Digital News Report – A few years ago it wasn’t hard to get a personal loan, but this has changed. Credit scores have declined and Americans are finding it harder to acquire personal loans with bad credit.
The goal is to acquire the best loan at the lowest interest rate. Unlike payday loans, personal loans don’t need to be paid-off at the next payday cycle. Personal loans will typically have a lower interest rate and longer term, up to 60 months.
Wells Fargo Personal Loans
Wells Fargo offers personal loans for various purposes including emergencies, car repairs, medical bills, and even home improvements. The interest rate will depend on your credit score.
The bank says they can offer “immediate funding”, usually within a few hours. If the loan is not processed within a few hours it will usually clear the next business day and the funds will be available for use.
Unsecured loans typically carry a higher interest rate. Many lenders will allow borrowers to use a car, boat or other valuable personal property.
Wells Fargo says they have a “simple” application process. The loans come with a fixed rate and fixed term. You will know exactly how much your payments will be.
By: Tina Brown