Personal Loan From Wells Fargo

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Personal Loan From Wells Fargo

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Wells Fargo personal loans have the lowest APRs, but they’re only available to the bank’s current customers. If you’re in the market for a personal loan and have a Wells Fargo bank account (or are willing to open one), read this in-depth review to see if Wells Fargo’s attractive lending terms are right for you, even if you need a co-applicant to get one Best loan terms.

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Wells Fargo offers secured and unsecured personal loans up to $100, 000. The interest rate is one of the lowest you’ll find, and Wells Fargo checking account holders can receive interest rate discounts to save even more.

Low APR: Wells Fargo’s APR is one of the lowest personal loan rates on the market. It does not charge origination fees or prepayment penalties on unsecured loans. Plus, if you’re a Wells Fargo checking account customer, you may qualify for a lower interest rate.

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Co-Applicants Allowed: If you have a low credit score, Wells Fargo allows you to apply with a co-applicant (also called a co-borrower). Assuming your co-applicant has stronger credit than you do, this may help you qualify for a loan. You can also get better interest rates and terms. Please note that a co-applicant is slightly different than a co-signer. Co-applicants take on more responsibility for spending and repaying the loan.

High Loan Limits: Wells Fargo personal loans are available up to $100,000. This means they can be used for more expensive items, from buying an engagement ring to remodeling a home.

Offering Secured Loans: Wells Fargo customers can use a CD or savings account as collateral for a secured loan. When there is collateral to back the loan, the lender may offer a lower interest rate or allow you to borrow a higher amount.

Consolidation funds paid directly to creditors: When you use a Wells Fargo personal loan to consolidate debt, Wells Fargo can issue a check directly to each creditor. This service saves you time and hassle. If you have high-interest debt, consolidating into a lower interest rate through fixed monthly payments may help you pay it off.

Discover All The Conditions Of The Wells Fargo Personal Loan

Easily check your rates: Wells Fargo makes it easy to check your personalized loan offers online without affecting your credit score. Since the bank only offers personal loans to its existing banking customers, all you have to do is enter your Wells Fargo login information, answer a few simple questions like the amount you need to borrow, and agree to the soft credit pull.

Best Rates Reserved for Wells Fargo Checking Customers: Wells Fargo offers prime rates to all bank customers. It offers better prices to existing customers. Qualifying Wells Fargo customers (with one of 11 checking accounts) can receive a 0.25% APR discount on their loans. Wells Fargo is advertising an even further 0.50% discount to customers with select elite checking accounts.

Non-customers must apply in person: Wells Fargo is the only lender on our “Best” list that requires people who aren’t already customers to apply for a loan in person (essentially becoming a customer).

Qualifying for a Wells Fargo personal loan depends on several factors. But if you plan to borrow a reliable amount and your credit score is good, there’s no need to worry. Here’s what you need to get the best interest rates and repayment terms:

Wells Fargo Secured Cd Personal Loan

If credit is holding you back: Upstart accepts credit scores as low as 580. It offers various loans. Whether you need a small loan to repaint your home or a larger loan to buy an engagement ring, you can find the right amount here. These loans also usually charge reasonable interest rates.

If you have good credit: check out LightStream. This lender offers surprisingly low interest rates to customers with good credit. This can save you hundreds of dollars over the life of the loan. Loan amounts are also unusually high. Consider this lender if you have a large fee to pay.

The full range of available rates varies by state. The average 3-year loan offered by all lenders using the Upstart platform is 21.97% APR with 36 monthly payments of $35 per $1,000 borrowed. For example, a $10,000 loan has a total cost of $12,646, including a $626 origination fee. APR is calculated based on 3-year rates offered for the past 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided on your loan application.

Prices quoted are subject to automatic payment. The terms of your loan are not guaranteed and may vary depending on the purpose of the loan, loan term, loan amount, credit history and payment method (automatic payment or invoice). Discount available only if you select automatic payment prior to loan financing. Rates without automatic payments are 0.50% higher. To get a loan, you must complete an application on LightStream.com, which may affect your credit score. You may be asked to verify income, identity, and other required application information. Payment Example: A $10,000 monthly loan with an 8.49% APR for 5 years would result in 60 monthly payments of $205.12. Some additional conditions and restrictions apply. Advertised prices and terms are subject to change without notice. Truist Bank is an equal housing lender. © 2023 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Loan services provided by Truist Bank.

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Making a personal loan decision is a very personal one. The trick is to rate the stores, consider several competitors, and then choose the loan that best suits your needs.

Dana George holds a bachelor’s degree in management and organizational development from Spring Arbor University. She has been writing and reporting on business and finance for 25 years and remains passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. Although she finds orange is unflattering to most people, she thinks they will really enjoy the champagne color.

Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investing advice for The Ascent and its parent company, The Motley, publishing more than 4,500 articles and winning the 2017 SABEW Best in Business Award. Matt writes a weekly investing column (“Ask a”) published in USA Today, and his work appears regularly on CNBC, Fox Business, MSN Money and many other major outlets. He is a graduate of the University of South Carolina and Nova Southeastern University and holds a graduate certificate in financial planning from Florida State University.

Nathan Alderman has worked with The Motley since 2005 and has made mistakes in a variety of roles, including six years as a dedicated fact-checker for The Motley’s premium newsletter service. As The Ascent’s Head of Compliance, he ensures that all information on the website is accurate and up-to-date, which ensures that we are always guiding our readers correctly and to the satisfaction of our various financial partners. A graduate of Northwestern University’s Medill School of Journalism, Nathan spends his free time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two young children.

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