Wells Fargo Personal Loans Review

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2.2 stars
Average rating for this product is: 2.2 out of 5

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Muzzy16's Review of Wells Fargo Personal Loans

29th Oct 2008

Overall Rating

1 stars
  • Value for money
    0 stars
  • Speed of Application
    4 stars
  • Loan Rate
    39%
  • Customer Service
    3.5 stars
Good Points

Nice professional environment. They offer good incentives through retailers where you don't pay for 1 year and no interest.


Bad Points

Pesonal loans big or small can rack up some really crazy interest. You might as well bend over for them while you're signing the papers.


General Comments

Went in the other day and requested a $3500 loan. They said I was approved for $10,000 and since I have good credit standing I'd get it for 19%. Nothing special about it....it ' s just the same as one of my credit cards. So I opted for the $3500 because that was all I needed.
So my loans officer has worked out some numbers and tells me that it would be $172/month. I thought "hey, I can afford that!" then she said it would be over 4 years (min term is 4 years). So I pulled out my cell phone and used the handy built in calculator. In the end it would have been $8300! That's $4800 interest on top of the principal amount! I told her that I didn't feel comfortable signing for it and she was telling me that $172 is the minimum and that I could pay it down sooner if I had extra cash. What if I could only afford $172 a month? You're telling me that I'm going to be stuck paying that for 4 years?
So I walked out of there and felt really good I didn ' t' get trapped with a 4 year contract. Instead I borrowed $3500 from a friends line of credit account (4% interest) and for $152 dollars a month for only 2 years the total interest paid would only be $150 dollars! Compare that to $4800 in interest if I had borrowed from Wells Fargo Canada! What could you buy for $4650 dollars? I can buy a whole lot and much more!
So do yourself a favour. Use these guys as a last resort because you could be paying back huge amounts of interest.

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Members' Comments onMuzzy16's Review

  • checkyourself on 28th Jul 2009

    You obvisouly don't know how Wells Fargo works. People come to WFF because the banks will not give them a loan because they are self employeed and people who have less then perfect credit or new credit. The loan is designed to allow the customer to improve their credit and WFF helps to pay off some your debts by consolidating your debts into one easy payment. Unlike credit cards if you pay the minimum some of it goes to interest and the rest goes to principal.

    Yes WFF gives you 4 years to pay off the loan, if you make the MININUM payments. Because the loan is open you have the choice of paying off sooner and avoiding having to pay, your hard earn money, on interest.