Wells Fargo Home Improvement Loan Reviews

Wells Fargo Home Improvement Loan

Wells Fargo is an American multinational financial institution with corporate headquarters in San Francisco, California. The bank operates in 35 countries and has over 70 million customers worldwide. According to the Financial Stability Board, it is among the most important financial institutions in the US. We have lots of products that you can get from the institution. Shortly, you will know more about the Wells Fargo home improvement loan.

Sometimes you may want to make your home more attractive but lack the money to do so. You may turn to banks to get a loan in such a situation. Wells Fargo is among the financial institutions that can offer you a loan to renovate, renew or restore your precious house. After that, you can repay the loan in bits. Financial companies require you to return borrowed money in bits on a monthly basis.

Wells Fargo checks your credit rating when giving you loans or credit cards. In the process, they analyze your credit scores to determine your eligibility. If you have good – excellent scores, you are likely going to get a high loan limit. With poor scores, you are unlikely to get a loan. Wells Fargo has some credit score requirements for a home improvement loan. A home improvement loan is easier than a personal loan at Wells Fargo.

Qualifications for getting a Wells Fargo home improvement loan

Wells Fargo Home Improvement Loan

Wells Fargo requires you to qualify for a loan before getting it. You can obtain a Home improvement loan from $3,000 to $100,000 with no origination fee. You can use your loan for projects such as home repairs, HVAC replacement, kitchen remodeling, and home renovations.

Before applying for your home improvement loan, you must be a Wells Fargo customer. The loan requires a minimum credit score of 660. That is a fair credit score. Loan terms vary from 1-3 years for loans under $5,000. Large amounts can have loan terms of up to 84 months.

Application Process For Wells Fargo Home Improvement Loan

You can apply for your loan online. One can begin by visiting the Wells Fargo Loan application page and then indicate whether you are a Wells Fargo customer or not. If you are not a customer, you must open an account and proceed to apply for your loan. You can find a location to open your account.

You must select one way to log into your account if you have an account with the bank. You can sign in with your Wells Fargo username and password so that Wells Fargo can fill in some of your personal details. You can also manually enter your details to sign in to your account. Once you are ready, you can sign in to your account.

Facts About Wells Fargo Home Improvement Loans

The home improvement loan from Wells Fargo allows you to complete your home renovation projects with a flexible interest rate personal loan. The company offers a loan term option that lets you pick the loan option that’s right for you. Facts about the Wells Fargo loan include;

  1. Fixed interest rates. The loans offer a fixed term, competitive fixed rate, and fixed monthly payment.
  2. Flexible financing options. You can choose your preferred loan amount and repayment term.
  3. No collateral is needed. You will not be limited by the amount of equity in your home. Therefore, you can borrow money without using your home as collateral.

Wells Fargo Home Projects Card

Other than the home improvement loan, you can opt for the Home Projects card, which offers a revolving line of credit for your home improvement projects. These include getting a new boiler, furnace, or air conditioning system. You can use the card with various companies to purchase the necessary materials.

Most importantly, you can grow your credit scores using your card. Again, the card is revolving; thus, you can borrow money again when needed.

Wells Fargo home improvement loan rates

The rates are flexible since you get fixed rates as low as 5.99% APR. Fixed rates allow you to pay the same amount all through. That protects you from paying high amounts in the case of variable APRs.

You can save yourself from high-interest loans by building your credit scores. Higher scores attract low-interest rates. That is because financial companies see you as a low-risk borrower.

Zero-interest home improvement loans

Generally speaking, you cannot get a zero-interest loan. Most financial companies charge some interest on top of your borrowed amount. That is how they make money. Wells Fargo home improvement loans have low-interest rates.

Alternatives to the Wells Fargo Home Improvement credit card

The best home improvement credit card alternatives are the Wells Fargo personal and home improvement loans. You may also get other credit cards like Wells Fargo Propel card to use for your various financial companies. One can consider the following credit cards.

  1. U.S. Bank Cash+ Visa Signature Card.
  2. Citi Custom Cash Card.
  3. Lowe’s Advantage Card.
  4. Blue Cash Preferred Card from American Express.
  5. Citi Double Cash Card.
  6. IKEA Visa Credit Card.

What you should know before applying for the Home Improvement credit card

Before applying for the card, you must know that you need fair credit or better. That means you should have a score of 640 to get approved. It is also crucial for you to understand that the card is mainly for home improvement products and services. You can use the card at businesses that sell home improvement projects.

May Home improvements be easier with a personal loan?

According to information from Wells Fargo, a home improvement loan is better than a personal loan. You have seen that you benefit from fixed interest rates. No collateral is needed when getting a home improvement loan. You also have the chance to choose the amount of loan you need.

On the contrary, personal loan interest rates may not be fixed. However, you may get rates as low as 5.99% APR. The good thing with a Wells Fargo personal loan is that you can still use it to improve your home. Other ways to use your personal loan include debt consolidation and making a significant purchase.

Bottom line

Wells Fargo is an American multinational financial institution with corporate headquarters in San Francisco, California. The bank operates in 35 countries and has over 70 million customers worldwide. The Wells Fargo home improvement loan allows you to renew your home and make it more attractive. It has low-interest rates that are fixed. You can also opt for the Wells Fargo Home Projects Card to purchase home improvement materials.

Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.