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4 best Capital One personal loan alternatives
Big banks aren't your only option for getting the funds you need.
Like several other large banks, Capital One doesn’t offer personal loans. However, that doesn’t mean your options are limited — you can still find competitive offers from online lenders in addition to smaller banks and credit unions.
Why doesn’t Capital One offer personal loans?
Loans have never been Capital One’s strong point, so it shouldn’t come as much of a surprise that it no longer offers personal loans. This could be part of a larger trend of big banks moving away from lending in general since the 2008 financial crisis. It also could be that Capital One just wants to focus on what it’s best known for: Credit cards. Or, it’s possible the bank shifted its focus to experiments like the Capital One Cafe, a sort of combination of a coffee shop and local bank branch meant to appeal to millennials.
In fact, you won’t find many loan options through Capital one. It discontinued its mortgage program in 2017, and the two loan options it does have are quite limiting.
4 best Capital One personal loan alternatives
Although Capital One can’t help with your personal loan needs, one of these lenders might be a good alternative.
Best for a speedy turnaround: LightStream personal loans
Good to excellent credit
Min. Credit Score
Min. Credit Score
Varies
Starting APR
Starting APR
$100,000
Loan Amount
Loan Amount
LightStream frequently makes the list of best alternatives to banks because it’s backed by SunTrust. And when you’re looking for a fast lender, it takes the cake: Funds may be available on the same day you apply. You can also take advantage of its rate beat program and generous 0.5% APR discount for signing up for autopay. But you’ll need to have good to excellent credit to qualify. And loan amounts start higher than average — not ideal for smaller emergencies that pop up.
- Highly competitive rates
- Funding as soon as the same day
- High autopay discount
- Preapproval not available
- High minimum loan amount
- No customer service line
| Loan Amount | $5,000 – $100,000 |
|---|---|
| APR | Varies |
| Interest Rate Type | Fixed |
| Turnaround Time | Varies |
Disclaimer
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36
monthly payments of $303.99.
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36
monthly payments of $303.99.
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Best for comparing rates: Fiona personal loans
670
Min. Credit Score
Min. Credit Score
4.99%
Starting APR
Starting APR
$100,000
Loan Amount
Loan Amount
If you aren’t sure where to start, or just want a broad overview of the loans you could qualify for, Fiona is a good choice. After submitting one online form, Fiona could connect you with personalized rates and terms from multiple lenders — all without affecting your credit score. But you won’t have as much control over how it shares your information than you might with another lender.
- Compare offers without affecting credit
- Most credit types accepted
- Loans for most needs available
- Not a direct lender
- Shares your information with affiliates
- Must be 21 to qualify
| Loan Amount | $1,000 – $100,000 |
|---|---|
| APR | 4.99% to 35.99% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 670 |
| Min term | 24 months |
| Max term | 84 months |
| Turnaround Time | Varies by lender |
Best for borrowing from a large bank: Wells Fargo personal loans
Varies
Min. Credit Score
Min. Credit Score
5.99%
Starting APR
Starting APR
$100,000
Loan Amount
Loan Amount
If you prefer working with a lender face to face, then you might want to consider Wells Fargo. It offers a wide range of borrowing amounts, competitive rates and terms as long as seven years. While you don’t need to have an account with Wells Fargo to qualify, you might qualify for a relationship discount of 0.25%. And it’s fast for a bank — you could get your funds as soon as the next business day after approval — if you’re a customer.
- No origination fee
- Rate discount for customers
- Long terms available
- Only current customers can apply online
- Relatively minimum loan amount
- Late fee as high as $39
| Loan Amount | $3,000 – $100,000 |
|---|---|
| Interest Rate Type | Fixed |
| Min term | 12 months |
| Max term | 84 months |
| Turnaround Time | As soon as 1 business day |
Best for borrowers with good credit: HSBC personal loans
700
Min. Credit Score
Min. Credit Score
Starting APR
$30,000
Loan Amount
Loan Amount
HSBC is a large national bank with personal loan options in 49 states. Unlike many other banks, it doesn’t require excellent credit — with a relatively low maximum APR. You may receive your funds the same day you apply, and your first payment won’t be due for 50 days. Interest still accrues, however, so paying earlier can help you save. The biggest downside is its maximum loan amount, which is lower for new customers than existing HSBC account holders. Combined with a high starting loan amount, you’ll want to know the specifics of the expense you’re trying to cover before you fill out an application.
- No origination fee
- Same-day turnaround for current customers
- Deferment for 50 days
- Lower maximum amount for new customers
- Might require a branch visit
- Deferment could cost you more
| Loan Amount | $3,000 – $30,000 |
|---|---|
| Interest Rate Type | Fixed |
| Min. Credit Score | 700 |
| Min term | 24 months |
| Max term | 60 months |
| Turnaround Time | 1 business day |
How we picked these lenders
When choosing the best alternatives to Capital One, we looked for lenders that had a wide state availability and range of borrowing amounts. We also considered how easy it was to apply and potential interest rates.
What’s new for 2020?
We switched out two lenders to provide more competitive options:
- Best for comparing rates: We replaced Even Financial with Fiona. Even Financial owns Fiona, but Fiona has a better user interface with a similar network of lenders.
- Best for a speedy turnaround: We replaced LendingClub with LightStream. While LightStream has stricter credit requirements, its lower overall cost and potential same-day turnaround means you may be able to get your funds quickly.
We also added HSBC as our choice for borrowers with good credit.
Does Capital One offer any similar loans?
Not really. Capital One offers loans for purchasing vehicles and financing businesses. And although its car loans offer competitive rates, they’re not good for much beyond buying a car. Its business loans provide a bit more variety, but that’s also not helpful unless you were looking for a personal loan for business use.
If you really don’t want to go anywhere but Capital One, you might be able to get a new credit card instead. Capital One offers credit cards for students, travelers, foodies, people of all credit types and more. But since credit cards tend to have higher rates than personal loans, you might want to save it for smaller expenses or costs you know you can pay off quickly. If you have excellent credit, you might want to consider applying for a new card with a 0% introductory rate like the Quicksilver Rewards card.
Compare more personal loan options
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Can you get a personal loan with a 600 credit score?
Yes, it’s possible to get a personal loan with a credit score around 600. In fact, there are multiple lenders that offer competitive loans for borrowers with fair credit. Picking a lender that works with your score is crucial when it comes to being approved. Just keep in mind that your APR won’t be as competitive, and you may only qualify for smaller loan amounts.
Bottom line
Like with many other big banks, Capital One personal loans are no longer an option. You might want to consider going with an online lender instead or sticking to one of Capital One’s other credit products.
Want to learn about more lenders — or how personal loans work in general? Check out our personal loans guide, where we break everything down.
Frequently asked questions?
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Ask an Expert
I applied for a loan and they told me in order to get the money i need to pay 300$ to capital one to raise my credit score as soon as i pay the money the loan will be released into my bank answer am trying to find out is that possible or not
Hi David,
Thanks for getting in touch with finder. I hope all is well with you. :)
There are lenders who only lend money to people who have a good credit score and Capital One is among them. If this is one of the requirements of Capital One, then you have to comply with them to get approved. If not, you have to go elsewhere. This page lists some of your alternatives.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua