Wells Fargo Home Improvement Loan Reviews
Wells Fargo is a famous bank with corporate headquarters in San Francisco, California. The financial institution functions in 35 countries and proudly serves more than 70 million customers globally. As per the Financial Stability Board, it has become one of the top-ranking financial institutions in America. You can also get the services they provide. Through this post, we will let you know more about Wells Fargo and the services they provide, especially its well-known home improvement loan.
It’s always the right time for a home renovation
Do you feel your home needs a makeover? Do you wish you could redecorate your home but have not done so yet due to financial issues? Well, you can easily get a loan from Wells Fargo to help out your situation. Wells Fargo is one of the financial institutions that understands how important your house is to you. So they offer loans to renovate, renew, or restore your house without any stress. You are allowed to repay the loan in bits every month.
Wells Fargo will go through your credit rating when providing you with loans or credit cards. The process isn’t unlike that of most financial companies. Basically, the bank will check your credit scores to see if you are eligible for the loan. If your scores are up to standard, lucky you! You will be able to obtain a high loan limit. If you have low credit ratings, it is quite unlikely that you would be approved for a loan. When applying for a loan from Wells Fargo, you’ll need to meet certain standards regarding your credit score. At Wells Fargo, getting a loan for home improvements is less of a hassle than getting a personal loan.
The requirements to qualify for a loan from Wells Fargo to make improvements to your home
There are certain qualifications you need to be eligible to obtain a loan. You can expect to get a home improvement loan for $3,000 to $100,000. Also, before you ask, you don’t need to pay an origination fee. Whether you want your loan for home repair, HVAC replacement, kitchen remodeling, or home renovations, Wells Fargo has got you covered.
To qualify to apply for your home improvement loan, you need to:
- Be a Wells Fargo customer.
- Needs at least a credit score of 660.
Keep in mind that loan terms vary from 1–3 years for loans less than $5,000. When it comes to larger sums, loan durations of up to 84 months are possible.
Application Process for a Wells Fargo Home Improvement Loan
Wells Fargo allows you to apply for your loan online. You can start the process by logging on to their official website. Then navigate to the loan application page, and then you will be asked whether you are a Wells Fargo customer. Suppose you are not already a customer. In that case, you will have to open an account and go ahead and apply for the loan. You can find a location to open your account.
Let’s say you already have an account with Wells Fargo. If yes, then select one way to log into your account. Sign in by entering your Wells Fargo username and password so that Wells Fargo can fill in some personal information. Alternatively, you can also manually provide your personal details to sign into your account. Once that’s done, you are finally ready to sign in to your account.
What you need to know about Wells Fargo Home Improvement Loans
- Thanks to the home improvement loan from Wells Fargo, you have the luxury of making your home renovation project a reality with a flexible interest-rate personal loan.
- You can expect to choose from loan options that are perfect for you. Let’s learn a little bit more about the Wells Fargo loans:
- Wells Fargo offers fixed interest rates. The loans offer a fixed term, a competitive fixed rate, and a fixed monthly payment.
- Expect flexible financing options. You have the freedom to pick the loan amount you like and your preferred repayment term.
- There is no need for collateral. You will not be limited by the amount of equity in your home. Therefore, you can borrow money without using your home as collateral.
Wells Fargo Home Projects Card
A home improvement loan is not the only option you have to renovate your home. Yes, Wells Fargo offers more. You can choose the Home Projects card, which is another awesome option. Through this card, you can expect a revolving line of credit for your home improvement work. For instance, you can get a new boiler, furnace, or air conditioning system, among other things. This card allows you to get these necessary items from different home improvement shops.
Plus, Wells Fargo allows you to grow your credit scores using your Home Projects card. And since this card is revolving, you have the chance to borrow money again whenever you need it.
Wells Fargo home improvement loan rates
The rates are flexible since you get fixed rates as low as 5.99% APR. Fixed rates let you pay the same amount all the way through. So what does this do? Well, you must avoid paying large amounts in the case of variable APRs.
You can save yourself from high-interest loans by building your credit score. You know the drill: higher scores mean you can expect low interest rates. This happens because financial institutions accept you as a low-risk borrower.
Zero-interest home improvement loans
Wells Fargo is a great choice for your home improvement plan. They have incredible loans with low-interest rates. However, you cannot expect zero-interest loans. It is not realistic to get a zero-interest loan. As you know, financial companies charge some interest on top of the borrowed amount.
Wells Fargo Home Improvement credit card alternatives
The best alternatives to home improvement credit cards are Wells Fargo personal and home improvement loans. Other than that, you can also request other credit cards, such as the Wells Fargo Propel card. Here are some options for all you credit card seekers:
- Citi Custom Cash Card
- Citi Double Cash Card
- U.S. Bank Cash Plus Visa Signature Card
- Lowe’s Advantage Card
- IKEA Visa Credit Card
- The Blue Cash Preferred Card from American Express
Know this before applying for the Home Improvement credit card
Now you know a lot about the Wells Fargo Home Improvement credit card. But before deciding to apply for the card, you need to take a few notes:
- Check if you have a credit score of 640 or above to get approval.
- Understand that this card is primarily for home improvement products and services. You are allowed to use the card at companies that sell home improvement projects.
Will home improvements be easier with a personal loan?
Wells Fargo explains that a home improvement loan is a better choice than a personal loan. As we discussed earlier, there are many perks to home improvement loans. For instance, you can benefit from fixed interest rates. No collateral is necessary when obtaining a home improvement loan. Plus, you have the chance to pick the amount of loan you want.
Personal loans don’t have that benefit, though. Unlike home improvement loans, personal loan interest rates are usually not fixed. That being said, you can sometimes expect rates as low as 5.99% APR. Wells Fargo’s personal loan is still a good choice because you can still utilize it to make home improvements. Other ways to use your personal loan include debt consolidation and making a significant purchase.
There you have it! Now you know all about Wells Fargo. The institution itself is a multinational company that operates in 35 countries and has over 70 million customers worldwide. The Wells Fargo home improvement loan is one of the best services you can expect from the bank. If you are thinking of renovating your home, you can apply for a Wells Fargo home improvement loan and enjoy low, fixed interest rates. Also, the Wells Fargo Home Projects Card is another great product they offer for you to get the home improvement materials necessary for your project.