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Compare $50,000 personal loan rates & repayments

Explore $50,000 personal loan options from a wide range of Australian lenders to find one to suit your needs. Compare interest rates, repayments, fees and more.

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290+ personal loan products in RateCity’s database

Mark Bristow

Updated on

21 Dec, 2024

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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. 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.

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.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare $50,000 personal loan rates & repayments

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