There is no reason why one loan needs to fit all needs. Thanks to innovative product design and a little extra focus, there are a number of products available to consumers. Furthermore, the loans tailored to suit the needs of customers. At Wells Fargo, good rates and favorable terms are to be expected, however, whether they are provided with the loan products deserves further investigation. This review takes a closer look at Wells Fargo Loans to compare them to some of the top loans in the industry.
About Wells Fargo
Wells Fargo is the typical historical bank that operated when the American midwest was known as the Wild West. It was during this time where mining towns were shooting faster than bamboo shoots. The gold rush was something to look forward as families took the long pilgrimage in their wagons. The bank provided a much-needed banking service in these regions. But it was more than just buying gold that got Wells Fargo to where it is today. It was also selling bank paper drafts and providing a rapid delivery system across the U.S.
By the 19th century, the bank was making deliveries to over 6,000 locations including urban areas such as Alaska, New York, and Chicago. It was also the reason for the success of the Pony Express and the Overland Mail Company.
Wells Fargo enjoyed a growing economy as the U.S. experienced massive economic growth. This was until the economic turmoil that followed the sub-prime mortgage collapse. Luckily, Wells Fargo was able to continue without a government bailout, however, was under scrutiny for its involvement of the collapse. Furthermore, the bank had to face charges of unfair lending practices with a focus on discrimination.
For a full review on Wells Fargo, read here.
Helpful Tips How to Manage Debt Well
When it comes to managing finances effectively, it is possible to have debt and still be in control of finances. It is important, however, that the debt is managed effectively. If not, debt can quickly spiral out of control and it will be difficult for customers to maintain payments. When this happens, it tends to affect all the other aspects of credit as well.
Stick to the Limits
When consumers do the math and calculate how much they can afford to pay on an installment, it’s important to stick to the numbers. What often happens is that customers find something that is a little more pricey and this could affect the monthly installment. Once this limit is compromised, it has the potential to mess up the entire budget.
Don’t Let Debt Compromise Savings
The moment a debt installment is chosen above a savings premium, it becomes very difficult for customers to revert back to the savings mindset. This compromises the emergency funds, the potential to grow their wealth, and even has an effect on the ability to reach future goals without further debt.
Understand the Difference Between a Want and a Need
When customers are able to distinguish between a want and a need, they will be far better equipped to deal with finance. This is when finance is used to fund a need and not a want. The reason this is important is because if a want is financed instead of a need, there may not be sufficient loan amounts available when a need arises.
Pay Those Instalments On Time
Throughout the course of life, customers are going to want to apply for a credit card or a loan of some sorts. In order for the application to go through smoothly, customers are required to have a good credit record. In the event that there is no formal credit listing, customers are sometimes allowed to provide their rental statements or informal account conduct as proof. Therefore, it is important that those payments are done on time every month.
Wells Fargo also offers a range of credit cards. Read here for more information.
Wells Fargo Loans Product Offerings
These loans provide customers with competitive rates and fixed monthly payments. This allows customers to manage their budgets more effectively.
- The loan has no origination fee or prepayment penalty.
- Furthermore, there are relationship discounts for qualified customers with automatic payments.
- Customers enjoy simple online application and funding process.
- Also, once the loan is approved customers usually have their funds by the next day.
- Finally, the loans range from $3,000 to $100,000 unsecured.
Personal Lines of Credit
Customers who are unsure of their longer-term finance needs can apply for a line of credit. This provides them with easy access a number of times with just a single application.
- Customers enjoy easy access to funds whenever they need them.
- Furthermore, the loan provides competitive variable interest. There are also relationship discounts for qualified customers with automatic payments.
- The account enjoys a low annual fee of $25, with no cash advance or balance transfer fees.
- The loan amounts range from $3,000 to $100,000.
- Finally, customers usually have access to the funds the next day once the loan is approved.
Customers who choose to take up Wells Fargo Finance, do so with the knowledge that they’re trusting an auto finance division that is over 65 years old.
- Customers have access to tips and tools to help them find the right loan.
- Furthermore, there are flexible car loan options tailored to their needs.
- Finally, the loan includes competitive rates and fast credit decisions.
With this option, customers may have the option to lower their car payments by refinancing with Wells Fargo. Furthermore, they will have access to a wealth of information, tips, and tools.
- Existing customers have access to relationship discounts.
- There are also competitive rates and fast credit decisions.
- Finally, customers have 24/7 access to statements and mobile alerts.
Students have the opportunity to cover the cost of their education with a loan from Wells Fargo. Furthermore, students make no payments while in school.
- This loan includes all eligible education-related expenses such as tuition, housing, books, a laptop, lab fees, and more.
- Students make no payments until 6 months after leaving school.
- Furthermore, there is no application, origination, or early repayment fees.
- Customers enjoy competitive fixed or variable interest rate options.
- Finally, customers can reduce the loan cost with Wells Fargo’s interest rate discounts.
These loans are suitable for those who wish to take their studies further. This covers graduate, health, MBA, law, and other professional programs.
Consolidate Student Loans
This option allows customers to combine multiple student loans, or refinance a single student loan.
What We Like About Wells Fargo Loans
When it comes to debt, it’s often hard to find something that will meet the needs of the consumer and provide them with a good deal. At Wells Fargo, the deals zero in on the needs of the customers to provide them with a product package that is both fair and competitive.
Customers can choose between loans for personal use, vehicles, or even towards furthering their education. Each product is carefully tailored to those individual needs. They provide customers with the right term options in order for them to have better control over their budget.
Finally, the pricing on the loans seems competitive.
For information on Wells Fargo Mortgage options, read here.
What We Don’t Like About Wells Fargo Loans
These loans are well-structured and the bank advises customers that they will receive a competitive interest rate. Unfortunately, the information on other pricing on the loans isn't very forthcoming.
Customers are encouraged to speak to a service professional before taking out the finance to ensure they understand all the ins and outs of the finance.
Finally, the product pages for the loans are a little confusing, especially in the student loans section. This could cause unnecessary delays for customers and encourage them to look for information on other bank sites.
Critical Reviews Rating Wells Fargo Loans – 8 of 10
There are a number of great products available to customers that allow them to meet their needs. Furthermore, the loans are fast and convenient. Customers usually have the funds in their account the day after the approval.
Customers can determine the term of the finance, which will allow them to budget more effectively. Some of the loans enjoy a fixed rate, over a fixed time, with a fixed installment. This provides them with the information they need to plan more carefully.
What Wells Fargo could do a little differently, is make the information appear a little more streamlined on the website. Some of the information is easy to find, such as the stand-alone products. The moment the loan types get broken up into smaller sub-divisions, the information starts popping up all over the website. This makes it difficult for customers to find exactly what they’re looking for.
Finally, the lack of information on the loan pricing is also a bit of a concern. This could be because there is no information on the site, or it might be there but the site is so untidy it’s hard to find. The moment customers have to start clicking around for information, they lose interest and visit other bank sites that are easier to navigate.
For a look at a personal loan portfolio offered by a bank in the UK, have a look at what Barclays has to offer here.