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Wells Federal Bank Savings Account
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Wells Federal Bank is a Minnesota banking corporation with eight branch locations spread throughout South Central Minnesota. The corporation was founded back 1934 in Wells, Minnesota, and has remained true to the community-centered values it was built on. It is a full-service retail bank that provides residential, commercial, agricultural and personal loans within the state of Minnesota.
How Does It Work?
Wells Federal Bank offers personal loans for practically any purpose. Its interest rates are competitive, even when compared to national lenders. Although you can't apply online, the loan application process is fast and the personalized customer care is excellent. Once your loan is approved, your funds can be wired directly to your bank account.
How Much Money Can I Borrow?
Loan amounts vary from a minimum amount of $1,000 and a maximum loan of $5,000. Loan terms vary from 12 months to 5 years, although loan officers prefer to keep loans within 48 months for unsecured personal loans.
What Are The Interest Rates?
Interest rates range between 6% and 7%. These are extremely competitive rates, particularly when you consider this is a local, brick-and-mortar retail bank.
What Is The Application Process Like?
The best way to apply for a loan with Wells Fargo is to make an appointment with one of their friendly loan officers at your local branch. You can download a pdf file with their application form and send it by email, fax or snail mail; but if you cannot get to a branch in person to sign the loan documents, you will need to get a notary to witness your signature. Despite the quaint old school loan application system, loan approval is assessed locally, so customers can still expect a decision within 24 hours.
How Is It Better Than Other Lenders?
Wells Federal Bank may not have all the bells and whistles larger banks and online lenders offer but its rates are hard to argue with and if you don't mind walking to a branch, the customer care alone is worth giving them a try.
However, its target audience are borrowers with good to excellent credit. They won't really consider borrowers with a credit score below 660, which allows them to consistently grant fixed interest rates of around 6%. Although Wells Federal Bank is not really an option for people outside of the service area of its branches, you should check them out if you have a branch in your neighborhood.