4.3
6.7
Overall Score
Based out of San Francisco, California, Wells Fargo Bank NA is a financial institution that services all states across the United States. Wells Fargo has over 9,000 Nationwide branches with a broad range of services for the consumer to choose from: Checking and Savings Accounts, CDs, Mortgage Loans, Home Equity Loans, Student Loans, Auto Loans, Credit Cards, and Personal Loans along with numerous other options in the Small Business and Commercial banking and lending categories. Outside of traditional financial needs, Wells Fargo also offers services for the consumer to invest as well as insure themselves, their cars, and their homes. With so much to offer and with a wide range of services, Wells Fargo is leading the financial industry in providing nationwide banking and lending services to consumers.
Wells Fargo assists consumers by offering them the opportunity to take out loans between $3,000.00 and $100,000.00 depending on the consumer's credit and debt to income ratio. This, of course, can be used for debt consolidation, home renovations, planning a wedding, an auto loan, student loans, car repairs, medical bills, or unexpected emergencies.
The maximum loan term for a personal loan through Wells Fargo is five years. Wells Fargo offers their loans for terms as short as twelve months and up to sixty months. In comparison with other lending companies, this is average/competitive. The industry does not vary a lot when it comes to loan terms and many other companies have this same standard of 12- to 36-month loan terms. Other smaller companies might offer a year or two difference in favor of extending a loan, but as for the larger companies that provide many different services to their customers, a five-year loan is standard.
On average, Wells Fargo's personal loans receive an interest rate between 7.25% and 9.25% (*though these values are unconfirmed). This rate can be lower or higher depending on varying factors. For example, a loan for a higher amount over a longer period of time can have an interest rate as low as 5% through Wells Fargo personal loans. These rates are very competitive against other lending companies, especially in comparison to other large financial banks. Companies such as CitiBank have interest rates up to 15% on personal loans. This gives Wells Fargo a huge advantage in the benefits that it provides its customers.
Wells Fargo Bank does not charge Loan Origination Fees, and there are never any Prepayment fees if the consumer chooses to pay the loan off prior to the contracted date.
The majority of the bank's loan approvals happen the same day the application is submitted. Wells Fargo even promises that loan approvals can happen within fifteen minutes of the time they are completed and funds can be made available shortly after that, guaranteeing same day fund availability. This is a huge benefit to customers and one that beats out their bigger name competition without comparison. Other large banks have a several day approval time frame and funds for personal loans are also made available within several business days. The only other companies that can compare to Wells Fargo's speedy process are smaller; exclusively online loan companies and many of them do not have the same reputation and financial stability as a big company like Wells Fargo.
Currently, Wells Fargo only accepts applications for unsecured personal loans or lines of credit online or over the phone from existing members. If you are not already an account-holder, you may have issues applying for a loan if you live in one of the states where this bank doesn't have a physical presence:
Wells Fargo clearly has both good and bad qualities to its personal loans. Overall, it is a top-notch institution. With average interest rates, flexible loan terms, amounts, no hidden fees, and a strong desire to give consumers the best possible experience, Wells Fargo definitely has the policies in place to gain consumer confidence and trust. Current customers of Wells Fargo may be eligible for additional benefits should they decide to get a loan through the bank. Current customers looking for a loan should definitely go to Wells Fargo first. All other customers should check out our top recommended companies for their personal loan needs.
View Best Personal Loan Companies
Filter by:
Sort by:
Review Source
Christina Holmes Troy, MI
3 weeks ago
Review Source
frank kories Souderton, PA
1 month ago
Review Source
Ed Alfaro Phoenix, AZ
1 month ago
Review Source
Ronald Schaffer Schnecksville, PA
3 months ago
Review Source
Christopher M Harper Katy, TX
5 months ago
Review Source
Steve Portland, OR
3 weeks ago
Review Source
Liz Denver, CO
1 month ago
Review Source
Ralph Walls Wilmington, DE
2 months ago
Review Source
Bridget Walker Gulfport, MS
3 months ago
Review Source
Nam
5 months ago
Review Source
michael L Wallace Arlington, TX
5 months ago
Review Source
Christina Sutu-Wallar Fresno, CA
5 months ago
Review Source
Dee Leesburg, GA
2 months ago
Review Source
Matthew Laney San Diego, CA
4 months ago
Review Source
Steven Whites Salt Lake City, UT
5 months ago
Review Source
CMWitt Black Earth, WI
5 months ago
Review Source
Erin Murphy Saint Paul, MN
5 months ago
Review Source
David Wilhelm Escondido, CA
5 months ago
Review Source
Andrea Wynne Shakespeare Stockton, CA
2 weeks ago
Review Source
Eva Salazar Lubbock, TX
4 weeks ago
Review Source
Brenda Anderson Dallas, TX
5 months ago
Review Source
Debbie Prevo Dayton, OH
5 months ago
Review Source
Mike D Lynchburg, VA
5 months ago
Review Source
Aubrey Greenville, SC
5 months ago
Review Source
Amarie Rodriguez Houston, TX
4 months ago
Review Source
L Turner Indianapolis, IN
5 months ago
Review Source
Stephen Thompson Palatine, IL
5 months ago
Review Source
Demetrace Williams Milwaukee, WI
5 months ago
Review Source
Anthony Laprocina St Louis, MO
1 month ago
Review Source
Erinmarie Xian Seffner, FL
5 months ago
Review Source
WEAM SUWAED New York, NY
5 months ago
Review Source
Daniel Fowler
5 months ago
Review Source
MRCONSULT Los Angeles, CA
5 months ago
Review Source
Ted Johnson Pleasant Grove, UT
3 years ago
Review Source
nathan brewer Lehi, UT
4 years ago
Review Source
Bess Wilfong St Louis, MO
4 months ago
Review Source
Laura Mccall Sacramento, CA
5 months ago
Review Source
Frank Rivera Peabody, MA
5 months ago
Review Source
Patti Crawford Appleton, WI
5 months ago
Review Source
Daisy May Minneapolis, MN
5 months ago
Jonathan Bountiful, UT
5 years ago
June Simmons Blackmon/ Morris Blackmon Alpharetta, GA
6 years ago
Review Source
Stacy Carter Red Cliff, CO
5 months ago
Review Source
Bob Abaya South San Francisco, CA
5 months ago
Larry Hawker Las Vegas, NV
4 years ago
Review Source
Anna Riley Minneapolis, MN
5 months ago
Review Source
Karen Cunningham Ocala, FL
5 months ago
Review Source
Wendy Kurtz Durango, CO
5 months ago
Sanita Pompano Beach, FL
6 years ago
Review Source
Terri Kingman, AZ
5 months ago
We're on a mission to empower consumers to make the best decisions and connect confidently with companies that deserve their business.
© 2023 BestCompany.com LLC - All rights reserved Privacy Policy | Terms | Do Not Sell My Personal Information