You know how stressful it can be when you have a financial emergency. However, you don’t need to worry, especially when you have access to 50000 loans.
These loans come in handy and can help you sort out your financial emergencies real quick. In this post, we’ll walk you through everything you need to know about 5000 loans—from what they are to how you can apply for them.
#1 50000 Loan App in 2021 – Viva Payday Loans
Best 50000 Loans – Top 5 Options
- Cash Central – Best for 50000 Student Loan Forgiveness
- AmeriCash – Good for $50,000 Home Equity Loan Payment
- Cash Net – 50000 Dollar with No Credit Check Option
- Big Picture Loans – Best for 50000 Personal Loan
- Check City – Best for $50000 Personal Loan For Good Credit
What Are 50000 Loans?
A 50000 loan is a type of finance that may assist you in making a large purchase or consolidating high-interest debt. Since 50000 loans offer lower interest rates than credit cards, they can consolidate several credit card bills into a single reduced-cost monthly payment.
Credit may be a valuable financial instrument, but taking out any loan is a significant commitment. Before applying for a 50000 loan, you should carefully analyze the benefits and drawbacks that may affect your specific credit situation.
Common Uses Of 50000 Loans
1. To Pay Off a Pending Loan
One of the most common reasons for taking a 50000 loan is to consolidate debt. If you can get a cheap interest rate, this strategy may make sense. You’ll just have one set monthly payment if you pay off your existing obligations with the funds from a 50000 loan, and maybe you’ll be able to save up on interest.
Lower interest rates reduce the amount of money you spend in interest and the amount of time it takes to pay off your loan. The lower rates are one of the main benefits of getting a 50000 loan to pay back your credit cards. Consolidation allows you to pay your credit cards over a certain period with a defined end date.
2. For Home Remodelling
Homeowners can use a 50000 loan to renovate their property or make critical repairs, such as mending the plumbing or rebuilding the electrical wiring.
It is appropriate for persons who do not have equity in their house and do not wish to obtain a home equity line of credit or a home equity loan. In contrast to home equity loans, 50000 loans frequently do not need you to use your property as collateral. They are less dangerous in this manner.
3. To Take Care of Your Emergencies
A 50000 loan can be a low-cost alternative if you have an emergency, such as financing a loved one’s burial. The average cost of a funeral is $7,640, which might be prohibitively expensive for several families.
Another widespread cause for obtaining a 50000 loan is unexpected medical expenditures, particularly if your doctor expects full payment. Dental treatment, plastic surgery, fertility treatments, and other operations costing $5,000 or more are examples of medical treatments that may need the utilization of a 50000 loan.
4. To Finance a Vehicle/Car
A loan of $50,000 is one option for financing a car, boat, RV, or even a private jet. It’s also one method of paying for a car if you don’t buy it straight from the manufacturer.
For instance, if you want to acquire a used automobile from another customer, a $50,000 loan will be incredible without depleting your savings account.
How To Qualify For 50000 Personal Loans (Eligibility Criteria)
- An applicant should be between 18 and 65, with a minimum age of 21 required for specific loan amounts.
- The lender will mention the minimal level of income necessary.
- Personal loans are available to salary and self-employed people, as well as small business experts.
- Lenders often require a baseline credit score of 650, but if you have other factors in your favor, you can change this to meet the lender’s requirements.
Best 50,000 Loans with Bad Credit – Fully Reviewed
Choosing the best 50000 loans can be challenging, especially with an overwhelming number of 50000 loan options. Below are the 5 best 50000 personal loans you can check out:
1. Cash Central
Cash Central is an online lending program that offers installment loans varying from $300 to $5,000; however, loan amounts vary based on your location. You will not need pristine credit to get certified—Cash Central promotes its loans as rapid support for life’s situations.
The lender also provides payday loans and lines of credit; however, your options may be restricted based on your location. A nationwide financial services firm founded in 2011 called Community Choice Financial owns the Cash Central.
Cash Central has payback terms ranging from six to twenty-four months. You have the option of making payments monthly, semimonthly, or biweekly.
Whenever Cash Central electronically withdraws the amount you owe on the deadline date, it means you have repaid the loan. If you submit prepayments on your loan, your payouts will be applied first to any current interest and fees, then to the loan principal. Please contact Cash Central if you want an alternate way of repaying your loan.
- You can compare payday loan offers from a variety of approved companies.
- In only a few minutes, you’ll be able to find your best-qualified rate.
- You can know how much you are eligible for and what your monthly payment will be.
- APRs that are too high plus extra fees
- The availability of some loans varies by state.
