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Capital One services mortgages and auto loans, as well as personal and business lines of credit. However, it no longer offers personal loans. For borrowers who would like to apply for an unsecured personal loan, there are many alternative lenders to consider in today’s market.
Alternatives to Capital One loans
An online lender, SoFi is focused on providing a strong customer experience. Borrowers seeking a flexible-use unsecured personal loan may look at options available through SoFi. The lender offers repayment terms of up to seven years and generous loan amounts of up to $100,000. Additionally, SoFi doesn’t charge any fees on its loan products, making them low-cost. That said, the minimum credit score required to qualify for a SoFi loan is 680, so you’ll need to have a solid credit history and score to get approved for a loan.
One of America’s ten largest banks, TD Bank is a recognizable name with over 1,100 locations in the eastern United States. Borrowers who appreciated the Capital One suite of banking products may also find much to appreciate about TD Bank, which, like Capital One, also offers checking and savings accounts and credit cards. TD Bank’s personal loans range from $2,000 to $50,000, with repayment terms of three to five years. However, you’ll need excellent credit to qualify, as the lender’s minimum credit score requirement is 700.
Avant offers personal loans with a minimum credit score requirement of 550. This alone makes it an ideal alternative for those with less-than-perfect credit. Loan amounts range from $2,000 to $35,000 and borrowers can choose a repayment term between one and five years. On the downside, the lender does have a higher interest rate cap and doesn’t offer joint loans, so if you have poor credit, you may end up with a hefty rate. Besides that, Avant loans aren’t available in every state, so you’ll need to make sure yours is serviced before applying.
Why doesn’t Capital One offer personal loans anymore?
Capital One has stepped away from issuing personal loans in order to focus on other areas of business, including their credit cards, checking and savings accounts, auto loans and business lines of credit. Personal loans are, on the whole, a high-risk investment, and the company may have found other efforts to be more profitable.
Existing personal loan customers with Capital One may still reach customer service by phone at 1-800-926-1000, or by mail at Capital One, P.O. Box 71142, Charlotte, North Carolina, 28272-1142.