Wells Fargo is a major name in banking in the United States. In addition to many of its standard banking features, the company provides clients with a wide variety of different loans and borrowing options. Like many other banks, not all individuals are eligible for all of the available loading options. One of the first advantages that individuals will notice when they work with this bank is that the famous name does lend credibility to many of its policies. Customers who want to work with a group that they already have experience with will be better pressed to work with Wells Fargo.
The Wells Fargo company’s personal loans have fixed interest rates, monthly payments and terms. The company also does not offer variable interest rates. Individuals interested in taking out a loan can choose from two of the available options, an unsecured personal loan, which is most common type available with most online lenders and a secured personal loan. The loaning system allows users to have a savings account for collateral when they need a secured loan. This can be problematic for individuals who do not have a particularly large savings account, though it can be a sure way to secure a loan if the client does.
With an unsecured loan, individuals can borrow between $3,000 and $100,000, a massive range that can be suitable for just about all needs. With a secured loan, the qualified client may even be eligible to borrow upwards of $250,000. This usually depends on location and available collateral. The loan terms may range from one to five years based on the amount taken out, and the interest rates also vary according to the individual’s credit. In order to make things easier for new customers, Wells Fargo also has an estimate calculator that individuals can use to determine what term they may be approved for.
Wells Fargo has a few shortcomings, in that they typically do not offer borrowers any variable interest rate. Their fixed interest rates often tend to be better because they’re easier to plan for, and individuals will appreciate the opportunity to work with a lower variable rate, which can help lessen the cost of the loan itself. However, Wells Fargo also requires interested borrowers to apply at a branch in person if they do not have an existing account. This can be a large inconvenience to those who do not have a branch located nearby.
Though Wells Fargo does have an option for new clients to begin their application online, the choice itself is available only for existing clients. If the user is an existing customer, they can then proceed to an application where they fill out a variety of basic information requirements. Things such as salary, employment and address are all critical in determining the customer’s eligibility, and Wells Fargo uses hard credit inquiries for their application process. Ultimately, the option to use this bank can be an excellent one for those who can fulfill the requirements, but there may be better loan services for those in dire need.