AmeriCash began in 1997 as a cash advance loan firm. After a decade, the lender reversed direction and now provides installment loans from $50 to $4,000, depending on the state. Borrowers in 12 states can apply for a loan online or in person, and if accepted, they can often have financing within one day. However, loan amounts and conditions differ by state, so be sure to verify the loan details for your area before applying.
AmeriCash functions similarly to the majority of other online lending companies. To begin, go to the AmeriCash website and select the ‘APPLY NOW’ button. After you’ve input the amount of money you want to borrow and how long you want to borrow it for, you’ll need to supply some personal details. Your full name, home address, residence status, date of birth, social security number, and contact information are all included.
After you’ve finished your application, the AmeriCash system will respond within just 30 seconds. After that, you’ll be asked specific financial-related questions to assess your credit as well as your current financial commitments. AmeriCash will also need to know your work status, earnings, and when you last received payment.
Though AmeriCash is not a cash advance or payday lender, the short-term installment loans it provides can still be dangerous. This is due to the lender’s ability to charge interest rates in the triple figures—far higher than more typical loans from a bank or credit union.
AmeriCash does not reveal its interest rates and fees beforehand, while it does identify the highest rates permitted by other states it provides loans. It’s also worth noting that some customers report being taken aback when they learn the actual repayments charges.
- It is a reputable lender that is easily accessible.
- Clients can finish their applications online in just a few minutes.
- You can qualify for small loans of $50
- Those with poor credit may also qualify for a loan.
- You may either pick up the money in person or have it placed into your bank account.
- It offers higher APR rates
- Accessible in 12 states in the United States.
3. CashNet USA
CashNetUSA is an online creditor that provides a variety of loans based on where you reside, such as installment loans, payday loans, and lines of credit. Amounts of loans differ by state, but payday loans typically run from $100 to $600, while installment loans and lines of credit start from $100 to $3,500.
Cash Net USA loans are offered in just 29 states. The type and amount of loan you may be eligible for vary depending on where you reside, so ensure you visit CashNetUSA’s website for more information.
The APR of CashNetUSA loans is often more significant than that of other personal loan providers. Your APR might span from the low to high triple figures depending on the type of loan and where you reside.
As per the National Consumer Law Center, the upper threshold of an acceptable interest rate is 36 percent.
For cash borrowed, CashNetUSA charges a fee. These loan costs, as well as payback conditions, will be determined by your location. In general, you may anticipate paying a fixed price and a payback due date that is typically as soon as your next salary.
When you’re in a tight spot and need money fast, a short-term loan or a line of credit from CashNetUSA may be a better alternative than a title loan. Title loans are dangerous since they demand your automobile as collateral, and the lender has the right to confiscate your car if you fail to make payments as specified in your loan contract.
- Upon approval, there is the possibility of receiving cash soon.
- You may be able to qualify even if you have no credit or have credit problems.
- They are straightforward to apply for and
- Provide a variety of short-term lending options.
- Offers interest rates that are too high
- Fees differ depending on your location.
4. Big Picture Loans
Big Picture Loans is a personal lending provider specializing in providing installment loans to persons with weak credit. You can submit your application online and get loans varying from $200 to $3,500.
Finding a personal loan provider may be more challenging when you have bad credit, but Big Picture Loans can be an excellent alternative to help you with that. According to the firm, persons with a record of insolvency bounced checks or other credit issues may be considered. The lender will view extra details such as your checking account record to establish if you are eligible.
If you’re considering getting a personal loan, you should consider the APR and how it will affect your loan payments. The minimum rates at Big Picture Loans are intended for repeat clients who match specific credit criteria. According to the lender, new clients are expected to face loan rates in the triple digits.
A conventional payday loan—a short-term, high-cost loan—can have borrowing expenses that amount to roughly 400 percent APR. On the other hand, Big Pictures Loans’ rates might be significantly higher, and hence you may find yourself repaying far more than you borrowed.
You might not have time to waste if you need to pay your rent or cover the expense of a car repair. Big Picture Loans may be able to release the cash as soon as the following working day if you are authorized.
- Funds can be accessible as soon as 24 hours after approval.
- Applicants with bad credit are also taken into account.
- Clients are allowed to do a prepayment.
- Loans are accessible in each of the 50 states.
- It’s a free Financial Wellness program that gives clients services and information to help them improve their financial condition.
- The lender has high rates of interest.
- There are complaints of improper customer care.
- Clients are not assured of security since state rules and regulations are not necessarily followed.
5. Check City
Check City is a regulated payday lender with locations in 15 states. It is more forthcoming regarding state consumers’ safeguards than other payday lenders. However, costs, periods, and loan amounts differ considerably based on where you reside.
Generally, you have seven to thirty-one days to return your loan, with a cost of $15 to $20 each $100 acquired.
However, this is not always the case. In a few places, periods of up to five or six months are available, including interest rather than a flat cost.
