Wells Fargo Personal Loans Review

Established in 1852, Wells Fargo is one of the largest banks in the country, serving one in three US households. It offers a wide variety of services including banking, investing, and home loans. It also offers personal loans.

benefits

  • Bad reviews: Wells Fargo offers fixed rates starting at 5.74% annual interest that include a relationship discount of 0.25 percentage points.
  • No provision fee: You don’t have to pay upfront borrowing fees to get a personal loan.
  • Relationship discounts: You can get an interest discount of 0.25-0.5 percentage points with an existing Wells Fargo checking account.

disadvantage

  • Online and telephone applications only for existing customers: If you do not have an existing account or loan with Wells Fargo, you will need to go to a branch to apply for a personal loan.
  • No prequalification option: If you want to know what rates and terms you qualify for, there is no soft credit check unless you are an existing customer – you have to officially apply for a loan.
  • Bad reputation: Despite its position as a major national bank, Wells Fargo has engaged in questionable practices in recent years.

What Can Wells Fargo Personal Loans Be Used For?

Wells Fargo offers unsecured personal loans from $ 3,000 to $ 100,000 with fixed rates of 5.74% to 19.99% APR (including the relationship discount). These loans are ideal when you have a one-time financing need and can be used for a variety of purposes including:

  • Consolidating High Yield Debt.
  • Financing of bulk purchases such as household appliances or furniture.
  • Financing of home improvement and repairs.
  • Cover major expenses such as medical care or car repairs.

How Do Wells Fargo Personal Loans Work?

There are three ways to apply for a Wells Fargo personal loan:

  • Apply online.
  • Make an appointment with a banker in your branch.
  • Call Wells Fargo at 877-526-6332.

If you provide Wells Fargo with your email address when you submit your application, you can use the yourLoanTracker tool to track your credit status. Once your loan application has been approved and you accept the loan terms, your money will be paid out quickly – often the next business day.

What are the terms, fees, and terms of Wells Fargo Personal Loans?

Wells Fargo offers personal loan rates between 5.74% and 19.99% APR. Prices are based on creditworthiness and other factors; At least 10% of eligible applicants qualified for the lowest rate available.

Loan terms range from 12 to 36 months for amounts from $ 3,000 to $ 4,999, and 12 to 84 months for amounts from $ 5,000 to $ 100,000. Wells Fargo does not charge any subscription fees or prepayment penalties. However, default interest or repayment fees may be charged.

How Can You Qualify For A Wells Fargo Personal Loan?

When you apply for a Wells Fargo personal loan, you need to help the lender get an overview of your financial situation. Prepare to provide documents that prove your identity (social security number, address and contact information), employment and income (employment status, employer contact details, gross monthly income and outstanding debts), and the loan itself (loan amount, purpose and duration) . . After you’ve submitted your application, Wells Fargo may ask you to provide additional documents such as tax returns, pay slips, or utility bills.

What creditworthiness do you need?

Wells Fargo does not disclose the minimum credit score required to be approved for a personal loan. However, it is recognized that consumers with a score of 700 and above are typically approved. Higher values ​​can potentially borrow more and secure lower interest rates.

Where does Wells Fargo do business?

Wells Fargo has approximately 4,900 retail bank branches and 12,000 ATMs across the country. However, it doesn’t work in every state. There are no locations in Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont, and West Virginia.

Is Wells Fargo serious?

In 2016, Wells Fargo lost its accreditation with the Better Business Bureau following fines of $ 185 million, including a $ 100 million fine from the Consumer Financial Protection Bureau, for opening accounts on behalf of customers without their knowledge or consent and the charging of additional fees. The bank has a BBB customer rating of 1.08 out of 5 stars.

The company also received a rating of 1.4 out of 5 stars on Trustpilot. Customer complaints range from high fees to poor customer service.

In 2020, the CFPB received 234 complaints about Wells Fargo’s personal loans. There was a timely response to all but three of these complaints.

What is Wells Fargo customer service like?

Wells Fargo Customer Service can be reached at 800-869-3557. The representatives are available 24 hours a day, seven days a week. You can also make an appointment to speak to a banker at your branch.

What are some of Wells Fargo’s online features?

Only existing Wells Fargo customers can apply for a loan online. Personal loan customers can register with Wells Fargo Online to make a one-time payment or to set up recurring payments. The bank also offers a mobile app that you can use to set up account notifications, transfer funds, pay bills, make deposits, and much more.

Wells Fargo personal loans are best for:

  • Individuals who are already in a relationship with Wells Fargo.
  • People with good to excellent credit ratings.
  • People who prefer to work with a national bank.

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