Anyone ever had a loan through Wells Fargo Financial?
Monday, August 30th, 2010 at
10:33 am
I went to my bank, Kinecta (a credit union) to inquire for a loan. One of the reps informally told me to try Well Fargo Financial. I need a personal loan for debt consolidation, approximately $4000. I hate to do it, but it is really my last option. I have bad credit, which I was repairing, but unexpected things came up once again.
What are the qualification requirements? Any info appreciated.
Please spare me any lectures, I am looking for anyone with experience with Wells Fargo Financial.
Tagged with: anyone • EVER • Fargo • Financial • Loan • through • Wells
Filed under: Debt Consolidation Personal Loan
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I spoke to them about a possible home equity loan so I could pay for surgery for one of my dogs.
The guy talked really fast — instead of a home equity loan- they wanted me to refinance my house. They wanted me to give up a 6% fixed rate and refi with them for 9% fixed. I told the guy I would have to have smoked something to agree to something that stupid. The guy talks really fast – they are hoping you don’t catch those little details like the interest rate.
(needless to say– I did not waste my time with them and found another way to pay for the surgery)
Make sure you ask a lot of questions and fully understand all the terms Read over all the paperwork they send you, Know exactly what you are getting into.
If you only have 4000 in debt — a consolidation loan my not be your best option.
Dave Ramsey has a strategy for paying off debt. You can catch his radio show on the talk stations.
He calls it the debt snowball.
1. list all your debts by amount — smallest to largest.
2. pay minimum payments on all your debts but the smallest one.
3. take all the money you can and put it on the smallest debt.
4. once the smallest debt is paid off – go down to the next smallest one. Take the prior payments and any extra money and put it on the next smallest debt. Continue paying minimum payments on your other debts.
If you have not tried Dave Ramsey’s way — I encourage you to check out his radio show and books. May end up being a better option than a debt consolidation loan.
http://www.daveramsey.com
My experience with Wells Fargo is totally negative. Some time back (about 5 years ago) I was working for big financial institution, which didn’t do personal loans or mortgages, but was collaborating with Wells Fargo in that matter. So very often in the morning the initial screen on my PC was inviting me to contact Wells Fargo if I am currently looking for a Mortgage or personal loan, promising me as an employee of XYZ**** Financial favorable rates. And every time I was checking with their rates they’ve been significantly higher than everywhere around.
My second encounter with Wells Fargo came about a year ago when they’ve bought my Mortgage from Washington Mutual (with whom I didn’t have any problem for 5 years). Now 3-4 times a week I am getting a phone call from Wells Fargo offering me any sort of low quality financial products (from Unemployment insurance to God knows what Insurance). Regarding servicing of my loan – it is awful. One day they lost my house insurance record and imposed a fee. Another day they screwed my escrow.
I hoped it helped.