Regardless of the amount borrowed, this frequently converts into an annual percentage rate (APR) ranging from 150 percent to over 600 percent. It can reach 900 percent in severe circumstances—Check City’s website allows you to check your rate.
In 15 states, Check City is a reputable regulated payday lender. It provides payday loans in many nations and offers personal loans, installment loans, title loans in certain countries, and other financial services.
Check City is a part of the Utah Consumers Lending Association—a trading association that establishes rules for payday lenders. Check City employs McAfee and DigiCert to ensure the security of the website and your information.
- You can easily access the state licenses on the website.
- If you apply in-store, you can get financing the same day.
- The lender guarantees an upfront client’s security.
- Some APRs exceed 900 percent.
- In-store financing is only available in four states.
Features Of 50000 Loans
- You can apply for online or offline personal loans with minimum documents. The essential documentation that lenders often need applicants to produce include evidence of identification, proof of income, and proof of address.
- The flexibility of loan sums: The amount of a personal loan that is issued is determined by the client’s repayment record, monthly earning, age, occupation, employer reputation, and other similar variables.
- Personal loans may be utilized for various objectives, including medical emergencies, vacations, home renovations, debt consolidation, and so on.
Advantages Of 50000 Personal Loan
1. They Offer Flexibility
Particular loans are only utilized for a specific purpose. For instance, if you take out a car loan, you can only spend the money to buy a car. Personal loans may be utilized for a variety of objectives, including debt consolidation and medical bill repayment.
A personal loan might be a smart option if you want to finance a large purchase but don’t want to be restricted in utilizing the cash. Before sending your applications, please confirm with the lender the loan’s allowed usage.
2. They Come With Lower Interest Rates
Personal loans are frequently offered at cheaper interest rates than credit cards. The usual individual mortgage interest rate in January 2021 was 11.84 percent, while the average credit card rate was 16.04 percent.
Consumers with excellent credit might qualify for personal loans with interest rates ranging from 6% to 8%. You may potentially be eligible for a loan that is larger than the limit on your credit cards.
3. Easier To Manage
Some people use personal loans to consolidate debt, such as several credit card accounts. A personal loan with a single fixed-rate monthly payment is easier to handle than several credit cards with varying interest rates, due payment dates, and other factors.
Borrowers who qualify for a personal loan with a lower interest rate than their credit cards can simplify their monthly payments while saving money.
Disadvantages Of 50000 Loans
1. Higher Interest Rates
Personal loans have high-interest rates—especially for borrowers with bad credit, who may face more excellent interest rates than those charged by credit cards.
If your house has enough equity, you can borrow against it with a home equity loan or a home equity line of credit (HELOC). A home equity loan is an installment loan, but a home equity line of credit (HELOC) functions similarly to a credit card. Because your home is utilized as security for a home equity loan or a HELOC, you risk losing your house to foreclosure if you default on the loan.
2. Fees Or Penalties Could Be Significantly Higher
Personal loans may be accompanied by fees and penalties, which can increase the cost of borrowing. Some loans have origination fees ranging from 1% to 6% of the loan amount. Fees for loan processing might be rolled into the loan or deducted from the total amount delivered to the borrower.
If you pay off your loan debt before the end of the term, some lenders will charge you a prepayment penalty. Examine all costs and disadvantages associated with any personal loans you’re considering before applying.
3. Can Accumulate Debt
Personal loans can consolidate debt, such as credit card bills, but they don’t solve the problem. Your available credit limit is increased when you pay off your credit cards with a personal loan. This provides a chance for overspenders to rack up extra charges rather than pay down their debt.
How to Get a $50,000 Personal Loan Fast
Below is a simple process of how you can start applying for 50000 loans via Viva Payday Loans:
Step 1: Visit Viva Payday Loans
The initial step is to go to Vivapaydayloans.com. The website’s design is straightforward. To begin the application process, click the “Apply Now” icon on the right side of the screen.
Step 2: Complete The Application Form
Filling out an online form with your name, monthly costs, and income information is required as part of the application process.
Step 3: Get Your Decision
Wait for approval when you’ve finished filling out the form—authorization takes around 2 minutes. You will still receive a notification if your application is denied.
Step 4: Receive Your Loan
If your application is approved, you will be asked to sign a loan contract. Before you sign, make sure you have read the loan agreement’s terms and conditions. After you submit the completed loan agreement, cash will be deposited immediately into your account within 24 hours.
50,000 loans can help you handle a sudden financial difficulty, especially if your next payment is still several weeks away. Viva Payday Loans is our top-rated payday loan service, where you can get 50,000 payday loans in minutes. To begin, go to their website and fill out an online application form.
Request Your 50000 Loan Direct Deposit at Viva Payday Loans