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Since breaking off from Signet Financial Corp back in 1994, Capital One has grown into one of the largest banking companies in the U.S. Known mostly for its long line of credit cards; the company also provides a variety of other financial products, including a personal loan option. Information about this offering can be hard to find, so we wanted to provide a closer look as a resource for those who may be interested in this type of funding.
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This personal loan is a high dollar, closed-end credit option offered by local branches of Capital One. While the company does offer some of its financial products online, this option is only available through the company’s physical branches. This is an unsecured loan, which means that you will not need to put up any collateral to help you qualify for the funding.
To start, you’ll need to fill out an application. You can get one of these from your nearest branch, which you can find by using an online branch locator available at maps.capitalone.com/locator/list. If you have an existing account, you can reach out for more information by calling the customer service hotline at 1-800-926-1000.
The amount you can personally qualify for will depend on several factors. Your loan agent should be able to guide you through the process, but be sure to ask questions, so you know what to expect.
You should know if Capital One approves you for a personal loan within 10 business days. Many applicants find out if they have been qualified for a loan immediately after they apply.
From our research, it appears that the bank does not provide this information online. But we have heard that the rates are low compared to other personal loan options.
Some people think that Capital One is only a credit card company and not also a bank. This is because there are only eight states (plus one district) where you’ll see a branch or ATM. The States are Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia. The district, as you may have guessed, is Washington, D.C.
Capital One provides an ATM network for its customers. If you are a member of this network, you may qualify for the Allpoint Money Back Guarantee, and then receive refunds for any surcharges you receive when using an ATM in the network. For more information about this service, you should contact your bank representative.
You typically need to have good to excellent credit to be eligible for a bank loan. If you can’t qualify, there may be other options available to you. Alternative lenders utilize a different business model from banks, which means they are sometimes built to fund to those with bad credit.
One way alternative lenders offer loans when others don’t is by charging more. Because of this, alternative lending tends to be an expensive way to borrow money.
If you understand this and plan for it, using this type of funding can be a viable option for addressing your debt.
The company’s website offers information on debt assistance, including articles on how to get ahead of debt, how to repair your credit score, and how a banker can help. These articles are informational in nature.
For direct, professional assistance, you will need to visit a branch and talk to an actual banker. They should be able to look at your situation and make personalized recommendations.
If you have a high credit score and a healthy credit history, then a bank loan might be in your future. That is unless the bank sees some other red flags. Here are a few deal-breakers that’ll end your loan chances very early on:
All of this doesn’t matter if your credit score is too low. There are ways to improve your credit score, but it can take time.
If you’re already a Capital One Bank member, then the easiest way for you to get more information about its personal loan option is just to call your local branch and talk to them. If you haven’t signed up yet, then you can stop by a branch to get started.