Capital One Personal Loans

A Capital One personal loan is an unsecured loan that offers fixed payments and a fixed payment schedule. The money can be used for just about any purpose, such as consolidating other debts, home improvements, paying for tuition, etc. A capital one personal loan offers many benefits, and possibly the most attractive of these is the fact that there are no applications fees, no origination fees, and no closing costs.

However, it is especially important to note that an individual will only ever be considered for a Capital One personal loan if they have received an offer through the mail, have not applied for a Capital One personal loan within the last 90 days, and are not currently delinquent or have defaulted on any Capital One account in the previous year.

A potential borrower will not need to provide any collateral to be approved for a Capital One personal loan, but they will need to be of good credit standing, and therefore applicants with bad credit or a history of missed and late payments are unlikely to qualify. Therefore, it is advisable for an applicant to check their FICO credit score prior to applying for a loan.

The easiest way to apply for a Capital One personal loan will be via an online application form, although there is also a toll-free number available to potential borrowers, which is 1-800-664-0960. The interest rate an applicant will be offered will depend on their credit score, the amount they are looking to borrow, and of course their credit score. The payback term will vary from 12 to 84 months.

In most cases, Capital One will be able to provide an approval decision immediately once an application has been submitted, although borrowers should be aware that this isn’t always the case. In fact, occasionally there may be a need to provide additional information, such as pay checks and bank statements to clarify the financial information that an applicant has provided. However, Capital One continue to pride themselves on the fact that they will provide a response within 10 business days. Once an applicant has been approved they will receive their loan check within this 10 business day period.

If for any reason, an applicant changes their mind once they have been approved, they simply need to refrain from cashing their loan check. No Capital One personal loan account will be activated unless the loan check is cashed within a 30 day period of approval.

There are various features of a Capital One personal loan that are extremely advantageous to a borrower. They offer an automatic payment service option, which will allow you to have your monthly payment amount debited directly from your bank account. In fact, all applications form will have an automatic payment service section for an applicant to complete.

There are also no early prepayment penalty fees with a Capital One personal loan. This will mean that a borrower is able to pay more than their minimum monthly payment amount or even repay their loan in full at any time. Unfortunately, many personal loan providers will not offer this option, and therefore a borrower may find that they are tied into a loan for a number of years and have no way of avoiding interest charges.

Capital One also have their own website, which offers online banking, where members can access and manage their accounts 24 hours a day, 7 days a week. Online banking will allow a Capital One customer to check their account balance, make free online payments, etc.

In order to apply for a Capital One personal loan, an applicant will need to provide details of their income, Social Security number, monthly housing costs, details of any co-applicants, and their bank account information if they wish to sign up for the automatic payment service. They will also need to input the reservation and access codes that will be located on the offer they received.

Capital One will generally have a “valid until date” on any personal loan offer they send to potential customers and this will usually also outline the maximum loan available, as well as the applicable interest rate. However, this does not guarantee the interest rate that an applicant will receive, as this is determined by their credit score.

Capital One are renowned for their range of credit cards, but in recent years their personal loan accounts are proving to be extremely popular. However, it is important to remember that their loans are available by invitation only, and therefore an applicant will never be considered unless they can provide the reservation and access codes required.