Capital One, the nation’s leading credit card provider, offers personal loans and lines of credits also. However, these are available mostly to people with a very good credit score. Since these loan products are unsecured in nature and carry a very high rate of interest, people with bad credit rating are unlikely to get approval for the same. However there must be some alternatives to Capital One Personal Loans for Bad Credit, which one can explore right here at Personal Loans Hub. The discussion here addresses primarily to the bank’s personal lending options for people with good credit standing.
A personal loan is also referred as signature loan or installment loan depending on how the loan has been set up for a particular borrower. A signature personal loan is offered only to the people with very high credit scores. Such loans are unsecured loans, which mean you do not need collateral to back the borrowed amount. Moreover, the rates are competitive and generally lower than most credit cards. Loans are advanced for a limited term with a convenient payment schedule.
An installment loan is a kind of term loan, which is generally offered for a period ranging from 12 to 18 months. Payments are fixed and must be paid on a monthly basis. These loans also do not require collateral, and hence they can be classified under Capital One Unsecured Personal Loans. It is possible to apply online also and one can choose to visit a nearby Capital One branch for a personal loan application.
A line of credit is a good alternative to a credit card as you are offered a revolving credit line, which you can use anytime for instant funding. Cash is made available through a check, ATM card, or online transfer. Interest is charged only on the amount of money withdrawn from the credit line and not on the money left in your account. The rates are competitive and give you an edge over the features of most credit cards.
The line of credit at Capital One is generally limited to $5,000 or $10,000. Within the maximum limit, you are free to withdraw as much money as you need and then pay it back to have it again for reuse. This gives you immense convenience and you do not have to look elsewhere for paying small bills. Capital One personal line of credit is generally offered to those who have a very good credit rating and established sources of income.
For more information on Capital One Personal Loans and Lines of Credit, call its customer service phone number, which is 1-800-926-1000.