I was interested in obtaining a debt consolidation/personal loan to pay off higher interest rate credit cards. I shopped around, reviewing rates at various banks. Wells Fargo ( on their website www.wellsfargo.com ) has a payment calculator for each state, with their rates, so this is what the interest rate reflected was : XXXX for 36 months ( FL ). It does not state an APR range at all, but a fixed APR as XXXX for XXXX months, for the amount I was requesting. 


https : //www.wellsfargo.comXXXXRate and Payment Calculator ResultsThe following are results for Unsecured Personal Loan in Florida. Included are XXXX additional results that show your APR and monthly payment if you select a different term. 

Amount Term APRXXXX Monthly Payment {$6500.00} XXXX months 8.231 % {$560.00} {$6500.00} 24 months 8.247 % {$290.00} {$6500.00} 36 months 8.248 % $ XXXXXXXXReady to apply for a Wells Fargo personal line or loan? Apply NowVisit a store or callXXXXXXXX. 

This is completely deceptive ( UDAAP issue ) since then when I applied that same day, at the Wells Fargo branch in XXXX XXXX, FL ( XXXX XXXX ) I was approved at 12 %! I have stable income and my FICO SCORE is not only Excellent, but the highest range. 

Therefore, Wells Fargo is apparently deceiving their customers by stating the rate is 8.248 percent and then doing a bait and switch and saying the person is approved at 12 % ( with Excellent credit! ). 

I refused the loan, since I can get a 12 % loan anywhere and the whole purpose of the loan was to lower interest rate but wanted to let the CFPB know of this unfair and deceptive practice. 
