WELLS FARGO PERSONAL LOANS REVIEW 2024: GREAT RATES FOR EXISTING CUSTOMERS
Wells Fargo Personal Loans
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Expert Take
Wells Fargo personal loans offer quick funding, competitive interest rates and no origination fees. With high borrowing limits and fast decisions, they can be a convenient option for consolidating debt or paying for large purchases. But they’re only available to customers with an existing 12-month banking relationship.
Pros
- Speedy funding—receive your cash as soon as the same day
- No origination or closing fees
- Check your rate online without a hard credit pull
Cons
- Must already have a 12-month relationship or longer with Wells Fargo to qualify
- Minimum loan amount is $3,000
- Poor reputation for business conduct and customer service
Vault’s Viewpoint on the Wells Fargo Personal Loans
For existing Wells Fargo customers, getting an unsecured personal loan can be a good option to get fast cash for debt consolidation, a large home improvement project or to finance a large purchase. The relationship with Wells Fargo and automatic payments from a linked account earns you a 0.25% discount off an already competitive APR. And the borrowing limits are high for these loans—up to $100,000.
These personal loans are available to customers in all 50 states (including D.C.). You can receive a fast lending decision after an online application. Funds usually transfer the same business day after the loan documents are signed.
There are no origination or closing fees, and you can prepay on your loan anytime. A Wells Fargo personal loan offers flexible terms too, up to 84 months. These are some of the best personal loans for borrowers who need to borrow a large amount for an unsecured loan and have a pre-existing relationship with this large bank.
About Wells Fargo Personal Loans
Wells Fargo personal loans cover a wide range of uses from consolidating credit card debts to funding home renovations. The bank offers quick funding and doesn’t charge any origination, prepayment or closing fees. As another perk, you can change your loan’s due date if need be.
A handful of other banks offer lower APRs, but Wells Fargo’s rates are quite competitive, starting at 7.49%. Wells Fargo’s best interest rates go to borrowers with excellent credit who borrow $10,000 or more with terms of 36 months or more.
Who Is the Wells Fargo Personal Loan Best for?
The only people who can get approved for a Wells Fargo personal loan are customers who have had an account with the bank for at least 12 months. While one in three U.S. households has a Wells Fargo account (according to the bank’s website), this eliminates the other two-thirds of potential applicants.
A Wells Fargo personal loan can be a good option for existing customers needing to finance a major purchase or consolidate debt without the need for collateral. Wells Fargo’s rates are fairly competitive, and it offers an online application and issue quick lending decisions. Monthly payments, rates, and terms are fixed for the life of the loans, but there are no prepayment penalties. If you’re a long-time Wells Fargo customer with good credit, their personal loans could be a great option.
Who Should Consider an Alternative to a Wells Fargo Personal Loan?
Wells Fargo offers good APRs on personal loans to existing customers, but people who are new to banking with Wells Fargo will have to look elsewhere. Also, the minimum loan amount might be higher than some customers need. If you’re looking to borrow a few hundred dollars, you may have to find another bank or lender to finance your small personal loan.
It’s also worth noting that Wells Fargo has a poor reputation for both customer service and dubious business practices, which could be a dealbreaker for some borrowers. There have been past actions against Wells Fargo from both the Consumer Finance Protection Bureau and the Office of the Comptroller of Currency for misconduct.
Also, Wells Fargo’s Better Business Bureau rating is currently an F due to these governmental actions and its failure to respond to customer complaints. Borrowers who anticipate alterations or adjustments to their loans might want to consider other lenders.
How Do Wells Fargo Personal Loans Stack Up to Competitors?
Personal loans are a common financial product for banks, fintech companies and credit unions large and small. While you’re shopping around, consider a few of Wells Fargo’s competitors to make sure you get the best personal loan rates and terms for your loan.
Wells Fargo Personal Loan vs. PNC
Another large bank, PNC offers personal loans as well. It has much lower borrowing limits ($1,000 to $35,000) but doesn’t limit its products to existing customers. Terms range from 6 to 60 months and APRs are almost as good as Wells Fargo’s rates.
PNC personal loans are only available in 25 states plus D.C., so check on their website to see if they’re available in your area. Like Wells Fargo, PNC offers a 0.25% discount off your APR with automatic payments from a linked bank account.
Wells Fargo Personal Loan vs. LightStream
LightStream is an online consumer lender owned by Truist Bank. It issues unsecured personal loans between $5,000 and $100,000 as soon as the same day you apply and does not charge any fees. It offers a wider range of APRs than Wells Fargo and guarantees to beat other similar rate offers on unsecured loans by 0.10%. Like Wells Fargo, these rates represent an autopay discount, only LightStream’s is 0.50%.
While the low APR guarantee is a tempting one, LightStream personal loans are only available to borrowers with good or excellent credit. Also, once your LightStream loan is funded, you can’t change the payment due date.
Wells Fargo Personal Loan vs. Prosper
Prosper is another online lender that offers unsecured loans between $2,000 and $50,000. You can prequalify for a loan without a hard credit inquiry, and if you pay off your loan early, you may receive a refund for a portion of the origination fee, which ranges between 1% and 7.99% of the loan amount. Once approved, you can receive funds as soon as the next business day.
Prosper personal loans carry a higher APR than most but are more available to borrowers with fair credit. While it doesn’t publish a hard-and-fast credit score requirement, Prosper’s website suggests that 600 is the cutoff for consideration for a personal loan.
Frequently Asked Questions
Is It Hard to Get a Personal Loan With Wells Fargo?
While the online application process is quick and easy, you must have a 12-month relationship or longer with Wells Fargo to qualify for a personal loan. That said, a Wells Fargo representative stated via a phone call it has no minimum credit score. So if your accounts are in good standing and your income and credit profiles check out, your chances of qualifying for a personal loan are good.
Is Wells Fargo a Good Bank to Get a Personal Loan From?
Wells Fargo’s personal loans carry a good APR and flexible terms, but the bank’s reputation may give many customers pause. Its past offenses range from opening unauthorized accounts in customers’ names to misrepresenting the quality of mortgage-backed securities.
The bank also has poor customer service ratings on BBB and Trustpilot. Your personal experience with Wells Fargo may depend on the quality of service at your local branch as well as how often you need to interact with support staff.
What Credit Score Is Needed for a Wells Fargo Personal Loan?
A Wells Fargo representative stated via a phone call that Wells Fargo personal loans don’t have a set minimum credit score requirement. Instead of looking solely at your credit score, the bank takes in your whole financial picture, including your income, credit history, bank account balances, and estimated ability to repay the loan.
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The post Wells Fargo Personal Loans Review 2024: Great Rates for Existing Customers first appeared on Newsweek Vault.
2024-07-02T18:44:00Z dg43tfdfdgfd
