Capital One currently does not offer personal loans although personal loans used to be one of their products. 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. 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.
Best Capital One Personal Loan Alternatives
- Best Bank: Wells Fargo
- Best Credit Union: Alliant Credit Union
- Best Online Lender: SoFi
- Other Ways to Borrow From Capital One: Credit cards, Auto loans and Business Loans
Below, you can learn more about all of your top options to replace a Capital One 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||5.99% - 19.99%||6.98% - 19.98%||5.99% - 24.99%|
|Loan amounts||$3,000 - $100,000||$3,500 - $40,000||$2,500 - $35,000|
|Loan lengths||12 - 84 months||12, 24 or 36 months||36, 48, 60, 72 or 84 months|
|Credit score required||660* (but has secured personal loans for bad credit)||660||660*|
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.
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.
|Credit Union||Alliant Credit Union||First Tech Federal Credit Union||NASA Federal Credit Union|
|APR||6.24% - 10.24%||7.70% - 18.00%||11.80% - 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|
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%.
|APR||5.99% - 22.49%||7.99% - 23.43%||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|
Other Ways to Borrow From Capital One
Even though Capital One doesn’t offer personal loans anymore, they’re still among the country’s biggest lenders. A wide variety of Capital One credit cards are available to people of all credit levels. Capital One also offers auto loans of $4,000 and up, for which you can get pre-qualified without hurting your credit. And they have small business loans starting at $10,000, too.
In order to find the best alternatives to Capital One personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.