If you're looking for a personal loan and want a big name in finance, you might wonder if Capital One offers personal loans. The short answer is no. There are no Capital One personal loans. There are, however, plenty of other options, which can fit a variety of situations, credit scores, and incomes. If you're looking for a personal loan, here are some alternatives to Capital One you might want to consider.
Personal loan alternatives to Capital One
Since Capital One doesn't offer personal loans, you'll need to borrow money from another lender. Finding the right loan for you could take some time -- there is no one-size-fits-all loan solution -- but in general, the following three types of lenders might be a good place to start your shopping.
Banks
If you're the kind of consumer who wants all your accounts in one spot, a bank may offer the perfect alternative to Capital One personal loans. In fact, it may have been the reason you searched for Capital One personal loans in the first place. Consider how easy it would be to have your checking account, savings account, credit card, and personal loan all in the same place. If you have a question about any of these accounts, you know who to call. You can quickly familiarize yourself with the bank's online options and access all your financial information at any time.
SoFi® could be that bank. SoFi® offers the SoFi Checking and Savings (member FDIC), a checking and savings account hybrid, plus several rewards credit cards. Best of all, it has its excellent no fee SoFi Personal Loans with high maximum loan limits, favorable APRs, and a variety of loan terms.
Credit unions
Credit unions are a great alternative to Capital One personal loans. Like banks, credit unions provide a variety of accounts and products and could help you house your checking account, savings account, credit card, debit card, and personal loan under one roof.
In addition, credit unions are usually more personable and will see you as an individual with unique goals and circumstances. In short, you're not just a number. Let's say you're self-employed and earn an irregular income, or your small business loans appear to take up a large part of your earnings. Maybe you're in the process of improving your credit. Whatever your situation, a loan officer at a credit union is more likely to see the bigger picture.
With 314 locations nationwide, Navy Federal Credit Union is the largest credit union in the country. Navy Federal Credit Union also offers some pretty competitive personal loans. If you or anyone in your immediate family has served in the military, is assigned to the Department of Defense, or is part of the delayed entry program, you'll be eligible for five different types of personal loans with great rates.
Online lenders
Online lenders can give you the convenience you wanted from Capital One personal loans, plus a quick approval process. If you qualify, it will take no time before you receive a loan offer -- including the interest rate and repayment term. Since online personal loan lenders operate with less overhead, the interest rates can be surprisingly low. And whether you have excellent credit or poor credit, there is a personal loan for everyone.
One option is LightStream. LightStream is a financial company that provides great personal loans with high limits and favorable rates. Best of all, you can apply online and have your funds within the same day. Plus, if you're not satisfied with your loan experience, you can complete a questionnaire and receive $100.
Whatever option you choose, before you look for alternatives to Capital One personal loans, take steps to boost your credit score, such as paying down debt and keeping your credit utilization ratio below 30%. You might also fix your credit score simply by checking your credit report for errors.
Working on your credit score pays off -- literally. Excellent credit can give you access to low interest personal loans and save you hundreds or even thousands of dollars.