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Epic Contributor
Posts: 25,526
Registered: ‎10-23-2007
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Wells Fargo Personal Loan info

Anyone have some personal experience with them?

my partner received offer today in mail and I'm looking at options

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
95 Cards and Counting Smiley Tongue
Contributor
Posts: 107
Registered: ‎10-31-2013
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Re: Wells Fargo Personal Loan info

I had two small personal loans with them, minimum of $3000.  Pretty straight forward, a lower interest rate than most credit cards.  I applied online, went into a branch nearby, did  some paper work and they gave me the check in a matter of minutes.



Valued Contributor
Posts: 1,486
Registered: ‎08-30-2011
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Re: Wells Fargo Personal Loan info

[ Edited ]

Creditaddict wrote:

Anyone have some personal experience with them?

my partner received offer today in mail and I'm looking at options



Good question!  I got a similar soliciation from Wells Fargo in the mail.  I already have a relationship with them, having a mortgage and a WF Visa credit card.  I don't really need a loan at this time, but would be interesting to see what sort of approval I could get. 

 

 

The mortage was one of those buy out/transfer type loans, so I don't have direct experience with their loan department.  Credit card app was on line and instant approval, and the one time that I've called in for a CLI, I got approved instantly. 

 

 

For what it's worth, in the past, they've always pulled EQ for me in Colorado (for the initial credit card application, as well as the CLI = HP)

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10.5K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 823 TU = 822 as of 07/15
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Wells Fargo Personal Loan info

Anyone know what their interest rates look like?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Contributor
Posts: 58
Registered: ‎12-02-2013
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Re: Wells Fargo Personal Loan info

I don't have their personal loan.  But I do have their personal line of credit.  I bank with them.  they are my main bank.  It is nice to have line of credit incase of emergency.  I believe I got 13% from them but interest starts counting as soon as you pull out money.  no grace period like credit card also no fees for taking money.  Just yearly fee of $25.

 

I went this route because it is like a personal loan when you need it.  it will be there for you again once you pay off the balance.

EX: 747 (12/27) EQ:716 (11/6) TU: 703 (11/6) CK: 735
CC:
CSP $5000; BOA Rewards: $5000; Citi Platinum: $2600; UNFCU $500; BCP $6000; Wells Fargo reward $10k; Line of credit $10k ; Discover IT $7500; BML$1000; Citi TYP $5000; Chase Freedom $4000
Regular Contributor
Posts: 223
Registered: ‎10-25-2010
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Re: Wells Fargo Personal Loan info


DomoNomo wrote:

I had two small personal loans with them, minimum of $3000.  Pretty straight forward, a lower interest rate than most credit cards.  I applied online, went into a branch nearby, did  some paper work and they gave me the check in a matter of minutes.


+1

 

I had an account with them as well that was a 2 year personal loan for $10k - opened Jan 2013 closed Dec 2013. Process was pretty simple as DomoNomo stated. Entire process for me took a few hours start to finish one day. I think the interest rate was 16.5%, I think my credit score at the time of the loan was low 600s but I had piss pour payment history. You can make principal payments to accelerate the payoff and save on the interest, but WF doesn't make that easy. Any principal payments have to be mailed. You can also save a little on the interest rate by setting up a checking account/auto pay schedule with them. I dont remember how much you saved, but it was very small .25% maybe.


Starting Scores: 667 EQ 09/2013 | 682 TU08 01/2014 | 685 EX 03/2013(via AMEX App)
Current Scores: 667 EQ 09/2013 | 700 TU08 05/2015 | 689 EX 06/2014(via AMEX CLI)

AMEX BCE $12.3K | AMEX Zync NPSL | Cap1 Quicksilver MC $3.9K | NFCU Visa Signature cashRewards $20K
NFCU NavChek $15K | Target Visa $5K | Comenity VS $5.3K | Walmart $4.5K
Valued Member
Posts: 36
Registered: ‎03-22-2013
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Re: Wells Fargo Personal Loan info


pizzadude wrote:

Anyone know what their interest rates look like?


