Capital One provides mortgages and auto loans, as well as personal and business lines of credit. However, it no longer offers personal loans. For borrowers looking to apply for an unsecured personal loan, there are many alternative lenders to consider in today’s market.
Alternatives to Capital One Loans
There are several additional personal loan options that are strong alternatives to a Capital One personal loan. When researching lenders, consider the APR, loan terms, and any additional fees to ensure you get the right loan for your budget.
| Lender | APR range | Loan amounts |
|---|---|---|
| SoFi | 8.99%-29.49% | $5,000 – $100,000 |
| TD bank | 8.99%-23.99% | $2,000 – $50,000 |
| Avant | 9.95%-35.99% | $2,000 – $35,000 |
SoFi
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An online lender, SoFi is focused on providing a strong customer experience. It offers unsecured personal loans with flexible usage with repayment terms of up to seven years and generous loan amounts of up to $100,000. In addition, SoFi does not charge any fees mandatory costs its loan products, making them cheap. 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.
Positives
- No mandatory costs.
- Large loan amounts.
- Protection against unemployment.
Cons
- High minimum loan amount.
- Strong credit score required.
- No co-signer option.
TD bank
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One of the ten largest banks in America, TD bank is a recognizable name with more than 1,100 locations in the eastern United States. Borrowers who appreciate the Capital One line of banking products may also be highly appreciated about TD Bank.
Such as Capital One, TD Bank 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 will need excellent credit to qualify as the lender’s minimum credit score requirement is 700.
Positives
- Low starting APR.
- Suite of banking products available.
- Prequalification available.
Cons
- Fewer terms are offered.
- Strong credit score required.
- Limited availability.
Avant
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Avant offers personal loans with a minimum credit score of 550. This alone makes it an ideal alternative for those with a credit score bad credit. The loan amounts vary from € 2,000 to € 2,000 $35,000, and Borrowers can choose a repayment term between one and five years.
On The downside is that the lender has a higher interest rate cap and doesn’t offer joint loans, so if you have bad credit you could get a hefty interest rate. Additionally, Avant loans aren’t available in every state, so you’ll need to make sure yours is serviced before applying.
Positives
- Bad credit accepted.
- Low minimum loan amounts.
- Fast financing.
Cons
- No co-borrowers.
- High maximum APR.
- Steep costs.
Why Does Capital One No Longer Offer Personal Loans?
Capital One has stopped making personal loans to focus on other lines of business, including credit cards, checking and savings accounts, auto loans and business lines of credit. Personal loans are a high-risk investment overall, and the company may have found other endeavors to be more profitable.
Existing Capital One personal loan customers can still reach customer service by phone at 877-383-4802 or by mail.
