Wells Fargo installment loans offer competitive fixed interest rates and reasonable flexibility in the repayment period. To qualify, the bank requires a minimum credit score of 600.
Other decisive factors taken into account are the applicant’s income, credit history, debts, and the relationship with Wells Fargo.
Existing customers with a good credit score will find Wells Fargo loans to be a good option.
This is also true for non-customers with an outstanding credit score, high income, and a low debt-to-income ratio.
Why Get An Installment Loan From Wells Fargo?
An installment loan from Wells Fargo enables you to access the money that you require.
Below are some of the reasons why you should consider taking a loan from Wells Fargo:
- Straightforward online application and funding process
- No prepayment penalty or origination fees
- Competitive fixed term, interest rate, and monthly payments
- Customers with automatic payments qualify for relationship discounts
- Funds are available within 24 hours after approval, and
- No collateral required on loans between $3000 and $100,000
What Does Wells Fargo Offer
Unfortunately, Wells Fargo only extends online loan applications to existing customers. This leaves you with one of two options.
You can either open an account with Wells Fargo, which will enable you to use the online application, or visit one of the bank’s branches.
Although installment loans can be used for almost anything, people typically take out Wells Fargo loans to consolidate their debt.
The bank pays your existing debt, minimizing monthly repayment, and saving you money on high-interest rates.
The bank also offers joint loan options. This is where two people jointly apply for a loan, and both parties have access to the loan amount.
Another option from Wells Fargo is secured loans. Existing customers can use the funds in their savings or CD accounts as collateral to apply for a loan at lowered interest rates.
To qualify for a Wells Fargo installment loan, the bank requires you to meet the following essential criteria:
- A minimum credit score of 600
- You must be a permanent US resident or citizen
- You have to be at least 18 years old