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Wells Fargo – About The Lender
Wells Fargo is a larger international financial services company. It is based out of San Francisco, CA and was established in 1852. Wells Fargo currently has 2 trillion dollars in assets and over 8,000 local branches.
Wells Fargo offers a large range of financial products and services but they are also one of the few large banks to offer personal loans as well. Wells Fargo offers secured and unsecured personal loans that can be set up as traditional loans with a term in months or as a line of credit. This review will cover the Wells Fargo personal unsecured term loan.
Wells Fargo Personal Loan Specification
Here are the basic specifications & requirements of Wells Fargo Personal Loan :
|Feature||Wells Fargo Personal Loan|
|Loan Amount Range||$3,000 – $100,000|
|Interest Rate Range||7.49% – 24.49%|
|Late Payment Fee||$39|
|Returned payment fee||$39|
|Check Processing fee||None|
|Minimum Credit Score||660|
|1st payment||Typically 1 day|
|Documents To Provide|
Wells Fargo Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
What Can a Wells Fargo Personal Loan Be Used For?
Wells Fargo personal loans has a wide range of uses including debt consolidation, home improvement, major purchases, or expenses. It cannot be used for any post-secondary education expenses or the purchase of real estate
Wells Fargo personal loans can be used for debt consolidation, designed to pay off debt. Wells Fargo will pay off your creditors directly. Once your other debts are paid, you make one payment to Wells Fargo instead of multiple creditors. Your rate and amount will be fixed for the life of the loan. Wells Fargo also has a debt consolidation calculator that you can use to see if a debt consolidation loan would be worth it in your situation.
Wells Fargo home improvement personal loans can be used for home repairs or projects. The advantage of using a personal home improvement loan for this is the promptness of receiving the funds. It typically takes a month or more to get an equity line of credit on your home. Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home. You can use a Wells Fargo personal loan to start your home improvement project quickly.
You can apply for a Wells Fargo personal loan by phone at 1-888-667-5250, at a local branch, or online. You can only apply online if you are already a Wells Fargo customer. If you are not, you will need to apply at a local branch.
If applying online, you will need to provide personal information including your name, date of birth, social security, address, email, and phone number. You will need to provide details about your employment, income, and expenses. In addition, you will choose your preferred term, the amount you want to borrow, and the reason for the loan. Once approved you still may not get the amount you requested.
If you already have a Wells Fargo account you can apply with your current account. Wells Fargo may need documentation to verify your information such as ID, paystubs, or even tax returns. You can sign documents online or at a branch. Wells Fargo will fund your loan one business day after approval. The options for funding include direct deposit in a Wells Fargo account, transfer to another bank account, cashiers check, or if you are consolidating debt you can have Wells Fargo send payments to your creditors.
Wells Fargo’s underwriters will consider your income and any other banking relationship with Wells Fargo as part of their decision. If you’re a long-term Wells Fargo customer, that could improve your chances of qualifying.
Wells Fargo Personal Loan is Best for..
Wells Fargo personal loans are best for borrowers with a strong credit history and high income. Their personal loan is geared toward helping their current customers get out of debt. They offer one of the highest amounts for a personal loan, $100,000.
If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers. You can search for some that have a soft credit pull to check your rate.