Capital One Personal Loans

A personal loan can come in handy when you find yourself in a situation that requires money you do not have. The beauty of personal loans is that you can mostly use them as you please, which explains why there has been a steady rise in personal loan preference in the past couple of years. This preference to personal loans is also enhanced by the fact that they do not require collateral.

However, there are banks that only offer secured loans and others that will require collateral for people with a low credit score. Most of the traditional big banks in the US do not offer personal loans. So does Capital One do personal loans? There are many people interested in getting Capital one personal loans only to find that they do not offer.

Capital One has three major divisions from which it makes its money. The divisions are Credit cards, consumer banking and commercial banking. By the end of the fourth quarter in 2018, 75% of the revenue for Capital One was from credit cards, 11% from commercial banking and the remainder 14% from consumer banking.

Capital One used to offer mortgage and equity loans but they stopped the service in 2018. They stated that the service was not profitable for them. This saw 1,100 workers being laid off. According to Capital One, the mortgage and home equity loans are very competitive and very low interest for the bank to actually make any money from them.

However, Capital One does offer the following loan services;

Auto Loan – this is a Capital One personal loan that you can use to either buy or refinance a car. With the Capital one personal loan application online, the Auto Navigator you can easily get prequalified for an auto loan. You also get to learn of the estimated amount and terms before you head to a participating dealer to see what cars you can get.

You can also save money by refinancing your auto loan with Capital one personal loan. Refinancing means that you get a loan from Capital One and they pay the car loan you have on your car completely using your car as collateral. You then get to enjoy better terms and actually save money while paying off for your car.

If the new loan has lower APR or an extended loan term, you are also able to enjoy reduced monthly payments not to mention the convenience and flexibility of paying off your loan new loan by choosing terms that meet your needs and goals.

The Auto Loan at Capital One is a simple interest loan. This means that the loan starts accruing interest from the first day that it was given. The rate depends on the principle and the number of days in the year. However, as you continue to pay the principal amount then the interest rate continues to reduce significantly.

Credit Cards – these are the biggest money maker for Capital One and all for good reasons. Credit Cards loans usually have a high interest rate. However, you might find that you need a credit card loan for one reason or the other. Capital One offers a wide range of credit card loans including; Quicksilver One card, Platinum card, student cards, rewards cards, business cards, travels and miles cards and so much more. There is a card for everyone at Capital One

The cards have different charges. The interest rates are different for different cards, the rewards on the cards differ and also some have annual charges and others do not. It is therefore important that you take time to choose the card that will meet your needs. The APR on the different cards is anywhere from 14.24 to 26.99%.

With the cards you get 24/7 customer service. Text, app or email services help to keep you on top of your card. Monitoring your transactions and balances is easy. You also get to choose your own monthly due date when to make payments on your card and the payment method you want to use. If your card gets stolen you are not responsible for unauthorized charges. There are many other benefits of getting a credit card from Capital One.