When money becomes tight, you may have no idea where to turn.
Perhaps you want to take a dream vacation, but with limited funds, this is simply not something you can afford at the moment. Regardless of your financial need, a personal loan from Capital One can help you with some of these issues.
Capital One does not have much information on its website about its personal loan products.
You can use LendEDU’s free comparison tool to compare quotes from the leading lenders in the industry, though.?
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Variable Rates |
N/A |
5.17% – 15.96% |
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Fixed Rates |
4.49% + |
2.29% – |
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Term Lengths |
0 – 5 years |
0 – 7 years |
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How to Get a Loan From Capital One
Capital One does not have a transparent personal loan application process like some online lenders. There is a specific process involved for obtaining a personal loan from Capital One. First, you will need to apply over the phone with one of their representatives. They will also run a credit check to confirm that you have a high enough score in order to qualify for a personal loan.
The credit check usually involves giving personal information such as your social security number, date of birth, annual income, and other specific financial information. Capital One may ask if you have any savings or checking accounts, and whether you have any current outstanding debt. To obtain your FICO score, Capital One will pull your credit score which is something you have to agree to in order to apply.
Once you receive approval for a personal loan, the interest rate is determined. This rate varies depending on your credit score. To get a good rate on a Capital One personal loan, your credit score must be between 600 and 700.
After You Get Approved
After receiving your interest rate you will need to structure your installment payments. Just like any other type of loan, you will be required to make monthly payments to pay off the personal loan. Usually, a personal loan stretches between 12 and 18 months, but a Capital One representative may provide you with other options.
What You Can Use a Personal Loan For
Unfortunately, banks do not just hand out personal loans to anyone or for any reason. Specific needs must be met for loan approval. This includes one-time events such as a wedding or a funeral. Another reason people take out a personal loan is to consolidate their credit card debt. With this, they end up with just one monthly payment as opposed to multiple payments per month.
What if You Are Not Qualified or Do Not Meet Specifications?
Depending on the reason you need the loan, a representative may suggest a different loan type other than a personal loan. Not every situation is approved for a personal loan. For example, if you are interested in purchasing a car, a personal loan would not be appropriate. Instead, you would need to apply for a Capital One Auto Loan.
Capital One is a well-known institution that offers several financial services and products to meet customers’ needs. Therefore, it is likely that whatever you need the money for, Capital One will be able to help, as long as you have a good credit standing. Though, there are many comparable products like those offered by Discover Personal Loans.
If you do not meet the requirements for other reasons, Capital One may be able to point you in a different direction. That way, you will still be able to secure a small personal loan with another lender, depending on your situation.
If you do meet the requirements for a personal loan, everything is streamlined and you do not have to wait to take care of your financial needs. Capital One personal loans are the ideal solution for situations just like this. Whether you are planning an upcoming wedding, want to consolidate debt, or perhaps go on vacation, a Capital One personal loan can make those events a reality.
