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Wells Fargo Fha Loan Requirements
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Wells Fargo Launches 3% Down Payment Mortgage
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Our experts answer readers' questions about personal loans and write unbiased product reviews (we review personal loans here). In some cases, we receive a commission from our partners; however, our opinions are our own.
The bottom line: Wells Fargo personal loans are a good choice if you need a lot of money, as you can borrow up to $100,000 from the lender. However, if you are not a current customer, you cannot apply for a personal loan without visiting a branch. The best personal loan for you depends on your credit score, which will determine what you qualify for and may lower your interest rate.
Wells Fargo personal loan amounts range from $3,000 to $100,000 and can be repaid over a period of one to seven years, depending on the terms agreed upon with the lender.
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Wells Fargo has a slightly lower minimum APR than comparable lenders. You can get a rate of 6.99% with Wells Fargo, while the lowest APR you can get with Marcus at Goldman Sachs is 6.99%. For lower rates, however, you will need to have good credit.
Your top rate at Wells Fargo is 23.24%. If your finances aren't in good shape and you're worried about being stuck with a higher interest rate, you may want to consider a different lender.
Wells Fargo offers unsecured personal loans that can be used for a variety of purposes, including debt consolidation, home improvement and major purchases. To get an unsecured personal loan, you don't need collateral like a house or a car.
You can get your money as soon as the next business day from Wells Fargo, depending on when your application is approved. Wells Fargo won't charge you an origination fee or prepayment penalty, but the lender may charge you a $39 late payment fee.
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While Wells Fargo offers personal loans in all 50 states, it does not have branches in 14 states. States where branches are not available are Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Hawaii.
This can be a problem, as only current customers can apply for loans through Wells Fargo's online portal or over the phone. If you are not a customer, you must apply by visiting a branch and speaking to a banker.
To contact customer support, call the lender Monday through Friday from 7:00 a.m. at 7 p.m. CT or send a message to the company's chatbot on its personal loan website. Wells Fargo has a well-reviewed app that has received 4.8 out of 5 stars in both the Apple Store and Google Play.
You can receive the money the very next working day after the application and loan approval.
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There is no minimum credit score required to take out a Wells Fargo personal loan. Instead, the company will make an approval decision based on other financial factors, including your credit history, ability to repay and other factors that indicate your overall financial condition.
Other comparable lenders do not have set minimums, such as Marcus at Goldman Sachs and Discover. However, you are likely to get a better rate and a higher score.
To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can receive your free report once a week until April 20, 2022. Although you will not receive your credit score in this report, you will receive information about your credit history and payment history. When you review your credit report, you can spot mistakes and see where you can improve.
You can find your free score on your credit card statement or online bill. You can also buy it from a credit reporting agency.
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Checking your interest rates with Wells Fargo will not affect your credit score as the lender will only do a soft credit search. However, Wells Fargo will create an accurate credit inquiry before your loan closes, which will likely affect your credit score. A hard search offers a lender a comprehensive look at your credit history, but it can hurt your credit score.
Wells Fargo does not currently have a Better Business Bureau rating as the BBB, a nonprofit organization focused on consumer protection and trust, is investigating the company's profile. In the past, the BBB has given Wells Fargo an F rating. The BBB measures companies by evaluating business responsiveness to consumer complaints, honesty in advertising and transparency of business practices.
If the Wells Fargo story bothers you, you may want to consider other options on Insider's list of the best personal loans.
Wells Fargo's interest rates are similar to those offered by comparable lenders – although interest rates will depend on your specific profile. Here's how Wells Fargo compares to the competition:
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You can borrow up to $100,000 from Wells Fargo, which is a higher loan amount than the $35,000 from Discover. If you need a larger personal loan, Wells Fargo may be a better option.
Wells Fargo's repayment terms range from one to seven years, while Discover's terms range from three to seven years. If you want a shorter term — and to save money on general interest in the process — Wells Fargo may be the right choice for you.
What makes Discover special is its 30-day money-back guarantee on personal loans. If within 30 days of receiving the loan you decide you no longer want it—perhaps you've found a better interest rate elsewhere—you can return the money by check and you won't be charged interest. Wells Fargo does not have a similar unique advantage.
Neither Wells Fargo nor Marcus by Goldman Sachs has a minimum credit requirement, but if you have a lower credit score, your APR may be higher with Marcus than with Wells Fargo. The top APR for Well's Fargo is about 3% lower than the Marcus range. If your credit is in good standing, you'll likely pay a slightly lower interest rate at Wells Fargo than at Marcus.
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While neither company will charge you an origination fee or prepayment penalty, Wells Fargo may charge a late fee of up to $39. Marcus may be a better option for you if you're worried about missing a payment.
Marcus offers a range of loan terms of three to six years, which is tighter than Wells Fargo's range of one to seven years. If flexibility in repayment terms is important to you, Wells Fargo may be a better choice.
Liz was a personal finance reporter at Insider. Before joining Insider, she freelanced on financial and automotive topics for brands such as LendingTree and Credit Karma. He graduated from Savannah College of Art and Design with a BA in Writing. He lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
Ryan Wangman is a reporter at Personal Finance Insider covering personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Personal Finance Educator (CEPF). In her past experience writing about personal finance, she has written about credit scores, financial literacy and home ownership. He graduated from Northwestern University and previously wrote for The Boston Globe. Learn more about how Personal Finance Insider selects, rates and covers financial products and services here >>
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