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Does Capital One do personal loans? Not anymore, but here are 4 alternatives

Capital One discontinued personal loans, but here are some alternatives with competitive rates for a range of credit scores.

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By

Lacey Stark

Edited by

Megan B. Shepherd

Updated

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Capital One offers business and auto loans, but it discontinued its personal loan product. However, you still have plenty of other options, including competitive offers from online lenders and national banks in addition to smaller banks and credit unions.

4 top alternatives to Capital One personal loans

Consider these personal loan lenders that offer loans for a variety of financial needs with competitive rates.

Best for comparing rates

MoneyLion personal loans

4.2 / 5 ★★★★★

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MoneyLion is a free service that connects you with top lenders to find a personal loan tailored to your needs, whether for home improvement, debt consolidation or unexpected expenses. Loans range from $500 to $100,000 with a variety of loan terms. Interest rates vary depending on the lender, your credit score, income and other factors. MoneyLion also has partners that can help borrowers with less-than-stellar credit gain access to loans.

To get started, complete the quick and easy online application that won't impact your credit score. You'll receive multiple options based on your eligibility and requirements. These options allow you to easily compare rates, terms and monthly payments.

However, reviews of the company are mixed. While Trustpilot and BBB reviews rate the company highly, there's also a BBB alert due to an ongoing pattern of complaints.

  • Not available in: Colorado, Connecticut, New York, Vermont, West Virginia
Pros
  • Compare lenders without affecting your credit score
  • Simple and quick application
  • Low minimum loan amount available
Cons
  • Shares your information with third parties
  • Mixed reviews online
Loan amount$500 to $100,000
APRVaries by lender
Interest Rate TypeFixed
Min. credit scoreVaries by lender
Turnaround TimeVaries by lender
Maximum Loan Term2 years
Minimum Loan Term10 years

Best for a speedy turnaround

LightStream personal loans

4.8 / 5 ★★★★★

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LightStream offers loans with competitive rates starting as low as 6.99% and no origination or other fees. Plus, if you're looking for a fast lender, funds could be available as soon as the same day you apply. You can also take advantage of its Rate Beat Program and generous 0.5% APR discount for signing up for autopay. But you'll need good to excellent credit to qualify for a LightStream loan. And loan amounts start higher than average, which isn't ideal for smaller emergencies.

  • Not available in: Iowa, West Virginia
Partner terms and conditions
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Pros
  • Highly competitive rates
  • Funding as soon as the same day
  • 0.5% rate discount for autopay
Cons
  • Preapproval not available
  • High minimum loan amount
  • No customer service line
Loan amount$5,000 to $100,000
APR6.99% to 25.29%
Interest Rate TypeFixed
Min. credit scoreGood to excellent credit
Turnaround TimeAs soon as same day
Maximum Loan Term20 years
Minimum Loan Term2 years

Best for borrowing from a large bank

Wells Fargo personal loans

3.6 / 5 ★★★★★

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If you prefer working with a lender face to face, you might want to consider Wells Fargo. It offers a wide range of borrowing amounts, competitive rates and terms as long as seven years. And it's fast for a traditional bank — you could get your funds as soon as the next business day after approval. But to qualify for a personal loan, you must have an existing Wells Fargo account for at least 12 months.

  • Available in all states
Pros
  • No origination fees
  • Rates start at 7.49%
  • No prepayment penalties
Cons
  • Only current customers can apply
  • Relatively high minimum loan amount
  • Late fee as high as $39
Loan amount$3,000 to $100,000
APR7.49% to 23.24%
Interest Rate TypeFixed
Min. credit scoreVaries
Turnaround TimeAs soon as 1 business day
Maximum Loan Term7 years
Minimum Loan Term1 year

Best for borrowers with fair to good credit

Best Egg personal loans

3.8 / 5 ★★★★★

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Best Egg offers personal loans up to $50,000 with more lenient credit requirements than some lenders. It's known for its good customer service, easy application process and fast funding. It also has secured and unsecured loans and opportunities for rate discounts, such as authorizing the lender to pay your creditors directly. But Best Egg charges origination fees up to 9.99%, it's not available in every state and minimum loan amounts are higher in some states.

  • Not available in: Iowa, Vermont, West Virginia
Partner terms and conditions
*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc.

The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001.

For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL–Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Pros
  • Accepts borrowers with fair credit
  • Competitive rates
  • No prepayment penalties
Cons
  • Charges origination fees
  • Minimum loan amounts are higher in some states
  • Not available in all states
Loan amount$2,000 to $50,000
APR7.99% to 35.99%
Interest Rate TypeFixed
Min. credit score640
Turnaround TimeAs soon as the next business day
Maximum Loan Term5 years
Minimum Loan Term3 years

How we picked these lenders

When choosing the best alternatives to Capital One, we looked for lenders with wide state availability and a range of borrowing amounts. We also considered how easy it is to apply and potential interest rates.

Why doesn’t Capital One offer personal loans?

Like many big banks, it doesn’t come as much of a surprise that Capital One no longer offers personal loans. This change could be part of the larger trend of big banks moving away from personal lending, or it could be that Capital One wants to focus on what it’s best known for: credit cards. In fact, it also previously discontinued its mortgage program in 2017.

Does Capital One offer other loans?

Capital One has a limited selection of financial products, including:

  • Auto loans
  • Business loans
  • Personal credit cards
  • Business credit cards

What credit score do I need to qualify for a personal loan?

For many online lenders, you’ll need a fair credit score of at least 600 to qualify. Banks, credit unions and larger online lenders typically require good to excellent credit to qualify. If you’re not sure whether you meet a lender’s minimum credit score requirement, reach out to its customer service team before you apply.

Compare more personal loans

1 - 5 of 5
Updated regularly
Name Product USFPL Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
7.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Go to siteView details
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Go to siteView details
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Go to siteView details
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
9.99% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
Go to siteView details
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
Not stated
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Go to siteView details
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Bottom line

As with many other big banks, Capital One personal loans are no longer an option. Consider other top personal loan lenders that may be able to offer both speed and the right loan amount. You may also look into a lending marketplace, where you can plug in your eligibility details and get matched with lenders offering exactly what you need.

Megan B. Shepherd's headshot
To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
Lacey Stark's headshot
Written by

Writer

Lacey Stark is a freelance personal finance writer for Finder, specializing in banking, loans, investing, estate planning, and more. She has 20 years of experience writing and editing for magazines, newspapers, and online publications. A word nerd from childhood, Lacey officially got her start reporting on live sporting events and moved on to cover topics such as construction, technology, and travel before finding her niche in personal finance. Originally from New England, she received her bachelor’s degree from the University of Denver and completed a postgraduate journalism program at Metropolitan State University also in Denver. She currently lives in Chicagoland with her dog Chunk and likes to read and play golf. See full bio

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2 Responses

    Default Gravatar
    DavidSeptember 12, 2018

    I applied for a loan and they told me in order to get the money i need to pay 300$ to capital one to raise my credit score as soon as i pay the money the loan will be released into my bank answer am trying to find out is that possible or not

      AvatarFinder
      JoshuaSeptember 13, 2018Finder

      Hi David,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      There are lenders who only lend money to people who have a good credit score and Capital One is among them. If this is one of the requirements of Capital One, then you have to comply with them to get approved. If not, you have to go elsewhere. This page lists some of your alternatives.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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