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Wells Fargo Personal Loan Review

What is [WellsFargoPL]Wells Fargo[/WellsFargoPL]? If you live in the United States, you’ve almost certainly heard of . They are the fourth largest bank in the entire country. They have roughly 5,800 branches and over 13,000 ATMs spread throughout nearly every state. For people who don’t live close to a physical location, Wells Fargo also provides … Continue reading Wells Fargo Personal Loan ReviewThe post Wells Fargo Personal Loan Review appeared first on MagnifyMoney.

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What is [WellsFargoPL]Wells Fargo[/WellsFargoPL]?

If you live in the United States, you’ve almost certainly heard of Wells Fargo Bank. They are the fourth largest bank in the entire country. They have roughly 5,800 branches and over 13,000 ATMs spread throughout nearly every state. For people who don’t live close to a physical location, Wells Fargo also provides 24/7 phone support for their financial services.

Wells Fargo offers personal loans to go along with its numerous other banking, loan and financial products. Just because a lender is big player in the financial space, doesn’t necessarily mean they are the best option for you. In this review, we will look at the most important features of a Wells Fargo personal loan.

Wells Fargo personal loan highlights

Securing a personal loan through Wells Fargo comes with many of the same benefits you would expect with any major financial institution. Here are a few highlights on a personal loan with Wells Fargo:

  • Loan amounts vary – They offer personal loans that range anywhere from $3,000 all the way up to $100,000.
  • No application, origination or prepayment fee – It doesn’t cost anything to apply for or set up a Wells Fargo personal loan. There is also no penalty for paying the money back ahead of schedule.
  • Fast payment – Wells Fargo typically releases payment within one business day of loan approval.
  • Wells Fargo checking account discount– Wells Fargo subtracts 0.25% off the interest rate when you set up automatic payments through a qualifying checking account with the bank.
APR 6.99%To23.99%Credit Req.VariesMinimum Credit Score

Terms12 to 60months

FeesNo origination feesAPPLY NOW Securedon Wells Fargo Bank’s secure website

Wells Fargo personal loan detailsWells Fargo loan terms range from 12 to 60 months on loan amounts of $3,000 to $100,000. The APR on a personal loan can range from 6.99% to 23.99%,  (0.25% discount is applied to the interest for relationship accounts). The Wells Fargo website states funds are often distributed the next business day after approval.

What’s great about Wells Fargo personal loans is there are no origination or prepayment fees. There is a late payment fee: $39; however, there is 10-day grace period to make that payment before Wells Fargo charges a penalty.

[Chart-WellsFargoPersonalLoanDetails] Fees and penalties

  • Terms: 12 to 60 months
  • APR Range: 6.99% - 23.99%
  • Loan amounts: $3,000 - $100,000
  • Time to funding: Next business day
  • Soft-pull/hard-pull: Hard
  • Origination fee: None.
  • Prepayment fee: None.
  • Late payment fee: $39

[/Chart-WellsFargoPersonalLoanDetails]

Eligibility requirements

Like most applications for a line of credit or a loan, your credit report will show a hard pull when you apply for a personal loan with Wells Fargo. The bank does not have a minimum credit score requirement, but will consider your credit score in their decision. They also don’t have a cap on the debt-to-income requirement, but again, it will be factor into their lending decision.

Loan underwriters will also 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.

Apply for personal loan with Wells Fargo

You can apply for a Wells Fargo personal loan online, by phone or at a Wells Fargo bank branch. In each case, Wells Fargo will ask for your personal information — like your name, address and Social Security number — and employment and income verification. Finally, you will need to submit your ideal loan term and amount, although you may not receive the full amount requested.

If you already have a Wells Fargo bank account, you can log in and the application will be prefilled with information that is already on your account. Once you submit the online application, the software will tell you whether you qualify, are rejected or if they need more information. Wells Fargo may request supporting documentation such as your pay stubs, driver’s license or tax returns before making a decision.

Wells Fargo often supplies funds within one business day of approval. Funds can be received in a variety of different ways, including a direct deposit into an existing Wells Fargo account, transferring the money into another bank account, cashier’s check or you can opt to have the funds go directly toward outstanding debts (if you requested the loan to consolidate your other debts).

