I recently applied for an approximate $9000 personal loan. I have current EXCELLENT credit scores with all three credit reporting bureaus. The application was taken (recorded) and the representative gave me a range of rates for 30, 45, and 60 month loans (ranging from 9.758% to 20.019%. She asked to run my credit and knowing I should be on the low end, I said alright. She said the estimated rate would be around 9.5% for 60 months at $179.65 per month. She asked my permission to apply for the loan. It immediately came back from underwriting approved with what she called a possible error in the rate. She was shocked and at first would not tell me what the rate was. It came back at 20.01%. She never gave me the application number nor her full name, and was supposed to call me back in an hour after she spoke to the underwriter to find out what happened. I finally got the loan information and went to the bank in person. They could do nothing. I will not be signing this loan at this rate of interest. I am mad because I now have a "hard hit" on my credit score and still need the loan for home improvement. I am shocked that they would tell you an estimated rate and then it come back approved more than double the rate! I would understand slightly higher but not this high. I have never been offered such a terrible rate on any loan my entire life. Buyer beware ... do not trust this loan process, nor the lender.

I applied for unsecured personal loan of $35k with wellsfargo almost a month back and they collected neccessary docuemnts to process the loan. In between I came to know from wellfargo that my credit score was 756. I then called wellsfargo to check the status of my application and got reply that "My manager got in contact with another rep to discuss your counter offer they were unable to prove the amount for 35k. The counter offer is still on the table of 15k if you do decide to take it. Now your interest rate will be 16.25% for 36 months." What a bank ahh! for an excellent credit score, the interest rate for unsecured loan is 16.25%... I was totally upset and replied immediately to know the reason for such higher interest rate though I have excellent credit score. the reply was "Well I didn’t make the rate. I put all your information in and sent it off to the underwriter, I do not know what they saw to give you that high of interest rate." I now then thought of dealing with wellsfargo is waste of time. So I immediately replied them to withdraw my application and close all of my accounts with wellsfargo. It's such a pain. isn't it? Then I applied with FCU and got an offer of 9% interest rate with immediate approval, which was lot lot better than wellsfargo without any pain like waiting for a month, call and check the status etc... My suggestion to you guys is, don't go with wellfargo. it's waste of time and energy.