Wells Fargo Personal Loan Full Review
Secure your future, borrow the money you need to boost your life, and there are no origination fees, fixed rates, or deadlines for repayment.
A really popular choice for customers who are looking for funds to cover a variety of purposes, Wells Fargo is offering one of the best personal loans in the United States.
Borrowing up to $100,000 to be paid back over seven years, the bank’s personal loans are thriving with a lot of benefits.
Check out below everything you need to know about Wells Fargo, as well as the biggest advantages of its personal loans and some potential drawbacks.
More about Wells Fargo Bank
Founded in 1852, Wells Fargo has grown into one of the largest banks in the United States.
Throughout its history, Wells Fargo has been known for its commitment to customer service and innovation, having built a reputation for reliability and good customer relations.
Currently present in 33 states, the bank has over 70 million customers across the country and offers a range of financial products and services, including personal loans, mortgages, credit cards, and more.
How Wells Fargo Personal Loans Work
As of today, Wells Fargo offers both secured and unsecured personal loans, with its unsecured contract being one of the most advantageous on the market.
That’s because, unlike other lenders, Wells Fargo does not require a minimum score for applications, even for an unsecured loan.
With an unsecured loan, you do not have to use any of your assets, such as a house, to guarantee your payments.
Instead, the bank will rely fully on your creditworthiness and history when analyzing your loan request.
Still, new and current Wells Fargo clients can choose between $3,000 and $100,000, with a repayment term range of 12 to 84 months. That’s up to seven years to get your loan back.
When it comes to interest rates, the biggest factor in a loan choice, Wells Fargo doesn’t disappoint.
The bank is working with rates that start as low as 7.49% APR. The actual interest will depend on factors such as credit score, income, and loan amount, with the maximum interest settled at 24.49%.
Wells Fargo Personal Loans Main Benefits
Besides having one of the most competitive personal loans on the market, Wells Fargo is also offering a lot of benefits for their clients.
Those include a discount on your loan’s interest rate that can lower its rate by 0.25%. This can add up to significant savings over the life of the loan.
And the best of all, this discount is available to all customers. You just need to activate the loan’s autopayment option and pay off the monthly installments on time.
https://cf43efae2e106886be168cdcea64d86c.safeframe.googlesyndication.com/safeframe/1-0-40/html/container.html Besides those, Wells Fargo does not charge any origination fees or prepayment penalties on its personal loans.
That means you will not have any amount deducted from your loan when receiving your credit, not alone if you decide to pay off all of your loan debt before the repayment term ends.
Other advantages include:
- Fixed interest rates;
- Online application;
- High amouts availibles;
- Up to seven years to repay;
- No collateral is required.
Are there any disadvantages?
While Wells Fargo personal loans offer many benefits, there are some potential cons to keep an eye on.
Those drawbacks affect especially some clients who do not have a great credit history or are facing a lower score.
Firstly, Wells Fargo doesn’t allow cosigners on personal loans. The bank, however, accepts joint applicants, where both parties share equal responsibility for paying back the loan.
Wells Fargo‘s maximum interest rate can also become a problem, since it is relatively high compared to other lenders.
For clients who do not have a great credit history or are facing a lower score, it might be worth considering and applying for other loan options, like those offered by TD Bank, before accepting a Wells Fargo offer.
Finally, some clients may face an availability issue with Wells Fargo’s personal loans, since the bank is not physically present in all of the United States.
Learn how to apply right away!
Interested? Tap on the green button below and check out how to apply for Well Fargo’s personal loan online.