It is quite normal to need some extra cash from time to time in order to meet certain emergency expenses. You might need to pay some medical bills or want to consolidate some high-interest debts. It is easy to meet such expenses if you have a good to excellent credit.
Capital One is a diversified financial institution that offers a wide array of banking solutions, including personal loans, installment loans and lines of credit. Getting a personal loan or accessing a personal line of credit with Capital One could help you meet your financial goals.
Personal Installment Loans
A personal loan is an unsecured type of loan where you are not required to put your house or any type of property as collateral. Usually, unsecured personal loans are offered to borrowers having high credit ratings. Unsecured personal loan rates are generally very high compared to the interest rates of HELOC loans which are secured by your home.
As a result of the high interest rates, personal loans are suitable for those expenses that you plan to pay off quickly.
Majority of the personal loan terms are typically set up as personal installment loans and you are suppose to repay the amount over time with fixed monthly payments. A personal loan from Capital One can be used for a number of purposes that include:
- Paying medical bills
- Making home improvements
- Consolidation of debts into one loan
- Paying for college education
- Planning a vacation
There are certain things to consider before you make your decision to apply for a personal loan. The first thing to consider is how the purchase will fit with your financial goals and priorities. It is very important to have some knowledge whether you will be able to afford the monthly repayments. You can also check some personal loan reviews online to have a better understanding.
Capital One Personal Lines of Credit
A personal line of credit from Capital One provides you quick access to set amount of funds often limited to $5,000 or $10,000. You can borrow this amount as needed and pay back on time to avoid default. As you continue making your repayments, you can borrow funds again and again without needing to apply for a new loan. Interest rate in charged only on the amount of funds borrowed from the line of credit.
You should understand that personal lines of credit usually have high interest rates and you are mostly likely to get your approval only if you have good credit scores and stable income source. Acces to funds through personal line of credit is very convenient as you can use your check, ATM card or Internet transfers to other accounts.
How can you apply for personal loan?
In order to receive a personal financing option from Capital One, there are some possible steps that you could take. Make sure that you have a genuine requirement before you go for a personal loan as the interest rates are very high. Also find out your FICO credit score as you should have more than 600 in order to get positive reply from the bank.
You need to arrange all the documents and keep them handy to fasten your application process. The next step is to find a local branch or call 1-800-926-1000 to speak with a bank representative and initiate your personal loan application process. The final step is to fill out your loan application form and submit necessary documents along with the form to the bank.