From time to time, you might need a little extra money to cover some kind of unexpected expenses. You never know when you might have some urgent medical bills or certain cash requirements. With a personal loan or personal line of credit from Capital One, you can deal with your unexpected bills and cash needs without any hassle. You can also consolidate your several outstanding debts into one loan term and make only one monthly payment.
If you have a reliable source of income and a good credit record, you can easily get a personal loan or a line of credit from Capital One Bank. Similarly with other type of loan, you should consider how the purchase suits with your goals and financial priorities. It is sensible to check whether you will be able to afford your monthly payments before choosing a personal loan or a line of credit. You can further consider whether the purchase can be postponed while you carry on with your saving. A bank agent or a financial advisor will be able to help you find the best loan term that will suit your needs and your affordability.
A personal loan is also known as a signature loan and it is an unsecured loan where you are not required to use your assets or property as collateral against the loan amount. Typically, personal loans are provided to borrowers who have very high credit rating or scores. Being an unsecured loan, the interest rates are usually higher than interest rates of a HELOC, which is a kind of personal loan secured by the home of the borrower. The best usages of personal loans are for expenses that you intend to pay off quickly.
Capital One Installment Loans
Most of the personal loans are often set up as installment loans in which you make your loan repayment over a certain period of time with a set term of fixed payments schedule. Most of the borrowers who take personal loans try to pay back their loan in 12 to 18 months. It’s totally your choice whether you use your loan amount to pay your education, consolidate your debt, make home improvements, pay utility bills, or plan a vacation.
Capital One personal line of credit
A line of credit works much like a credit card where you get a revolving loan amount. This means you can withdraw as much as you need subject to your credit limit and pay back to become eligible for another withdrawal. The best thing is that the interest is incurred only on the amount you have borrowed from the line of credit. The amount of money left in it is free from any kind of interest.
Under Capital One personal line of credit, you might be able to obtain a revolving credit of $5,000 to $10,000. However, you need to have a very good credit score to become eligible for application. It is easy to use the money with a check or an ATM card. You can also transfer money to other bank accounts.
Process to apply for personal loan at Capital One
Here is an outline of possible steps that you can take in order to obtain a personal financing solution.
- Ensure that you have a genuine loan requirement. It is better to avoid a personal loan as the interest rates are usually very high.
- Check your FICO credit score. You must have more than 600 to get a positive reply from Capital One.
- It is also important to arrange for the documents certifying your eligibility to pay for the loan.
- Find out a Capital One branch or locality or dial the customer service number 1-800-926-1000 to initiate the process of personal loan application.
- Talk to a bank representative and explore your loan term and payment options.
- Finally, fill out the application form and submit all the documents required by the bank.