Capital One doesn’t offer personal loans. But your options aren’t limited. You can still find competitive offers from online lenders and national banks 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 by big banks to move away from personal lending. It also could be that Capital One wants to focus on what it’s best known for: Credit cards. In fact, it discontinued its mortgage program in 2017 and currently only offers auto loans and business loans to its customers.
4 top alternatives to Capital One personal loans
Although Capital One can’t help with your personal loan needs, one of these lenders might be a good alternative.
Best for comparing rates
Fiona personal loans
4.2 / 5
★★★★★
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 can 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.
Pros
- Compare offers without affecting credit
- Most credit types accepted
- Loans for most needs available
Cons
- Not a direct lender
- Shares your information with affiliates
- Must be 21 to qualify
| Loan amount | $1,000 to $100,000 |
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| APR | 5.20% to 35.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | Poor |
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| Turnaround Time | Varies by lender |
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| Maximum Loan Term | 12 years |
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| Minimum Loan Term | 0.33 years |
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| APR | 5.20% to 35.99% |
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| Min. credit score | Poor |
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| Loan amount | $1,000 to $100,000 |
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Best for a speedy turnaround
LightStream personal loans
4.8 / 5
★★★★★
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.
*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.
Pros
- Highly competitive rates
- Funding as soon as the same day
- High autopay discount
Cons
- Preapproval not available
- High minimum loan amount
- No customer service line
| Loan amount | $5,000 to $100,000 |
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| APR | 7.49% to 25.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | Good to excellent credit |
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| Turnaround Time | As soon as same day |
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| Maximum Loan Term | 12 years |
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| Minimum Loan Term | 2 years |
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| APR | 7.49% to 25.99% |
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| Min. credit score | Good to excellent credit |
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| Loan amount | $5,000 to $100,000 |
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Best for borrowing from a large bank
Wells Fargo personal loans
3.6 / 5
★★★★★
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 apply, 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 an existing customer.
Pros
- No origination fee
- Rate discount for customers
- Long terms available
Cons
- Only current customers can apply online
- Relatively minimum loan amount
- Late fee as high as $39
| Loan amount | $3,000 to $100,000 |
|---|
| APR | 7.49% to 23.24% |
|---|
| Interest Rate Type | Fixed |
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| Min. credit score | Varies |
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| Turnaround Time | As soon as 1 business day |
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| Maximum Loan Term | 7 years |
|---|
| Minimum Loan Term | 1 year |
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| APR | 7.49% to 23.24% |
|---|
| Min. credit score | Varies |
|---|
| Loan amount | $3,000 to $100,000 |
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Best for borrowers with good credit
HSBC personal loans
3.6 / 5
★★★★★
HSBC is a large national bank with personal loan options in 49 states. Unlike many other banks, it doesn't require excellent credit — and it has 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.
- Not available in: Wisconsin
Pros
- No origination fee
- Same-day turnaround for current customers
- Deferment for 50 days
Cons
- Lower maximum amount for new customers
- Might require a branch visit
- Deferment could cost you more
| Loan amount | $3,000 to $30,000 |
|---|
| APR | 5.99% to 22.99% |
|---|
| Interest Rate Type | Fixed |
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| Min. credit score | 700 |
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| Turnaround Time | 1 business day |
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| Maximum Loan Term | 5 years |
|---|
| Minimum Loan Term | 2 years |
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| APR | 5.99% to 22.99% |
|---|
| Min. credit score | 700 |
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| Loan amount | $3,000 to $30,000 |
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How we picked these lenders
When choosing the best alternatives to Capital One, we looked for lenders that have a wide state availability and range of borrowing amounts. We also considered how easy it is to apply and potential interest rates. This selection includes two big banks, one online lender backed by a bank and a connection service that works with legit lenders so you can make the best choice when comparing options similar to Capital One.
Does Capital One offer other loans?
Capital One has a limited selection of financial products, including:
- Auto loans
- Business loans
- Personal credit cards
- Business credit cards
What credit score do I need to qualify for a personal loan?
For most online lenders, you will need a fair credit score of at least 600 to qualify. But banks, credit unions and larger online lenders typically require good to excellent credit to qualify. If you’re not sure you meet a lender’s minimum credit score requirement, reach out to its customer service team before you apply.
>Where else can I borrow a personal loan?
Most banks, credit unions and online lenders offer personal loans. With any of these options, you may be able to borrow between $1,000 to $50,000 — although there are some lenders that offer up to $100,000. Interest rates vary widely based on your credit score and finances, so it’s best to compare multiple lenders and apply for preapproval before settling on a lender.
Compare more personal loans
To view online lenders and connection services, select your credit score and state. Then click Show me my personalized options.
Bottom line
Like with many other big banks, Capital One personal loans aren’t longer an option. You might want to consider going with an online lender instead or sticking to one of Capital One’s other credit products. Want to learn about more lenders — or how personal loans work in general? Check out our guide to personal loans where we break down everything you need to know.
I applied for a loan and they told me in order to get the money i need to pay 300$ 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