Wells Fargo offers unsecured personal loans geared towards borrowers with strong financial profiles, borrowers with strong credit, an affordable debt loan, and with assets.
You don't need to be strong in each area to qualify for a loan, but you do in order to get the best rates.
Wells Fargo reserves their best rates for customers who have excellent credit scores, above 760.
Wells Fargo offers loans to customers with good credit, with scores of between 700 and 759, and to some fair credit borrowers, with scores of 621-699. (Each lender can set its own definition for excellent, good, and fair credit, which is one reason why it is wise to shop around.)
Debt-to-income ratios (DTI) are another key factor Wells Fargo uses to qualify borrowers. The best rates require a DTI less than 35%. DTIs of 36%-49% may qualify, but with higher rates. Above 50%, expect high rates, lower loan amounts approved, or to be turned down.
Wells Fargo offers excellent service in their branches and a very informative website. It is true that certain problems have come to light in their business practices but that doesn't negate that the vast majority of their customers were getting good products at fair prices.
Wells Fargo is worth looking at as a personal loan option, especially if you have strong credit and low DTI.
Wells Fargo is the 3rd largest bank in the USA with almost $2 trillion in assets.
Wells Fargo offers a wide range of financial products, as a full-service bank, including offers unsecured personal loans and lines of credit.
Wells Fargo personal loans are fixed-rate loans for the life of the loan. The unsecured lines of credit have a variable interest rate.
As of December 2018, Wells Fargo personal loans:
Your rate depends on the amount you borrow, your credit rating and history, and your debt-to-income ratio.
Wells Fargo personal loans are not available in every state. As of December 2018, you have to live in a state in which Wells Fargo has a branch and open an account there. Wells Fargo has branches in every state in the USA aside from: Hawaii, Illinois, Iowa, Kentucky, Louisiana, Maine, Michigan, New Hampshire, Ohio, Vermont, and West Virginia
The length of time you have to repay the loan also affects your rate.
Loan decisions are made quickly and and funding of your loan is speedy, once approval is given.
There are no pre-pay penalties, so you can pay off the loan sooner if you wish and reduce your interest costs.
I am very satisfied with my loan. I shopped around and didn't find a better interest rate. I have 800 credit and expected a good rate, but there was a wide range available from the four lenders I shopped.