Wells Fargo is a bank that is good to work with when it comes to getting a personal loan. It’s a bank that has a low interest rate, and the terms are often easy to work with. However, since it is a bank that you’ll be dealing with, you need to have better than average credit and a stable income. These are two of the components that the bank will look at first when you complete the loan application.
One of the things to keep in mind when going with Wells Fargo is that the interest rates are fixed, which means that you don’t have to worry about any surprises toward the end of the loan period that might mean more money that needs to be paid back on the loan. The bank offers a secured loan as well as an unsecured option. A savings account can be used as collateral with the secured loan, a benefit for those who might not have a lot of assets to use when getting the loan approved. However, you need to have more money in the savings account than the amount of the loan in the event that the loan is not paid back.
If you are approved for the unsecured loan, you can get between $3,000 and $100,000, but it’s best to start small as the bank is very selective with credit scores, and if you don’t pay the loan back on time each month, it could affect your credit score even more. Long terms for loans are available depending on how much you need and how long you think you might need to pay the loan off. The longest that the bank usually extends personal loans is to five years. The only thing about a loan by Wells Fargo is that you have to apply in person if you don’t have an existing account.