving you for. If you’ve shown that you’re capable and disciplined enough to have repaid similar debts in the past, this will be reflected in the positive behaviour marked in your credit report. Lenders always look for borrowers who have a demonstrable history of repaying similar loans, such as personal or car finance, when assessing applications, so your borrowing power can be increased with these on your file.

What will my personal loan repayments be?

The cost of your loan repayments will be determined by several different factors. Fortunately, you can make use of our personal loan repayment calculator to see how these variables can impact its month-to-month and overall cost. The areas which can affect your loan repayments are:

  • The size of your loan: the greater your loan sum, the greater the cost of your repayments
  • The length of your term: taking more time to repay your loan will reduce the cost of your repayments but increase your overall outlay
  • The frequency of repayments: whether you contribute to your loan debt on a weekly, fortnightly or monthly basis will directly impact their cost
  • The interest and fees: naturally, both of these will likely add a substantial amount to the cost of your loan

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.