3 best Capital One personal loan alternatives | finder.com
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Capital One personal loan alternatives

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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. To make sure you can still pay for that dream wedding venue — or any other large personal costs — we take you through your other options. Set on sticking with Capital One? Read on to learn if it has another product that could help cover your expenses.

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 doesn’t offer personal loans anymore. It discontinued its mortgage program in 2017 and it looks like it also stopped issuing personal loans recently — it still has a personal loans customer service line, but only for current borrowers.

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.

3 best Capital One personal loan alternatives

So you need a personal loan. Capital One can’t help — and the other banks you have in mind might not be able to either. You might want to consider applying for a personal loan through an online lender. They tend to come with simpler applications and can get you your money a lot faster. We take a look at three online loan options: LendingClub, Even Financial and Prosper.

Best for a simple, quick application: LendingClub

LendingClub is a pioneering peer-to-peer (p2p) lender that offers financing funded by investors. The application is simple: You can complete it in a matter of minutes before getting a quote of your potential rates that won’t affect your credit score. It typically takes no more than a few days to a week to get your money.

LendingClub is one of the few lenders that offers personal loans as small as 1000 and you can use your loan for almost anything. The only restriction is that you can’t use your LendingClub loan to cover school-related expenses. And you’re out of luck if you live in Iowa or West Virginia — LendingClub doesn’t offer loans in those states.

  • How much you can borrow: 1000 to 40000
  • APR: 6.95% to 35.89%
  • Loan terms: 3 to 5 years
  • Eligibility: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.

Best for quickly comparing loan offers: Even Financial

Even Financial also isn’t your traditional lender. In fact, it isn’t a lender at all — it’s a connection service. How does it work? Fill out and submit a quick application to get rate quotes from multiple lenders that you might qualify with.

If you’re in a rush, Even Financial can help you make sure you’re getting a competitive loan by making comparison a two-step process. If you have an unusual request or have trouble finding a loan you can qualify for, Even Financial might also make your search for financing a lot easier. Its partners offer loan amounts ranging from 1000 to 100000 and accept credit scores as low as 580.

  • How much you can borrow: 1000 to 100000
  • APR: 4.99% to 35.99%
  • Loan terms: 2 to 7 years
  • Eligibility: Credit score of 580+, be an American citizen or permanent resident and ages 18+

Best for financing medical bills: Prosper

This p2p lender is often compared to LendingClub — they both contributed to the rise of p2p lending in the US. But on top of offering personal loans, Prosper also operates a healthcare lending program that partners with medical providers to offer specialized financing up to $100,000 for those with excellent credit.

It does, however take a bit longer to process — you might not get to sign your loan documents until seven days after you apply. Prosper personal loans are also not available in North Dakota, Iowa or West Virginia.

  • How much you can borrow: 2000 to 40000
  • APR: 6.95%–35.99%
  • Loan terms: 3 to 5 years
  • Eligibility: Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.

Does Capital One offer any similar loans?

Not really. Capital One offers loans for purchasing vehicles and financing businesses. The only loan Capital One offers individual borrowers is a car loan — which is great if you need a new vehicle but not good for much else. It does, however, offer several different business loan options like working capital, equipment and even SBA loans. 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.

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

Rates last updated November 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99% to 35.99% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

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?

Image: Shutterstock

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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2 Responses

  1. Default Gravatar
    DavidSeptember 12, 2018

    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

    • finder Customer Care
      JoshuaSeptember 13, 2018Staff

      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

US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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