Wells Fargo personal loan: Pros and consWells Fargo has some positives — such as banking with a mega financial institution — but it also has some negatives — like their history of setting up fraudulent accounts. Loan products (with any institution) will be no different. Here are some pros and cons to taking out a personal loan with Wells Fargo:

[Chart-WellsFargoProsAndConsDetails] Pros:

Cons:

  • Fast payment – Once your loan has been approved, they pay out within one business day.
  • Competitive interest rates – Wells Fargo interest rates are competitive compared with many online lenders.
  • Relationship discount – Wells Fargo takes 0.25% off your interest rate if you have a qualifying checking account with them and make automatic payments.
  • No prepayment, origination or application fees – Wells Fargo does not charge an application fee or origination fee to set up a personal loan. There are no penalties for paying off your loan early.
  • Varied loan amounts – Wells Fargo offers loans anywhere from $3,000 to $100,000. This can be useful for people looking for a large personal loan.
  • Decision could take time – Wells Fargo does not make an instant decision on all applications. They may ask you to submit additional documents before making a decision.
  • Hard credit pull – To see whether you qualify and at what rate means making a hard pull on your credit report, which can knock a few points off your score.
  • No guaranteed approval – Although Wells Fargo does not list its eligibility requirements, expect them to be tougher than with an online lender. Large national banks use a more stringent qualification process in exchange for charging lower interest rates than some online lenders.

[/Chart-WellsFargoProsAndConsDetails]

Who’s the best fit for a Wells Fargo personal loan?

Wells Fargo personal loans are ideal for someone with a strong credit score and high income. In this case, you have a better chance of receiving an instant decision at the lowest available interest rate.

Wells Fargo incentivizes personal loan borrowers to open a checking account with them by offering a 0.25% discount on the interest rate when you set up automatic payments. Plus, Wells Fargo can deposit the loan proceeds immediately into your bank account after you’re approved.

Wells Fargo is a good fit if you want the flexibility to pay the money back earlier than expected or are looking for a large personal loan limit. Finally, if you want to meet with a banker in person to discuss your loan, Wells Fargo is one of your better options as they have roughly 5,800 branches nationwide where you can meet with a loan officer.

Alternative loan options

If you don’t meet Wells Fargo eligibility requirements, consider the following three alternatives for a personal loan:

[LendingClubPL]LendingClub[/LendingClubPL]

APR 6.16%To35.89%Credit Req.600Minimum Credit Score

Terms36 or 60months

Fees1.00% - 6.00%LEARN MORE Securedon LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.Read Less

LendingClub is an online lender that uses a peer-to-peer system, which means they match you with other lenders to fund your loan. You could potentially receive a lower interest rate or qualify with a lower credit score than you would with Wells Fargo, but that depends on what kind of offers you receive. You can check rates without hurting your credit score because they use a soft pull to create offers. However, the entire process takes at least seven days to fund your loan. A personal loan with Wells Fargo is a faster process if you immediately qualify.

[OneMainFinancialPL]OneMain Financial[/OneMainFinancialPL]

APR 16.05%To35.99%Credit Req.VariesMinimum Credit Score

Terms24 to 60months

FeesVariesAPPLY NOW Securedon OneMain Financial’s secure website
If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More They offer quick turnaround times and you may get your money the same day if you apply before noon with check or prepaid debit card option. ACH transfers take one to two business days. Interest rates are higher than other online lenders, especially for those with excellent credit, and you will need to visit a branch to get your loan.Read Less

OneMain Financial’s application process — from application to funding — can be completed in just one day. The downside is they charge significantly higher interest rates than Wells Fargo. You will be required to visit a OneMain Financial branch in person to complete the process as it can’t be 100% completed online.

[LendingPointPL]LendingPoint[/LendingPointPL]

APR 15.49%To35.99%Credit Req.585Minimum Credit Score

Terms24 to 48months

FeesFee VariesLEARN MORE Securedon LendingTree’s secure website

LendingPoint offers personal loans for a wide variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase. Their online process can help you to quickly apply for a personal loan, get qualified, and receive funding. While their interest rates can be higher than others, they do offer fast approval and can transfer funds to your bank account in 24 hours.

LendingPoint is another choice if you need money quickly and want to handle the entire process online. They are more accepting of lower credit scores and consider other factors for their lending decision, such as employment and financial history and income. Their application process is fast and you may be able to apply and receive funding within a couple of days. They do charge a loan origination fee and have higher interest rates than Wells Fargo.

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