Its fair to say that Wells Fargo has a consumer perception problem.
Existing customers may also qualify for small personal loans, called Flex Loans.
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Wells Fargo is a full-suite bank that also offers multiple checking and savings accounts, CDs and investment options.
In addition, Wells Fargo offers both small business banking and commercial banking.
However, the Big Four bank no longer offers student loans.
Lets dive in a little deeper to the specifics of the unsecured personal loans on offer.
Transparency
Transparency continues to be Wells Fargos largest problem.
More frustrating, Wells Fargo does not disclose its minimum credit score requirement for personal loans.
Eligible customers will get the offer, while those with lower credit scores or poorer spending habits simply wont.
Convenience
Existing Wells Fargo customers can easily apply for personal loans online.
However, you cannot apply online or over the phone if you are not a current customer.
Youll have to open an account first.
While thats a big strike for convenience for non-customers, current customers will have a better experience.
Plus, the monthly payments are automatic, so you dont have to sweat late payments.
Wells Fargo also funds most loans on the same day of approval or the next business day.
If youre eligible, youll get the offer in-app.
All you have to do is tap a button.
Flexibility
Personal loans from Wells Fargo have a fair bit of flexibility.
Need a smaller loan and already a Wells Fargo customer?
You might be approved for a $250 or $500 Flex Loan.
Rates
While the 6.99% starting APR looks attractive, you will find lower rates elsewhere.
Wells Fargo says that at least 10% of approved applicants receive the 6.99% rate.
However, the rate maxes out at 23.49%.
Borrowers with bad credit can expect to fall on this end of the range.
This high APR is actually not bad compared to some competitors, with rates as high as 35.99%.
Wells Fargo is stricter about whom it approves.
The Flex Loan charges a flat fee: $12 for $250 and $20 for $500.
Here are the answers to some of the most common questions.
Wells Fargo offers personal loans up to $100,000, pending approval.
you might get larger loans if applying specifically for a mortgage.
Wells Fargo does not disclose a minimum credit score requirement for unsecured loans.
However, a credit score of 600 or higher will improve your chances of approval.
If you have bad credit, prepare for rejection or a higher interest rate.
Only current Wells Fargo customers can apply for a personal loan over the phone or online.
When looking at Wells Fargo personal loans, youll notice an advertised APR as a leading feature.
APR, or annual percentage rate, is the yearly interest rate charged on your personal loan.
Its possible to get a personal loan from Wells Fargo with bad credit, though its not guaranteed.
In 2022, Wells Fargo launched Flex Loans, small personal loans with a flat fee.
Customers pay the loan back in four equal monthly installments.
Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati.
Contributor Ciara McLaren contributed to this report.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
