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Personal Loans

Capital One Personal Loans Review (2020)


By Expert Contributor

Contracted writer for Credit Knocks.


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Summary: Capital One personal loans are not available yet. But the bank offers a number of other products you may find useful.

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Capital One was founded in 1994 and is best known for their wide berth of credit card offerings. While they offer a large number of consumer and business financial services, personal loans are not offered at this time.  

Quick & Easy To Apply With Instant Pre-Approvals

EFFECTIVENESS

N/A

PRICE

N/A

EASE OF USE

One of the best online dashboards in the industry.

SUPPORT

Customer support reviews are very negative.

    Credit Knocks Overall Star Rating:     

  • Consumer Banking Options
  • Business Banking Options
  • Long Lending History
  • High APR Rates
  • Must Provide Personal Info

Capital One Personal Loans

Who Is Capital One?

Thanks to founders Richard Fairbank and Nigel Morris, Capital One made its debut in 1994 in the lovely city of Richmond, Virginia. It’s certainly evolved over time and is now the fifth largest consumer bank in the country and the eight largest bank overall.

In its early days, Capital One solely focused on credit cards. Today, the bank also offers other services like checking accounts, savings accounts, private banking, and wealth management.

Unfortunately, they haven’t jumped on the personal loan bandwagon yet but we’re hopeful they will in the near future. 

What Makes Them Different?

Even though Capital One personal loans don’t exist at this time, we’re willing to bet that when they do become available, they’ll come with low interest rates and favorable terms, especially for those with good credit.  

We’re pretty sure Capital One personal loans will look a lot like personal loans from lenders like Marcus by Goldman Sachs and Wells Fargo.

These banks are similar to Capital One so we don’t expect much of a difference between their personal loans and Capital One’s future offerings.

How Do Capital One Personal Loans Work?

Since Capital One has yet to release their personal loan product, we don’t know how it’ll work. But what we can say is that the application process will probably involve a short online form.

The bank may also allow you to prequalify and get an offer without checking your credit. Capital One is ahead of the game when it comes to technology so we have no doubts getting a personal loan from them will be convenient. 

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1. Find Your Rate

The first thing you do is select "Personal Loans" and fill out the short form. It takes about 1 - 2 minutes to enter your information.

You need to provide basic information and financial income, as well as the amount of the personal loan you are looking to apply for.

And guess what: 

AmOne Corp. doesn’t check your credit score to get lender offers, they only do a soft credit check.

This means you get to see what rates you can qualify for without the worry of it affecting your credit. 

2. Compare Your Options

Once you put your information in and submit the form you will be taken to a dashboard. 

This dashboard will have multiple pre-approval offers from different lenders.

Keep in mind, these are Pre-Approvals and your actual approval is not guaranteed; however, you will get to see your actual pre-qualified rates.

The rates you see are usually very accurate as long as you can verify your information and nothing changes on your credit report. 

Once you confirm and verify everything the rates are pretty solid.  The best thing is that you get to see your options up-front and know exactly which option is best for you.

3. Apply For Your Personal Loan

Once you pick a lender, it's time for you to apply. During the application process, you'll get asked more in-depth questions about your use of the loan, your financial history, and the lender will run a credit check. *Note: This all happens on the AmOne website. 

Once this step is done the lender will work with you directly to finalize all of the loan details.

Capital One Loan Eligibility

When Capital One does launch a personal loan product, they’ll likely look for borrowers with good and excellent credit.

We don’t see the bank approving or giving out the best rates to anyone who is struggling with their credit. So if you have bad credit, a Capital One personal loan probably won’t be a good fit.

You could always work on improving your credit so that when a Capital One personal loan does become available, you’ll be a good candidate for one.

  • Be a U.S. Citizen or Permanent Resident
  • You are at least 18 years old

What Information Will You Need To Apply?

Before filling out the online form make sure you have the below information ready:

  • Date of birth.
  • How much you want to borrow.
  • What you plan to use the money for.

Capital One Personal Loan (Basics)

Since AmOne loan review lets you see offers from multiple lenders, we wanted to show you the absolute minimum and maximums you can be offered. Actual rates and terms will change by lender.

  • Loan Amount Range: N/A
  • APR Range: N/A
  • Fees: N/A
  • Prepayment Penalties: N/A
  • Loan Terms: N/A
  • Payments Directly To Creditors: N/A 
Caution Credit Knocks

Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.

Capital One Personal Loan Calculator

If you take a quick glance at Capital One’s website, you’ll notice the bank is full of articles and other resources for anyone interested in a personal loan.

We find this a bit ironic as the bank has yet to offer personal loans to its customers. 

When they finally do launch their personal loan, we think they’ll probably add a Capital One personal loan calculator to their site.

You’ll be able to use this tool to calculate your monthly payments and budget for the future.

What To Use Capital One Personal Loans For?

Generally speaking, personal loans are quite versatile as you can use them for just about anything.

When Capital One personal loans enter the market, you may want to consider using them for:

  • Debt/Credit Card Consolidation
  • Down Payment For Home  
  • Major Purchase    
  • Home Improvement   
  • Medical Expenses   
  • Moving/Relocation    
  • Vacation
  • Start Business    
  • Education    
  • Your Wedding

As you can see, there is a huge list of reasons for getting a personal loan.

Of course our favorite reasons is for Debt Consolidation, Education, and Starting a Business.

Capital One Personal Loan Reviews

There are no Capital One personal loan reviews out there yet. But the other reviews Capital One has received for its credit cards and other products seem to be very positive.

Credit card customers rave about their customer service and we’re sure that personal loan customers will do the same down the road.


Capital One BBB - Better Business Bureau Reviews 

Capital One has had a file with the BBB since 1994.

Rating: A+

# Complaints: 6,402

Accredited: 1995

Business since: 5/3/1994

# customer reviews: 384

Customer rating: 1 star

While Capital One has more complaints than other lenders we’ve reviewed, the bank handles them well.

Most of the complaints are about their credit card and banking products like checking accounts and savings accounts. Fortunately, they’ve all been answered or resolved quickly. 

Steps To Take After AmOne Loan Review Approval

It feels great getting approved for something, no matter what it is, you feel like you have just won something.

But, now that you have been approved, there are some things you should be doing with your accounts.

Make On Time Payments

I am sure you are tired of seeing everyone saying "on-time payments".

Helpful Tip

If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.

But it is super important and is one of the largest factors in helping grow your credit score.

Of course you probably didn't obtain this loan for building your credit.

However, you still need to be mindful that this product can harm your credit if you don't manage it correctly.

No matter what, avoid late payments.

Pay Back The Loan ASAP

Along with making on-time payments you should definitely pay this loan off as super fast as possible.

Large personal loans tend to linger and we usually only pay the minimums. 

Now: 

While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.

Getting the credit utilization below 30% will also be great for helping your credit score grow. 

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Taking Action & Getting A Loan

Hopefully, you found this Capital One Personal Loans Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business. 

If you need a personal loan then don't waste any time getting your loan through our top rated personal loan lender.

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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