Have you heard of Wells Fargo? If you didn’t know, you can learn from this post. Wells Fargo is one of the best-known financial services companies. The corporate headquarters of Wells Fargo are in San Francisco, California, while the operational headquarters are located in Manhattan. But the company’s executive offices are spread across the United States and globally as well. The company has a large number of loyal clients because it offers great service. Wells Fargo offers lines of credit and loans. Let’s talk about Wells Fargo’s personal loans.
What’s a personal loan?
First of all, a personal loan is one of the services offered by banks, credit unions, and online lenders. It helps you get money for financial emergencies such as medical bills, a bus or plane ticket, major events, food, and house renovations. You may also use a personal loan to consolidate your current debt and make easy payments if you have a lot of debts scattered among different financial institutions.
Now, remember what you need to have to get a personal loan? Yes, you got that right—an existing account. You need an account with the institution to request a personal loan online or by phone. So what if you need a loan but don’t have an account with that bank? If that’s the case, then you will have to visit one of their branches. Consult your personal banker and discuss your credit options.
Other than the bank account, you will need to meet a few more requirements. Here are the rest of the requirements you must meet to get a personal loan:
1. Personal contact information
- Individual Tax Identification Number (ITIN) or Social Security Number
- Citizenship status
- Date of birth
- Marital status ( only Wisconsin)
- Primary contact number
- Permanent address
- Email address
2. Employment and income information
- Employment status
- Employer’s name
- Work contact number
- The amount of gross monthly income and source(s) of income
- Monthly mortgage or rent payment amount
3. Personal loan information
- Preferred term
- Amount of loan
- Purpose of loan
- Desired payment due date
- Additional documents are required for personal loans.
Once Wells Fargo reviews your application, they may ask for additional documents such as:
- Copy of your driver’s license or Social Security card
- Recent pay stubs, W2s, or tax returns
- Power of Attorney (PDF version)
- Utility bills are necessary for verifying addresses.
- Information to pay off current accounts
- IRS Form 4506-C, “Request for Transcript of Tax Return” (PDF version),
- Your employment and income authorization form (PDF version)
1. Credit Score Requirements
You already know that any financial company reviews credit scores when issuing loans. Usually, Wells Fargo pulls a hard credit check to learn about your scores when you apply for a personal home improvement loan. The company even states on its official website the minimum credit score requirement. In general, most financial companies prefer applicants with a credit score of 670 or more for low-interest loans. This score helps a lot because the higher your scores, the lower the interest on your loan.
2. Income Requirements
Your income sometimes determines the amount of personal loan you can expect from Wells Fargo. Of course, this is the case with any financial institution. Even if the institution offers information regarding the income requirements to get a loan, you are expected to let them know if you are employed or not, your employer’s name, gross monthly income, sources of income, and monthly mortgage or rent payment amount.
3. Co-signers and co-applicants
Wells Fargo’s policy does not allow co-signers for personal loan applications. But you can apply for a loan with a co-applicant. In that case, Wells Fargo will consider your credit scores, income, and outstanding debts.
Fees, Terms, and Conditions of Wells Fargo Personal Loans
Currently, the Wells Fargo APR starts at 5.99%. You can get loans from $3,000 to $100,000 with flexible terms that go from 12 to 84 months. The good news is that Wells Fargo does not charge an origination fee or a closing fee. Plus, the bank does not charge a prepayment penalty either. Almost all customers can expect a same-day credit decision.
Wells Fargo personal loan application
You can apply for your loan online or by phone if you are a Wells Fargo account holder. You need to go to the nearest branch to apply if you don’t have an existing account. You can choose either way to apply for your loan. But you must submit the necessary information when applying.
Wells Fargo usually runs a thorough credit check to see if you qualify. Once they are satisfied with your credit score, they accept your request. This goes for loan applications as well as credit card requests.
Wells Fargo personal loan rates
As per your credit scores, Wells Fargo will offer you the rate that goes with your scores. The rule is as simple as always. If you have higher credit scores, your rates will be lower, and vice versa. You will be able to obtain a score as low as 5.99% APR, according to your scores. Feel free to check up on your loan options by visiting the Wells Fargo personal loan application page on their official website.
The 5.99% APR (annual percentage rate) shown is for a loan of at least $10,000 with a 3-year term and includes a relationship discount of around 0.25%. According to this, your ultimate APR can be higher than 5.99%.
Features of a Wells Fargo personal loan
Wells Fargo personal loans have many features that you will love. They are:
- The loan won’t charge origination or closing fees.
- There are no prepayment penalties.
- Expect a fast credit decision.
- Terms are flexible from 12 to 84 months.
- Rates are competitive.
Wells Fargo Personal Loans Benefits
You can expect many benefits from Wells Fargo. They are:
- No closing and origination fees
- Zero prepayment penalty
- Online loan application facility
- Loans are customizable.
Drawbacks of a Wells Fargo personal loan
The loans are obviously so attractive thanks to their different advantages. However, that doesn’t mean there aren’t any drawbacks. They are:
- Wells Fargo conducts a hard inquiry on applicants to know their credit scores.
- The applicant needs to be a Wells Fargo account holder to apply for the loan online.
- The minimum loan amount is $3,000.
- There aren’t many customer service reviews.
Wells Fargo is a well-known financial services company whose corporate headquarters are located in San Francisco, California. The company’s operational headquarters are in Manhattan, while its executive offices are spread across the U.S. and globally. You can obtain personal loans from Wells Fargo. You need to be a Wells Fargo account holder to apply for the loan online or by phone. There is no closing or origination fee.