If you're looking for a personal loan and want a big name in finance, you might wonder if Capital One personal loans are an option. The short answer is no. There are no Capital One personal loans. There are, however, plenty of other options. It's a matter of finding the personal loan that fits your situation best.
Here we'll cover alternatives to Capital One personal loans and help you zero in on the type of loan you're looking for. A personal loan is unique -- no loan is one size fits all. It may take some effort to find the perfect loan, but it will be worth it.
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.
Marcus is an online bank that might make an excellent personal loan option. Marcus by Goldman Sach's savings account is competitive, and the bank also offers excellent personal loans. With low interest rates and flexible loan amounts, it sticks to its motto of: No fees, ever. If you have good credit, it's worth a look.
Credit unions are a great alternative to Capital One personal loans. Like a bank, joining a credit union could enable you to have your checking account, savings account, credit card, debit card, and personal loan under one roof.
In addition, a credit union is more likely to see you as a real person with a unique set of 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 history. 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 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.
Looking for another alternative to Capital One personal loans? Online lenders may surprise you. You get all the convenience you were hoping for 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 of our current favorites is SoFi, with some of the lowest interest rates and consumer-friendly policies in the personal loan business.
Whatever option you choose, before you look for alternatives to Capital One personal loans, take steps to boost your credit score. You can start by paying down debt. Another great way to raise your credit score is to check 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.
The "right" personal loan depends on several things, 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.
Here are three hallmarks of the best personal loans:
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.
No, Capital One personal loans are not an option.
There are a couple of big banks that do not offer personal loans, potentially because the margins are too narrow or the risks of unsecured loans are too great.
Banks, credit unions, and online lenders all offer personal loans and each type of lender has its advantages.
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.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2020 The Ascent. All rights reserved.