Wells Fargo got into hot water a few years ago when it was revealed that employees had created millions of fraudulent accounts to meet their sales goals.

Increased consumer acceptance of online banking, where customers can expect better interest rates and mobile apps, also poses a problem for Wells Fargo, whose central checking account earns no interest and whose savings account yields a meager 0.01% APY.

Additionally, big banks like Citibank and Capital One have finally started to adopt no-overdraft-fee policies, but Wells Fargo is lagging behind. The bank announced this some changes in overdraft fees but so far no complete elimination.

It’s fair to say that Wells Fargo has a consumer perception issue. Although Wells Fargo’s bank account options are far from desirable and the brand is still working to regain consumer trust, Wells Fargo’s personal loan offering is decent.

Wells Fargo Loans: At a Glance

Personal loans are just one of the loan options offered at Wells Fargo. Borrowers can contact Wells Fargo for:

• home loan
• car loans
• credit cards
• Personal Loans

While you can get a personal loan for any use case, Wells Fargo specifically advertises home improvement loans and debt consolidation loans.

Wells Fargo is a full suite bank that also offers multiple checking and savings accounts, CDs, and investment options. In addition, Wells Fargo offers both small business banking and commercial banking. However, the Big Four Bank no longer offers student loans.

Wells Fargo Personal Loan Review

Still not sure if a Wells Fargo personal loan is right for you? Let’s dig a little deeper into the ins and outs of the unsecured personal loans on offer.

transparency

Transparency continues to be Wells Fargo’s biggest problem. When you apply for a personal loan, you can only see your options if you’re an existing Wells Fargo customer.

Even more frustrating, Wells Fargo doesn’t disclose its minimum credit rating requirements for personal loans. While the bank sometimes approves loans with bad credit, you’re most likely to be successful applying for a personal loan with Wells Fargo if your credit score is above 600, but the bank’s website doesn’t openly state this.

Convenience

Existing Wells Fargo customers can easily apply for personal loans online. However, you cannot apply online or by phone if you are not an existing client. Instead, you must go to a physical location to apply to a Wells Fargo banker. While this is a big strike for convenience for non-customers, current customers will have a better experience.

In fact, Wells Fargo bank customers can connect their checking accounts for a discount on their APR on personal loans. Plus, monthly payments are automatic, so you don’t have to worry about late payments.

Wells Fargo also funds most loans same day of approval or next business day. Though the bank doesn’t share statistics, the Big Four financial institution claims there are few exceptions to this rapid funding process.

Even more convenient: If you use Wells Fargo specifically for a debt restructuring loan, the bank coordinates the direct payment to the creditors.

Do you want to open a loan with a co-borrower? You can get a joint loan that can help you lower the interest rate (and therefore your monthly payments) and/or increase your maximum loan amount.

Need more help? Wells Fargo is one of the “Big Four” banks, meaning you can easily find a brick-and-mortar location (in all 50 states) to visit if you have questions before opening or during the life of your loan. The website is easy to use, and the Wells Fargo app on the Apple App Store carries a 4.8-star rating based on nearly 6.75 million reviews.

flexibility

Wells Fargo personal loans offer a degree of flexibility. You can secure a loan of up to $100,000, making it ideal for tackling major home renovations. However, if you are looking for a small loan amount, you will have trouble at Wells Fargo, where the minimum threshold is $3,000.

For loans of $3,000 to $5,000, the loan terms are less flexible (1 to 3 years), but the range opens up when you apply for a larger loan (1 to 7 years).

Prices

While the starting APR of 5.74% looks attractive, you’ll find lower rates elsewhere. Additionally, this price includes a 0.25% discount for existing Wells Fargo customers and Set up automatic payments. Wells Fargo says at least 10% of approved applicants receive the 5.74% rate.

However, the maximum rate is 19.99%. Bad credit borrowers can expect to end up at this end of the range. That high APR actually doesn’t look bad compared to some of its competitors with rates up to 35.99%. The reason? Wells Fargo is stricter about who it approves. Borrowers with bad credit are more likely to be turned down here, meaning online lenders with interest rates of up to 36% might be their only viable option.

Wells Fargo Personal Loan: Pros and Cons

If you’re specifically looking for an unsecured personal loan, whether for a home renovation, debt consolidation, or emergency expenses, you should weigh the pros and cons of opening a Wells Fargo loan.

Wells Fargo personal loan FAQs

Still have questions about opening a Wells Fargo personal loan? Here are the answers to some of the most common questions.

The final result

Wells Fargo’s personal loan option is decent if you have fair to strong credit, but the bank is still working to regain customer trust and improve its core savings and checking account offerings.

Timothy Moore conducts banking and investing for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm, and a major print publication. He covers a variety of other topics including insurance, tax, retirement planning and budgeting and has been involved in this field since 2012.

This was originally published on The Penny Hoardera personal finance website that empowers millions of readers across the country to make smart decisions with their money through actionable and inspirational advice and resources on making, saving and managing money.