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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. However, that doesn’t mean your options are limited — you can still find competitive personal loans 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.

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 like LendingClub, Even Financial and Prosper. They tend to come with simpler applications and transfer your funds more quickly, without having to leave the comfort of your home.

Best for a simple, quick application: LendingClub

LendingClub pioneered peer-to-peer (P2P) loans, which offer financing funded by investors. The application is simple: You can complete it in a matter of minutes before getting a quote 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 $1,000, 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: $1,000 to $40,000
  • 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. You fill out and submit a quick online form to get rate quotes from multiple lenders that you might qualify for.

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 $1,000 to $100,000 and accept credit scores as low as 580.

  • How much you can borrow: $1,000 to $100,000
  • APR: 3.84% to 35.99%
  • Loan terms: 2 to 7 years
  • Eligibility: Eligibility requirements. 550+ credit score, ages 21+, US citizen or permanent resident

Best for financing medical bills: Prosper

This P2P lender is often compared to LendingClub — after all, 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. Additionally, Prosper personal loans are also not available in North Dakota, Iowa or West Virginia.

  • How much you can borrow: $2,000 to $40,000
  • APR: 6.95% to 35.99%
  • Loan terms: 3 or 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. 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

Updated October 20th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Varies by lender
Available for all credit scores
$100,000
Get connected with a lender — or get debt advice.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.98% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
4.99% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.

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.

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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

    • Avatarfinder 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

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