I got the offer too and have looked at Wells Fargo in the past. Their rates vary by state, and you can check them here: https://www.wellsfargo.com/personal_credit/rate_payments/rate_calc_main?type=unsecuredloan 

 

For the areas I have checked, their rates are a bit higher than others (E.g. Western FCU is open to all (some need to donate) and regularly (like right now) offer 5.99% for 60 months up to $30K. Lending Club is less for some amounts too and I believe City National Bank offers lower interest rates and is willing to go more than 100K).

New Member
Posts: 4
Registered: ‎02-13-2014
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Re: Wells Fargo Personal Loan info

I think its an awesome product. I used to work there and sell this product like "hot cakes."

 

You can borrow from 3k to 100k. If you have excellent credit and income around 50k you're "Golden!"

 

No origination fee nor prepayment penalty. Interest rates are around 8% fixed for excellent credit, up to 20%.

 

It can take a few hours, up to a few days to complete. If you work with a Banker and have 2 check stubs with you when applying, that'll be perfect.

 

You can make payments online, in branch, mail, phone, and of course autopay from any account.

 

Hope this helps.

 

 

 

 

Trans = 649 Equfax = 644 Experian = 644 as of2/1/2014
Ch. 7 Discharged 8/2011
CL's: Cap1=$1,500 Barclay=$1,300 Cap1=$750 Walmart=$700 USBank(secured)=$2,000 --Approved 2/10/2014
New Visitor
Posts: 1
Registered: ‎05-10-2014
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Re: Wells Fargo Personal Loan info

Hi there,

 

I am seeing what you said about having a good credit score and income of 50K or so the n you be good. Is this for a 100K loan, or just to get approved for a loan but not necassarily a larger loan? I'm interested in knowing what they'd be looking at for a loan of 100K? Would good credit and income of 50K still be golden for that loan amount?

 

Thanks!

New Contributor
Posts: 68
Registered: ‎05-10-2013
0

Re: Wells Fargo Personal Loan info


CODfish11 wrote:

Hi there,

 

I am seeing what you said about having a good credit score and income of 50K or so the n you be good. Is this for a 100K loan, or just to get approved for a loan but not necassarily a larger loan? I'm interested in knowing what they'd be looking at for a loan of 100K? Would good credit and income of 50K still be golden for that loan amount?

 

Thanks!


An income of 50K is almost certainly not enough for a 100K unsecured personal loan. However, it is adequate to get a loan of some size. 100K is simply the maximum that Wells Fargo advertisies for unsecured personal loans to anyone.

 

For an unsecured personal loan, the primary factor for how much you can borrow is going to be your debt-to-income ratio (including rent or other housing payment) to determine your ability to repay. The next most important factor is likely to be your credit score (which tells them how risky you are as a borrower).

 

Generally speaking (since I don't work at Wells Fargo and am just saying what I typically see), If you had a great credit score (Great being a FICO of atleast 740), you could take your monthly housing payment (rent or mortgage) and combine that with your other monthly payments from your credit report, and then divide the sum by your monthly pretax income to get your debt-to-income (DTI) ratio. So the DTI is comparing how much you must pay each month, to how much you earn each month. I think Wells Fargo has an internal DTI maximum of 50%.. or maybe it was 40%... so your income, along with your pre-existing debts and monthly payments, is really driving how much you can borrow.

 

If your FICO was less than 740, then you may pay higher rates and not be allowed to borrow as much, even if your DTI ratio supports large loan amounts. There are also many other less important factors that Wells Fargo may consider when they determine how much they will lend (e.g. The lengths and types of credit you have used in the past and your repayment history on those, your personal banking relationship with Wells Fargo.. like if you are new to the bank, they may be stricter about your rates or loan size).

 

I hope that general information is helpful.

 

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