Posted by: Adam McCann

There are no Capital One personal loans currently. Capital One did offer personal loans in the past, but they don’t anymore. Capital One has removed all information about personal loans from their website, but existing customers can still call 1-800-926-1000 to reach Capital One’s personal loan customer service department.

Even though Capital One doesn’t offer personal loans anymore, they’re still among the country’s biggest lenders. They offer a wide variety of credit cards for people of all credit levels. Capital One also offers auto loans of $4,000 and up. If you’re interested in borrowing for a vehicle, you can see if you pre-qualify without hurting your credit. Capital One has small business loans starting at $10,000, too.

Although you can’t get a personal loan from Capital One, you’re certainly not out of options. Tons of other lenders offer personal loans. They fall into three main categories: banks, credit unions and online lenders. Each has its own advantages and disadvantages, so WalletHub compared over a dozen of the top options on the market to find the best deals.

Best Capital One Personal Loan Alternatives:

• Best Bank: Wells Fargo
• Best Credit Union: Alliant Credit Union
• Best Online Lender: SoFi

Below, you can learn more about all of your top options to replace a Chase personal loan in your financial arsenal, including other finalists in each category.

Capital One Personal Loan Alternative #1: Banks

One of the best benefits of banks is their relatively low interest rates, sometimes as low as 6% and typically not more than 25%. Another great perk is that you can apply in person, which gives you the chance to be guided through the process by a credit specialist. Bank personal loans are usually for people with credit scores above 660.

Bank	Wells Fargo	American Express	Discover
APR	6.99% - 23.99%	6.90% - 19.98%	6.99% - 24.99%
Loan amounts	$3,000 - $100,000	$3,500 - $40,000	$2,500 - $35,000
Loan lengths	12 - 60 months	12, 24, 36, or 48 months	36, 48, 60, 72 or 84 months
Credit score required	660* (but has secured personal loans for bad credit)	660	660*

*According to multiple third-party sources

Capital One is not the only major bank with no personal loan offers, but there are still plenty of banks that do have them. You can easily compare personal loans on WalletHub.

Capital One Personal Loan Alternative #2: Credit Unions

Credit unions are more likely than banks to give personal loans to people with subpar credit, since they’re not-for-profit and strive to have a personal relationship with their members. Their personal loans also have the potential for low interest rates, as the maximum that federal credit unions are allowed to charge on most loans (and on credit cards) is 18%. State credit union maximums vary by state. Like banks, credit unions let you apply in person.

Credit Union	Alliant Credit Union	First Tech Federal Credit Union	NASA Federal Credit Union
APR	6.74% - 10.74%	9.25% - 18.00%	13.15% - 18.00%
Loan amounts	$1,000 - $50,000	$500 - $50,000	$1,000 - $3,000
Loan lengths	12, 24, 48 or 60 months	24, 36, 48, 60, 72 or 84 months	Up to 84 months

 

The main drawback to credit unions is eligibility. To join a credit union, you will likely have to live, work or go to school in the area in which the credit union is based. You may also be able to join based on the company you work for, or whether someone in your family is a member. But Alliant, First Tech FCU, and NASA FCU are among the credit unions that absolutely anyone can join, though they usually charge a small one-time fee.

Capital One Personal Loan Alternative #3: Online Lenders

Online lenders are great for getting a quick decision on a personal loan. In some cases, you might even be able to get funds the same day. But depending on the lender and your credit/income, you may have to shell out more in interest. Though APRs as low as 6% are available, some people may be offered rates as high as 36%.

Lender	LightStream	SoFi	Avant
APR	3.99% - 16.99%	5.99% - 16.49%	9.95% - 35.99%
Loan amounts	$5,000 - $100,000	$5,000 - $100,000	$2,000 - $35,000
Loan lengths	24 - 144 months	12 - 84 months	24 - 60 months
Credit score required	660*	680	600

*According to multiple third-party sources Methodology

WalletHub compared personal loan offers from more than two dozen of the largest banks, credit unions and online lenders in order to come up with some of the best alternatives to Capital One personal loans. We based our analysis on metrics in seven major categories. We weighted some metrics higher than others based on how much they impact the borrower.

• Requirements: Our editors considered what credit score and income each lender requires to apply. We also checked citizenship and identification requirements (e.g. whether you can use ITIN instead of SSN).
• APR: We looked at the lowest and possible interest rates on the lenders’ loans, plus whether the rates are fixed or variable.
• Fees: We looked into what fees each lender charges on their loans. We were most concerned with origination fees, prepayment penalties and late fees.
• Loan amounts: Our editors checked the minimum and maximum loan amounts available. We also checked the range of months available to pay loans off.
• Application process: We researched the different ways to apply and whether it’s possible to submit joint applications. We also found out whether each lender offers pre-qualification, plus their timeline for getting a decision and receiving funding.
• Customer satisfaction: We considered each lender’s BBB rating, complaints filed by customers with the CFPB, and WalletHub user reviews.
• Transparency: We evaluated how clear each lender is about both the terms of their loans the requirements for getting a loan.

from Wallet HubWallet Hub


via Finance Xpress