Wells Fargo Personal Loans: Key Points and First Impressions

Wells Fargo can provide a high personal loan amount of up to $100,000 for its bank clients!

What do I need to know about the Wells Fargo Personal Loans?

Wells Fargo is one of the leading publicly traded companies in the US, operating since the 19th century and reaching its current status through a series of acquisitions and mergers.

Among its range of services, Wells Fargo also offers unsecured personal loans, meaning there’s no need to put up cars or real estate as collateral in case of default.

For Wells Fargo loans, you need to be a bank customer for at least 12 months before applying for the service, in addition to having a good credit score and verifiable monthly income.

How does the Wells Fargo Personal Loans work?

Wells Fargo offers personal loan plans ranging from $3,000 to $100,000, with a high minimum amount and an extremely high maximum possibility, especially compared to competitors in the American market.

Payments can be made over terms of 12, 24, 36, 48, 60, 72, and 84 months, equivalent to 7 years to repay the loan.

Fixed monthly payments incur interest rates ranging from 7.49% to 23.24% APR, depending exactly on financial conditions such as income, credit score, and repayment term.

The loan application process promises to be very fast, greatly facilitated by being tailored exclusively for bank clients who have been with the bank for at least 12 consecutive months.

It’s worth noting that for loans up to $4,999, the maximum repayment term is 36 months.

Wells Fargo Personal Loans Benefits

See the main benefits of the Wells Fargo loan:

High amounts

The maximum loan amount with Wells Fargo is significantly higher compared to the American market. Typically, companies offer a maximum credit of $40,000 or $50,000.

Therefore, in this regard, Wells Fargo leads the way by offering very broad possibilities within its range.

Low rates

Wells Fargo’s lowest APR rate is 7.49% APR, a value considered low compared to the market, which usually starts at 9.99%.

On the other hand, the maximum rate is 23.24% APR, also considered a competitive value.

Additionally, you will receive a relationship discount of 0.25%. You also won’t have to pay an origination fee to receive the loan.

There is also the possibility of early repayment without a prepayment penalty.

Same-day receipt

According to Wells Fargo itself, in cases of approval, it is possible to receive the money in the account on the same day as the contract signing.

To do this, you must meet the brand’s requirements. The speed of sending the funds is due to the requirement of having an account with Wells Fargo.

Repayment term

Like the maximum loan amounts, the repayment term with Wells Fargo is also quite extensive.

In fact, it is possible to repay the amounts over up to 7 years with fixed monthly rates. It’s worth noting that you can make early payments as well.

How do I Apply for the Wells Fargo Personal Loans?

Even though the application process is facilitated by being a current Wells Fargo account holder, you still need to meet a series of requirements.

Therefore, you can check out the dedicated article on how to apply for Wells Fargo.

Written by

Gabriel Gonçalves