Wells Fargo personal loans are available in 19 states along with the District of Columbia. You can visit the Well Fargo official site and enter your postcode to see if the personal unsecured loan is available in your state. Wells Fargo allows you to borrow a loan amount from $3,000 – $100,000 for the personal loan. Wells Fargo offering $100,000 in loan amount makes them generous compared to the standard loan amount of $35,000 offered by most online lenders.
The interest rate ranges from 6.99% to 23.99% and the repayment can be spread out over 5 years. Short repayment term is available for certain loan amount. Wells Fargo unsecured personal loans don’t have any prepayment fee so you don’t have to pay any additional fee if you pay it off before the loan term. Origination fee does not apply to the unsecured signature loan. The two fees that they charge are late and returned payment fees.
Wells Fargo has a fast approval process and they often send a decision within 15 minutes. If you get approved, you can expect them to deposit the funds in your bank account in the same business day. On their website, you can find a calculator which you can use to calculate how much you are to pay each month. This can help you to decide whether it is affordable to take out a personal loan with Wells Fargo.
To qualify for a personal loan with Wells Fargo, your credit score should be in the range of 660 – 749. In addition, you must possess a debt to income ratio of not more than 40%. The length of the credit history and your loyalty to Wells Fargo are among other factors that will be taken into account when determining the loan approval decision.
If you have a checking/portfolio account with Wells Fargo, you will get a small discount on the APR interest rate. Wells Fargo personal loan is suitable for those who want to consolidate their debts. If you are using the loan for debt consolidation purpose, you have the option to make repayment to the creditor directly. The funds from the personal loans can also be used for other personal purposes for example, paying medical expenses, home improvement, education and utility bills.
If you are a new customer, you have to visit one of the physical branches of Wells Fargo to apply for the personal loans. Old customers can apply for the unsecured personal loans at the official website. They will carry out a hard credit check when you submit the application. The hard credit check can cause your credit score to slightly drop when they request your credit profile from the credit bureaus.