Does Wells Fargo offer loans or how can I apply for Wells Fargo loans? In our last article on loans, we talked about the LligntStream loan. Today, we’re bringing to your hearing another institution where you can borrow loans for your personal need. This is no other institution than Wells Fargo. To begin with, Wells Fargo is a multinational financial services company based in America and headquartered in San Francisco, California. At a time, Wells Fargo became the largest bank worldwide by bank capitalization. But presently, this financial institution has dropped a little and has fallen behind Bank of America to third by bank deposits and behind Citigroup to fourth by assets.
Wells Fargo simply offers a lot of financial services t customers such as Banking and credit cards, loans and credit, investment and retirement, and wealth management. Thus, Wells Fargo several banking services in which Loans are included. As a Wells Fargo customer, you can borrow loans and use them for your personal needs. Meanwhile, Wells Fargo offers four different types of loans which are mortgage loans, personal loans, auto loans, and student loans. Hence, we’ll consider each of these loans in the section below.
Home Mortgage Loans
One of the loans offered by Wells Fargo is Home Mortgage Loans. It offers competitive rates and variety of home loans options. This financial institution is really good on this factor. However, Wells Fargo make use of FICO credit score to determine if mortgagors are eligible for mortgages. Therefore, you need at least a FICO score of 620 which is a fair credit. And when you apply for home mortgage loans, the number of approval days varies for purchase and refinance home loans. To check Wells Fargo Rates today, simply use this link.
Wells Fargo Personal Loans
If you want to consolidate high interest rate balances, cover major expenses, or fund special purchases, then Wells Fargo personal loans is considered best for that. The personal rates are as low as 5.74% APR [Annual Percentage Rate]. Well Fargo personal loans is outstanding among bank lenders. On the contrary, borrowers cannot pre=qualify. This is such a disadvantage for those who want to see rates amount they may qualify for. Just like Home mortgage loans, personal loans are also meant for qualified borrowers. Not only do person loans have low fees, but they as well come in numerous amounts and repayment terms. This means borrowers ca customize the loan better to fit their needs. As a customer, you can borrow up to $100,000 with an unsecured loan and end up to $250,000 on a secured loan.
However, Wells Fargo personal loan is best for those with good to excellent credit. You can apply for an unsecured loan either by phone or in person. Also, you can complete the total application and approval process online. When you apply for a personal loan, it can take up to two hours before you get approved.
One of the loans offered by Wells Fargo is student loans. But unfortunately, Wells Fargo is no longer accepting new applications for Wells Fargo student loans or Wells Fargo private consolidation loans. Hence, Wells Fargo is releasing out the student loan business. It is selling and transferring its students’ loans. In other words, Wells Fargo students’ loan is changing over to new loan repayment. It is going to be managed by a new loan servicer, Firstmark, a division of Nelnet. However, if you are a consigner with an application in the process you can call contact customer care at 1-800-378-5526 or log in to check your application status or login documents.
In addition, Wells Fargo is one of the best auto lenders with over 12,000 dealer relationships globally. Besides, its auto loan rates are competitive and it considers those with a fair credit score. So, it is worth adding to your auto loan shopping list. But you need to apply through the dealership to know your exact rates and terms.
What You Need to Apply For Wells Fargo Personal Loans
To apply for Wells Fargo personal loans, you need the following;
- Personal and contact information.
- Employment and income information.
- Desired term and amount to borrow.
How to Apply For Wells Fargo Personal Loans
You can apply for Wells Fargo personal loan either online, by phone, or in person. If you make an online application, you can log in to your Wells Fargo account to fill in some information in the application. Right now, we’ll be showing you how to apply for Wells Fargo personal loans online.
- Launch a web browser and visit www.wellsfargo.com.
- Once you’re able to access the website, you will see several options at the top of the homepage.
- Locate ‘Loans and Credit’ and click on it. Once you click on it, another page will pop-up showing different options. From the options, click on ‘Personal Loans’.
- On the next page, navigate down and click the ‘Apply Now’ button’.
- Scroll down and answer the Yes or No questions.
- After you’ve done that, click the red ‘Continue’ button below.
- On the next page which is the application page, choose the type of account you are applying for.
- Now enter your personal information – First name, Middle initial (optional), Last name, Suffix [optional], SSN, street address, city, state, zip code, date of birth, and country of citizenship.
- Contact information – Email address, Phone number and type, Alternate phone number and type [optional], and Time at permanent address.
- Employment information – Employment Status.
- Financial information – Gross annual income, income source, Residence Status, and Monthly housing expense.
- Answer the Yes or No questions below.
- Lastly, click the red ‘Continue’ button.
However, Wells Fargo only gives out loans to existing customers. So, those who don’t use Wells Fargo will need to consider other options. I suggest that you check LightStream, SoFi, or Earnest if you have a strong credit score. Likewise, I’m not recommending Wells Fargo to borrowers with a poor credit score as most banks prefer financially stable borrowers.