Capital One personal loan alternatives

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In a Nutshell

Capital One doesn’t currently offer personal loans. But if you need a loan and are looking for competitive rates, reasonable fees, flexible repayment terms and the ability to prequalify, we have some other lenders for you to consider.
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Capital One doesn’t offer personal loans currently, which means you’ll have to work with a different financial institution if you need a loan to help pay for planned or unplanned expenses.

We’ve rounded up four alternatives to help you explore personal loan options for your situation.

Marcus by Goldman Sachs: Direct payments for debt consolidation

Why you may want to consider Marcus by Goldman Sachs: Personal loans from Marcus are provided by investment bank Goldman Sachs. Marcus loans are available online throughout the country. If you get a debt consolidation loan with Marcus to consolidate credit card debt, the company will send payments to up to 10 credit cards with the funds.

Here’s some more info about Marcus.

  • Competitive interest rates — While Marcus offers competitive interest rates on its personal loans, the company offers its lowest rates to customers who have excellent credit. Rates are typically higher for loans with longer terms, but Marcus offers a discount to customers who sign up for autopay.
  • No fees — The company doesn’t charge sign-up, origination, prepayment or late fees on its personal loans. All you’ll owe is the amount you borrow and interest.
  • Prequalification available — Marcus lets you check estimated rates and loan amounts without affecting your credit scores.
  • Good credit required — Most Marcus customers have a FICO® score of 660 or higher, according to the company’s 2019 annual report, so you’ll likely need fair credit or better to qualify for a loan.

Read our full review of Marcus by Goldman Sachs.

Wells Fargo: Secured and unsecured personal loans

Why you may want to consider Wells Fargo: Like Capital One, Wells Fargo is one of the nation’s largest banks, and it offers both unsecured and secured personal loans. While unsecured loans may be more convenient because they don’t require collateral, you may be able to qualify for a larger loan amount at a lower rate with a secured loan.

Check out some more details about Wells Fargo personal loans.

  • Large loan amounts available — Wells Fargo offers unsecured personal loans in amounts ranging from $3,000 to $100,000, and secured personal loans in amounts that range from $3,000 to $250,000.
  • Competitive interest rates — Wells Fargo’s interest rates aren’t too far off from what several other big banks charge. But the bank offers rate discounts to customers who sign up for autopay with a qualifying checking account.
  • Minimal fees — Wells Fargo doesn’t charge annual or prepayment fees on either unsecured or secured personal loans. The bank also doesn’t charge origination fees on unsecured loans, but it charges a $75 origination fee on secured personal loans.
  • Repayment options — Wells Fargo offers loan terms ranging from 12 months to 84 months — depending on the loan amount — for unsecured loans and up to 120 months for secured loans.

Read our full review of Wells Fargo personal loans.

LightStream: Low rates on personal loans

Why you may want to consider LightStream: LightStream is the online consumer lending division of SunTrust Bank. LightStream offers personal loans with low interest rates to qualified applicants, with a discount for people enrolled in automatic payments.

Here are some more details about LightStream personal loans.

  • Good credit required — LightStream personal loans are geared toward people with strong credit histories, and applicants who have excellent credit receive the lowest rates.
  • Rate-matching program — LightStream promises to beat competitor interest rates by a small percentage if certain conditions are met. Just remember, it’s a very small difference.
  • Multiple repayment terms — LightStream’s repayment options range from 24 to 144 months, depending on the size and purpose of the loan, and loan amounts range from $5,000 to $100,000.
  • No fees — LightStream doesn’t charge origination or late fees. But we don’t recommend making your monthly payments late because it can hurt your credit scores. The lender also allows you to pay off your loan early without being charged a prepayment penalty.

Read our full review of LightStream personal loans. 

Avant: Considers a range of credit profiles

Why you may want to consider Avant: Avant is an online lender that considers people who have less-than-stellar credit. Avant says most customers have credit scores ranging from 600 to 700.

Here’s more about Avant.

  • Higher APRs — Since Avant considers people who have bad credit or may have experienced credit difficulties in the past, interest rates on Avant loans can be higher than the other lenders we’ve mentioned, depending on your credit.
  • Potentially high fees — Avant charges multiple fees that can add up, including an administration fee of up to 4.75%, as well as late and insufficient-funds fees.
  • Online application process — Avant’s loan application can be completed online. And if you’re approved, you may even be able to get your funds by the following business day, depending on your bank.
  • Ability to apply for prequalification — Avant’s prequalification process lets you check your estimated rate and loan terms without affecting your credit scores, so you can compare the offer you receive to loan offers from other lenders. But remember that a prequalification offer isn’t a guarantee of approval, and you could end up with different terms after formally applying.

Read our full review of Avant personal loans.

How we picked alternatives to a Capital One personal loan

Since Capital One is one of the nation’s largest banks, we looked at other big banks in the U.S. as well as online lenders that serve consumers throughout the country. We evaluated features like interest rates, fee structures, loan terms, eligibility requirements, the ability to apply for prequalification, and other perks that might make a loan attractive.

So while Capital One doesn’t offer personal loans, there are other options out there. Consider your finances carefully so you can work on getting the best personal loan for your situation.

About the author: Jennifer Brozic is a freelance financial services writer with a bachelor’s degree in journalism from the University of Maryland and a master’s degree in communication management from Tow… Read more.