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Learn more about personal loans from Wells Fargo and find out if you can get better interest rates and lower fees with other personal lenders.
Wells Fargo Unsecured Personal Loan
As one of America’s largest banks, Wells Fargo is the likely destination when looking for a personal loan.
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In this Wells Fargo Personal Loans review, we’ll compare rates, fees, and services to other national and online banks.
This means you have some certainty when it comes to paying off your loan, which can make it easier to budget your monthly payments.
Loans under $5,000 have terms ranging from 12 to 36 months, while loans over that amount can be extended up to 60 months. A secured loan can have a term of up to 120 months, depending on how much you borrow.
This means that if you decide to pay off the loan in full before the deadline, it will not cost you extra. There are also no annual fees associated with personal loans.
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If you are an existing Wells Fargo customer, you can apply for a Wells Fargo personal loan in one of three ways: online, by phone, or by visiting one of the bank’s branch locations.
If you do not have a Wells Fargo account, you must complete an application at a branch.
The bank doesn’t include any specific eligibility requirements on its website, and a quick chat with a customer service representative confirms that each application is approved on its own merits.
With that in mind, here are some general tips that can help you qualify for a personal loan:
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Wells Fargo will consider your credit report and score, among other factors, as part of the approval process. Take a look at your credit report and score to see which factors help you and which affect your chances of getting approved.
Mistakes or errors on your credit report can drag down your score. If you notice an error, you can dispute the information with a credit reporting bureau to have it removed or corrected.
The two most important factors that affect your credit score are your payment history and your credit utilization ratio. Having a solid history of on-time payments and low balances on your other credit accounts can work in your favor when trying to qualify for a loan.
Your debt-to-income ratio is the percentage of your income that goes toward paying off your debt each month. A high debt-to-income ratio can be a red flag for lenders if they’re concerned about whether you can repay a new loan. If your ratio is too high, consider paying off some of your current debt or finding ways to increase your income to reduce it.
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Wells Fargo secured loans are available to Wells Fargo customers who have a certificate of deposit or savings account. Your CD or savings serve as collateral for the loan. If you’re planning to apply for a secured loan, review your savings to see how much you can reasonably afford to borrow.
Loan financing terms are partly determined by how long it takes you to get approved. Loan approval can take a few minutes or up to two hours.
In some cases, approval may take longer if Wells Fargo needs to verify your personal or financial information.
One of the benefits of choosing a personal loan from Wells Fargo is that you can get a deal on the APR of your loan.
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An annual fee waiver may also be an option if you’re getting a secured loan or personal line of credit.
In addition to being an existing customer, you must set up automatic loan payments to qualify for the discount.
You may need to provide the bank with copies of supporting documents, such as your most recent payslips, V2s or tax returns.
Utility bills may be needed to verify your address, and you should also have your driver’s license and social security card handy in case the loan officer needs a copy.
Secured Vs. Unsecured Personal Loans: What You Need To Know
When you apply, you’ll need to tell Wells Fargo what type of loan you’re applying for (ie, secured or unsecured), your desired loan term, the amount you want to borrow, and your desired maturity date.
Remember, if you are applying with a joint applicant, they will need to submit all the information you provide.
Comparison shopping can help you determine which loan option is best for your needs. Here are three other lenders that offer personal loans to qualified borrowers.
Being an online lender, Upstart is able to offer funding in a very short period of time, often as fast as one day. It also differs in the criteria used to approve borrowers.
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Upstart takes into account things like your credit score and income, as well as things like your education and career, to estimate how likely you are to repay the loan.
Lending Club is a marketplace lender, meaning its loans are crowd-funded. Borrowers can apply for personal loans of up to $40,000, and it’s up to individual investors to decide which loans to finance and how much to invest.
This rating tells investors at a glance how risky you are. Your score also determines the interest rate on your loan. If you don’t have excellent credit, getting a loan through Lending Club can be easier than through an online lender or bank.
Santander Bank offers personal loans of up to $35,000. This is significantly less than what you can borrow from Wells Fargo, which can be an advantage if you need a larger loan.
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Loan interest rates are competitive and there are no application fees or annual fees. Monthly payments are predictable and loans are unsecured, which is good if you have no collateral.
One of the most appealing things about getting a personal loan from Wells Fargo is that you can potentially borrow more than you can with any other lender.
Of course, assuming you have the credit and financial ability to qualify for a large loan. If you don’t, another lender might be better.
The link discount is also a nice perk if you’re a Wells Fargo customer and don’t mind scheduling automatic loan payments.
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Before making your final decision, compare all your lending options to see if another lender offers a better rate or more generous benefits.
There is a writer for Rebecca. He specializes in consumer banking products, savings and the psychology of money. He has contributed to numerous online media outlets, including US News & World Report and more.
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