8/13/2023
Financial institutions in the United States have been known for offering different types of consumer credit since their inception. Although Capital One does not currently offer unsecured personal loans, it does offer auto loans, credit cards and other options about which we will tell you how to contract them and what requirements you need.
You may be interested in: How to open an account with Capital One?
News on Capital One Bank's personal loans
Although Capital One is in the top 10 of the largest banks in the United States, it no longer offers unsecured loans for free investment. This means you don't have the option of asking them for installment financing like you could through other lenders.
What we do know is that they decided to drop this category to concentrate on other areas related to their operations. They arguably found it more lucrative to promote credit lines/cards, mortgages, business loans, auto loans and more.
Requirements to apply for a loan at Capital One
We have said that each bank has its own policies for providing financing and these depend on the federal KYC. In addition, the entity in question reviews your credit history and credit score to determine how much risk you represent, as well as your ability to pay.
For this reason, they ask you for information such as:
- Full name
- Current address
- Date of birth
- Social Security number
- Proof of identity (state ID, license or passport)
- Employment status (if you receive a salary, pension or other income)
- Verification of income through pay stubs, bank statements, etc.
This is the most cumbersome part because they may ask for other documents to make a more thorough evaluation. Remember that, depending on the banking product, the institution may provide you with pre-qualification or pre-approval.
Types of loans offered by Capital One Bank
Among the loan options that you will find at Capital One, we can highlight the following:
Mortgages
If you are thinking of buying your first home or an additional one, this bank offers mortgage loans and refinancing. You can choose between a fixed rate or an ARM and the terms range from 5 to 30 years.
You should know that if you stop paying, you will lose the loan guarantee, which is the house or apartment you bought.
HELOCs
This type of financing takes advantage of the value your home is gaining to get credit. The lender gives you a limit that you can use as a TDC or in case of an emergency. Because you pawn your home, the interest rates are lower than a Visa or Mastercard plastic.
PLOCs
Another possibility with this bank is personal lines of credit, which is a type of unsecured financing. Just like the HELOC, they give you a limit that you use like a TDC. The difference with these banking products is that they give you a term to withdraw money and you must repay it all to have new funds available.
Through Capital One bank you can also buy a new or used car (certain conditions apply). They also give you the option to refinance the car you are paying for, which can save you money. The interest rate on the loan will vary depending on the model and year of the vehicle.
- Amount: From $ 4,000
- Term: 0 months
- Interest: Ask
- APR: Ask
Home Equity Loan
Home equity loans are a common type of financing because you can get money by putting up a home as collateral. The amount you can borrow is determined by the current value of the property. This appraisal is performed by an appraiser assigned by Capital One.
Credit Cards
This financial institution is known for its credit cards for travel, rewards and improving your score with its secured cards.
Despite the relatively high APRs, they can help you make major purchases or take care of unforeseen events. You just have to make sure you use them wisely because they can open up other opportunities.
- APR: 30.74%
- Annuity: $ 0
- Credit limit: $ 1,000
- APR: 19.99%
- Annuity: $ 0
- Credit limit: $ 10,000
- APR: 30.49%
- Annuity: $ 0
- Credit limit: Ask
- APR: 20.99%
- Annuity: $ 0
- Credit limit: Ask
- APR: 20.99%
- Annuity: $ 0
- Credit limit: $ 10,000
- APR: 19.99%
- Annuity: $ 0
- Credit limit: $ 10,000
- APR: 19.99%
- Annuity: $ 0
- Credit limit: Ask
- APR: 30.49%
- Annuity: $ 0
- Credit limit: $ 1,000
Small Business Financing
If you own a business, Capital One Bank offers several ways for you to grow. You can apply for mortgage financing, a line of credit or an SBA loan. They only require a business checking account and at least 2 years of operation.
How to apply for a loan at Capital One Bank?
For various reasons, we cannot explain the step-by-step process for each of these loans offered by Capital One Bank. However, rest assured that you can process most of them from the comfort of your home using online banking.
For example, for the auto loan you can get pre-qualified/pre-approved to apply online. Similarly, you can apply for a credit card or PLOC on their official website.
Now that you know about Capital One's loans and the requirements they ask for, you can go to them whenever you need to. And if you want to check out other banks, you have the Busconomico database.
Español: ¿Cómo solicitar un préstamo con el banco Capital One?