Updated
Fact Checked
Nathan Alderman
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, 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.
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
|
What personal loan is right for you?
The "right" personal loan depends on several factors, including your credit history and credit score. It also depends on your plans for the loan and the type of loan you need. An unsecured loan is the most common type of personal loan, but a secured loan is a better option for some people. If you take out a secured loan, you will have to put up some kind of collateral, such as your house or car. This may mean you qualify for better loan terms, but your collateral is at risk if you miss your monthly payment.
The great thing about personal loans is that there are rarely restrictions on how you use them. For example, some personal loans are custom made for debt consolidation. The best debt consolidation loans can save you money by lowering your interest rate and/or monthly payment. Balance transfer credit cards might also be worth exploring. Other loans might be suitable to finance home renovations or pay for medical expenses.
When you're shopping for the best personal loan, here are three things to look for:
- The lender charges a low interest rate and low fees -- or no fees at all.
- The loan repayment term works for you. It should be long enough to keep the monthly payment manageable, but short enough to allow you to pay the loan off quickly.
- The lender is easy to work with and someone you can trust.
When you find a loan that ticks off all three boxes, you'll be on the right track to finding a great alternative to Capital One personal loans.
Consider These Loans
FAQs
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No, Capital One personal loans are not an option.
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Some big banks do not offer personal loans, potentially because the margins are too narrow or the risks of unsecured loans are too great.
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Banks, credit unions, and online lenders all offer personal loans and each type of lender has its advantages.
Our Loans Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Goldman Sachs Group, Target, and Upstart. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Goldman Sachs Group, Target, and Upstart. The Motley Fool has a disclosure policy.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.