Wells Fargo personal loan: How to apply and Requirements
Wells Fargo Personal loans come in handy when you require that money for purposes that don’t fit into broader loan categories: some of these are auto loans, business loans, home loans/mortgage. These are literally loans one might need to acquire for personal reasons such as weddings, repayment of another debt, or buying something that’s not a home/car.
Due to its leniency in nature, however, acquiring a personal loan is a bit more tedious – this tediousness reflects in higher interest rates and the requirement to present collateral, careful evaluations, and payment guarantees.
For this reason, when acquiring a personal loan, one must always opt for an institution one trusts and one that can become a hub for all their loan needs – the only name that comes to mind, based on this, is Wells Fargo Personal Loans service. An entity that has been around since 1829, Wells Fargo is held in high regard for its great values and respectable practices.
And while you may not find an exclusive lower interest rate there, you can surely benefit from ease of payments, longer loan terms, and possibly, hopefully, even a lower interest rate!
That’s right! It always helps if you’re an existing Wells Fargo customer – the financial organization values its customer needs before all else. Therefore,for existing customers, Wells Fargo Personal Loans offers larger loans for lower interest rates.
However, loan amounts may vary for an unsecured loan or a secured loan with a ceiling limit of $1 million or $2.5 million, respectively, against a range of $ 40-45,000 that most other lenders limit.
The lower limits by Wells Fargo are at $3,000. The annual percentage of return (APR) varies from 5.49% to 24.99%. The tenure can vary between a year to seven years. Of course, a high credit score is helpful as one’s application is scrutinized to get a better deal. Interesting details for an existing customer, isn’t it?
Wait, here’s more.One can always hope for a better deal on APR, or tenure, if one agrees to an auto-pay (where one has a standing instruction of an account/card being debited to pay-off the loan amount), has a qualifying check account, is a co-applicant with high credit risk scores, holds a specific investment with the Wells Fargo Bank, and more.
You can also read: How to apply for Wells Fargo Home Mortgage Loans
Wells Fargo has a quick turnaround time from application to a decision on one’s loan being approved and disbursement of funds. With technology and digital platforms, one can do all this at the Wells Fargo online platform here. After all, during these challenging times, you shouldn’t have to out of your home – simplystay safe and avail a personal loan.
What also makes Wells Fargo Personal Loans a better deal is the fact that there is no pre-payment or origination fee attached and there’s a customer relationship discount of 0.25%. Yes sir, it pays to be a loyal customer!
Just keep your details with you though as Wells Fargo will require you to share banking details, income details, and information about the type and purpose of loan you are seeking.
For a non-existing customer, the loan amount, tenure, and the interest rate would vary mostly upwards than what is available for the existing customers. But then, this is normal for any financial institution. They tend to offer a better deal to their existing customers, who have trusted the lending institution.
How to apply for Wells Fargo personal loan
Applications are being accepted online or by phone for existing customers of Wells Fargo. Non-existing customers will need to meet up with a Personal Loan officer at a branch.