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It's often possible to get a traditional personal loan without a source of income if you have a co-signer or are willing to use property or other assets as collateral for a secured loan.

The ease of getting a $50,000 loan depends on your credit and a lender's specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms.

Proof of income may include pay stubs, employment letters or income tax returns, depending on your source of income. "Self-employed individuals may need to provide additional documentation such as business financial statements (profit and loss or income statement or business tax returns)," says Werner.

Documents such as IT returns, bank statements, or even an income certificate will suffice. If you and the lending company have a good professional relationship, you may not have to provide a salary slip.

Lenders have varying criteria for borrowers seeking a $50,000 loan, but in general the process is similar to smaller loans. Borrowers will need to provide proof of employment or income, a favorable debt-to-income ratio and a credit score and history that meets the lender's minimum qualifications.

Here are some ways to repay a personal loan faster: Make larger payments than the minimum amount due. Pay more frequently than the required monthly payments. Make a lump-sum payment or pre-pay the loan. Cut down on expenses to free up funds for loan repayment. Consider refinancing or balance transfer options.