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“I applied for unsecured personal loan of $35k with...”

written by on 16/03/2013

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.

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