Wells Fargo personal loans: don’t disregard them
There’s a downside to having $1.9 trillion in assets, more than 8,400 locations across America and a picturesque history dating back to 1852. When scandals hit you, everyone knows who you are. And it takes people a long time to forget. But how much should those recent scandals affect consumers’ choices of Wells Fargo personal loans?
After all, the bank says it’s working hard to correct past mistakes — and to make sure they never happen again.
Of course, only you can decide whether it’s regained your trust. But, if you’ve decided to give it a second chance, you may well want Wells Fargo on your shortlist of personal loan lenders.
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Competitive personal loans
That’s because their fees and rates are reasonably competitive and you typically get your money quickly. And there are various other features and benefits that may or may not be valuable to you. For instance, you don’t have to pay a prepayment penalty if you want to cut your loan short. Read on to discover more details about Wells Fargo personal loans.
Everything you need to know about personal loans
Rates and fees
As with all lenders, the interest rate you pay Wells Fargo is going to depend on a number of factors, most importantly your credit score. The bank says it doesn’t set minimum scores for borrowers.
And that may be a signal that it can be more flexible over credit standards than some other lenders. But don’t expect it to approve your application if your credit’s totally shot.
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How much?
This bank’s rates for personal loans start at 5.24% APR for those with excellent credit. That’s not the lowest you’ll see promoted. But the website says at least 10% of successful applicants pay that much. So it’s realistic — and not one of those ultralow rates you sometimes see advertised that leave you wondering how many borrowers actually pay so little.
If your credit score doesn’t shine so quite brightly, rates will soon get sharply higher. Those with a fair (FICO 621-699) score should expect to pay 18.49% - 22.99%.
Existing customers
Those advertised rates already include a special discount for those who are existing customers of Wells Fargo. You’ll need a checking account and will have to use automatic payments to qualify. If you aren’t such a customer, you’ll miss out on that 0.25% relationship discount.
No fees
There’s good news on the fees front. There aren’t any. Origination is free and there are no annual fees.
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Terms and borrowing caps
If you’re borrowing under $5,000, you can choose to make payments over 12-36 months. Those wanting a bit — or a lot — more can repay over 12-60 months.
Of course, you’ll have to set the term right at the start. You’ll want to hit that sweet spot when you’re spreading the payments enough to make them comfortably affordable. But, at the same time, you don’t want to take too long because that will see you paying more interest than you need. And, naturally, you’ll want to be free of the debt as early as you can be.
The most you can borrow is $100,000. Of course, the bigger your personal loan, the more carefully Wells Fargo will wish to verify and consider your application. So expect to have to provide more documentation and wait longer than usual for a decision if you’re borrowing a big sum.
How quickly you can get your money
The bank says it often makes lending decisions within minutes. And, once you’re approved, the money can be in your account on the next business day.
But, as we just suggested, expect to wait longer if you’re borrowing a lot or if your application comes with complications.
Help when applying for Wells Fargo personal loans
The bank seems keen to make the application process easy. And you can complete the entire process online — without leaving your home. Even document signing can be completed online.
Wells Fargo’s website provides a wealth of information and resources. Those include helpful FAQs and various calculators so you can model different scenarios for your loan.
Pay off your debts directly
You can, of course, use the proceeds of personal loans for any purpose. Once you receive the money, you can do what you like with it.
However, many borrowers use them for debt consolidation. And Wells Fargo offers a choice of repayment methods to those. So you can receive the money in your checking account and settle your debts in the normal way. Or, when you apply, you can ask your branch or phone banker to pay your creditors directly.
Wells Fargo personal loans — what the bank says
We asked the bank to tell us what it thinks you should know. And a spokesperson responded:
Wells Fargo Personal Lines & Loans dates back to 1897. Often times our customers seek personal loans and lines of credit to consolidate debt, purchase higher-cost items, finance life’s events that may include family reunions or weddings, and unexpected events that may include medical bills or emergency services.
Wells Fargo team members work with each customer to determine if a Personal Loan is the right option to meet their financial needs. Our goal is to provide sound advice and guidance to improve the financial health of our customers.
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