You might think that a personal loan is the solution to your current problem. But, you might not know the actual ins and outs of the product and how to get one.
So we’ve decided to gather all the imperative information you’ll need in order to get a Wells Fargo Personal Loan.
This way, you’ll be able to see if it’s the right fit for you. And if it’s not, you’ll have a base to begin comparing with other financial institutions.
We’re going to cover:
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Wells Fargo is the fourth largest bank in the United States. It was founded in March 18, 1852 in San Francisco, California by Henry Wells and William Fargo. Today their headquarters are located in San Francisco, California.
Currently, they have over 8,050 branches and 13,000 ATMs worldwide. They also provide a 24/7 phone support financial service for those clients that can’t make it into a Wells Fargo location.
Wells Fargo offers many financial products to make your life easier.
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Simply put, Wells Fargo will lend you money through a personal loan. You’ll be able to get this loan for pretty much any reason, as long as it’s legal. You’ll pay the personal loan back in fixed monthly payments.
Wells Fargo offers three types of personal loans:
Wells Fargo personal loans come with some great benefits, like:
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Most likely, you’ll receive a decision within a matter of minutes. However, there is the possibility that it could take up to a few days to hear back, depending on your personal circumstances.
Once you submit your application, you’ll be asked to provide an email address. This will allow you to access your application status online at any time. So, it’ll be easy for you to go in and see if a decision has been made.
Once your application is approved, you’ll need to verify your loan documents. You can do this either online or by visiting your local Wells Fargo branch.
After you’ve reviewed the loan terms, you’ll be required to sign the final documents online or at your local Wells Fargo branch. It’s a super simple process that won’t take a ton of time.
Once you’ve verified the documents and accepted the loan terms, you’ll be eligible to receive your funds the next business day.
What if you need it sooner?
There is the possibility if you go to your local branch that you could receive the funds on the same day.
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When it comes to personal loans, your monthly payment will depend on the loan amount & term you’ve selected, as well as your credit score.
Since there are variable factors involved, there’s no way to say what rate you’ll receive upfront. However, Wells Fargo offers a neat tool on their site called the Rate and Payment Calculator.
This will provide an estimated payment for you, based on:
You’ll be able to play around with the tool, and see how different factors affect your monthly payment, as well as your interest rate.
Sounds cool, right?
To see and explore this tool go to www.wellsfargo.com and under the ‘Personal’ tab select: Loans and Credit
Then click on: Personal Lines and Loans
Click on: Personal Loan
After that’s done, it’s going to prompt you to the page shown below. Once you’re there, click on: Estimate Your Rate and Payment
This is where you are going to input the following information:
Once the information is input, you’ll get the results!
You’ll be able to see your monthly payment, as well as what your interest rate might be.
Remember that your results will change depending on those variable factors like credit score and loan amount. So, let’s explore a couple of examples to see how your payment and rate may change based on your situation.
Keep in mind that we are assuming your loan will be approved for the sake of these examples. In some situations, you might need to provide additional information or even find a co-signer.
That being said, let’s explore what your monthly payments and APR might look like in these different circumstances.
Credit Score: 620 and below
Loan Amount: $3,000
Loan Term:
While the APR remained similar no matter the term length, you can see that the payments varied drastically. Financing over 36 months could mean paying just $108 a month, compared to a 12 month term with a $280 payment.
Credit Score: 621-699
Loan Amount: $3,000
Loan Term:
With a slightly better credit score, you will see a difference when it comes to the APR. However, your monthly payments remain similar to those in the first situation.
Credit Score: 700-759
Loan Amount: $3,000
Loan Term:
You should start to see a pattern developing here. The better your credit score, the more favorable your options will be.
Credit Score: 760 and above
Loan Amount: $3,000
Loan Term:
So how much of a difference will your credit score make when it comes to the repayment of your personal loan?
An excellent credit score will save you about $15 when it comes to your monthly payment. In terms of APR, you’re looking at a difference of 13%. But, a good credit rating should get you a favorable APR, so don’t fret if your credit isn’t excellent.
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Wells Fargo has specific requirements in order to take out a personal loan:
So you check all the boxes, and you’re ready to apply!
What now?
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To start Click on Apply Now
That is going to prompt you to this page:
You’ll need to respond to the following question:
Are you a Wells Fargo banking customer?
If you select No, you’ll be redirected here:
Unfortunately, you can’t apply for a personal loan with Wells Fargo unless you already have an account. All this means is that you need to visit one of the Wells Fargo Branches in order to open an account.
If this is your case, go to the nearest Wells Fargo branch and open an account. This will allow you to complete the personal loan application.
Now moving forward…
If you select Yes another question will populate
This one says:
Do you access your bank account online at Wells Fargo?
If you select Yes it will ask you to place the username and password of your Wells Fargo online account.
If you enter your username and password, this will help prefill parts of your personal loan application, making it easier for you to complete.
Now if you select No it will just have you click on Continue
When you click on Continue it will take you to this page, which we’ve divided into small sections to go over.
Next question is: Are you applying for an individual or a joint account?
If you select individual, you’ll be asked only for your personal information.
If you are applying with someone, or using a cosigner, select joint account. You’ll be asked to provide the other person’s personal information as well.
What personal information are they going to need?
Personal Information Needed:
Then they’ll ask you for:
When you scroll down you’ll be asked for :
And at this point you are going to click Continue
This will prompt you to a verification page. All you need to do is verify if all the information you’ve provided is correct. If you find a mistake, edit your application by clicking Change.
As you scroll down, you will find the agreements and disclosures, make sure to read through them and check the boxes as you finish reading.
Once everything has been checked all, you need to do is click on Submit.
Your application has successfully been submitted!
As soon as your application is submitted it will go into review. At this point, Wells Fargo may reach out to you requesting additional documents.
Additional Documents (requested as necessary)
Once your application is complete, it might take just a few minutes to see if your application has been approved. However, it can take longer in certain circumstances.
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Taking out a personal loan with Wells Fargo sounds pretty simple, right?
The truth is that the process really is simple, but that doesn’t always mean it’s the right choice for you. So, let’s explore some of the pros and cons that come along with this financial product.
What makes Wells Fargo stand out when it comes to Personal loans?
The application process is quick and easy, and you could have a decision in just a matter of minutes.
They offer:
If you’re looking into applying for a personal loan, Wells Fargo might be a great starting point. We encourage you to compare other banks and institutions and make the decision that’s best for you and your situation.
Do you think a Wells Fargo personal loan is the right fit for you? Let us know in the comments!
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