If you have a Capital One checking or savings account—or perhaps one of their fantastic rewards credit cards—and need cash to cover an emergency, you may be thinking of heading into the office for a personal loan. However, we have bad news for you. There are no personal loans at Capital One, at least not unsecured.
Although it would be great to have all your financial instruments in a single bank, in this case, you will not be able to do it. But nevertheless, That does not mean that you cannot apply for a classic personal loan at another bank in the country.. If you need instant cash and don’t know where to go, don’t worry! We bring you some alternatives.
Capital One personal loans: Requirements and how to apply
Although Capital One does not offer traditional personal loans, yes it works with guaranteed loans. The only drawback is that their website does not offer many details about it, such as what requirements are needed to qualify for the loan or how to apply.
In itself, the bank details that If you want to access a personal loan guaranteed with the institution, you must contact them for more information:
- telephone service. Contact the customer service center at the following number: 1-800-926-1000. If you’re having trouble applying for a loan online, call 1-877-442-3764.
- Attention by postal mail. For questions related to your loan payments or check delivery, send the communication to the following address: Capital One. PO Box 71142. Charlotte, NC 28272-1142.
These alternatives are only available to bank customers, that is, those who already have a financial product at Capital One.
Alternatives to personal loans from Capital One
As we have already exposed before, you will not find personal loans in Capital One. That is why we want to give you some options, from banks and credit unions to online lenders. Let’s see them!
Banks for personal loans in USA
Citibank and Wells Fargo are perhaps the two preferred banks by Americans to apply for a personal loan. That is why we believe that they should be included first on this list.
In order to qualify, you need to be a bank customer and meet the minimum credit score and monthly income requirements. In general, you will be able to access a personal loan in a US bank if:
Regarding interest rates, you should expect a APR from 5% to 25%.
Credit unions for personal loans in the USA
In fact, if you have access to a cooperative near your home, you will be able to get a better deal than at a big bank or online lender (even if your credit isn’t as good as you’d like). In this case:
- You’ll have more flexibility when it comes to credit scores, since credit unions accept applicants with bad to excellent credit.
- You should expect to pay an average of 9.3% APR within a period of 3 years to pay the full amount.
Of course: you should pay attention to the amount you would need because personal loans offered by credit unions are a little lower than those of traditional banking. We’re talking $500 to $50,000.
Online lenders for personal loans in USA
Among other features to highlight, we could say that you can complete the entire procedure online and receive the funds in a maximum of 1-3 days.
- Online lenders work with all types of applicants, from people with bad credit or no credit to citizens with a stellar score.
- Typically, online lenders work with a APR ranging from 6% to 36%.
- Loan amounts can be as low as $1,000 or as high as $100,000.
To give you an idea of the conditions you should expect with an online lender, we leave you a comparison table with three options:
|Comparison of personal loans with online lenders|
|loan details||Marcus by Goldman Sachs||sofi||LightStream by SunTrust Bank|
|APR||from 6.99% to 19.99%||from 5.99% to 20.69%||from 4.49% to 20.49%|
|loan term||from 3 to 6 years||from 2 to 7 years||from 2 to 7 years|
|loan amount||from $3,500 to $40,000||from $5,000 to $100,000||from $5,000 to $100,000|
|Minimum credit score||660||680||660|