I just received a Wells Fargo Instant Loan cheque. I had a bad account with them 5 years ago, but they don't appear on any CRA. I am now getting invitations from other first rate banks, after cleaning up my Credit with this board and the passage of time. Has anyone received one of these? You just deposit it in your bank account and you have the money. I am just worried it's a trick, used to refresh my bad account 5 years ago. I am looking for to this as a way to reestablish myself with WF, and create a positive history. Thanks in advance to everyone! Cheers!
Be Very Careful!!! I got an instant loan check for $7500 and made the mistake of cashing it because I needed some short term cash. READ the terms, Mine was not like a CC It was a rule of 78s loan with heavy prepayment penaltys. It cost 10,000 for my 7500 loan and I wanted to pay it off in 90 days! Ouch, that hurt!! JohnM
yeah these kinds of loans, well, they are what you do in dire situations.. The time when i new i would cash a check like this, is like when i plan to ditch all my loans, or begin process to file bankruptcy. The loan terms are hideous, and quite frankly the only way i would use it, is if i intentionally planned to ditch paying it back.. btw. They used to be NORWEST FINANCIAL if that rings a bell..
Yes Norwest Financial does ring a bell unfortunately. I financed a $475 car stereo through them. Then like 2 months later they sent me one of those instant loan checks for like $1K. I cashed it and then like 8 months later had problems repaying them due to outrageous repayment terms. Then they came at me wth an offer to settle. They said that ifI came up with $300 that they would close both accounts and mark them as settled in full. At the time I was young and dumb and didn't understand the negative effects of having "Legally settled for less than full amount" on my credit file. I didn't know that was bad until I started reading this board. I got it off all of my reports REAL QUICK by disputing. At that point they were now Wells Fargo and they didn't bother to verify since it had been like 5 years. But I remember the guys that use to work in the office were really sleezy and gross!
Re: Wells Fargo " Instant Loan Cheq skip, Just like my Fleet Instant Loan Checks, they pulled your credit report. In my agreement, they have the right to refuse to honor your check in case of your credit status changed. The interest of those checks is always high and sometimes they came with the origination fee. I also got one of those checks from Household and they charged me something like 20% interest plus $50.00 origination fee. If you accepted you paid them back as much as you can and paid them back all as soon as posstible. The interest will eat a hole in your pocket. Ron.
Re: Wells Fargo " Instant Loan Cheq Just for clarification: Wells Fargo has been around (as Wells Fargo, even) since the Pony Express days. Those wagons on Bonanza and such were usually Wells Fargo (they popularized the stage coach for transporting payrolls across the country). WF was founded by 3 guys (can't recall the other one's name), Wells and Fargo. They also founded Bank of America many long years ago, but bailed out of that and let the new partners have it. Norwest came along many years later in more modern times as a small under-funded (many financial analyst say) bank that got its reputation doing quick high-risk loans for high interest rates. When they couldn't make it in the more lucrative mortgage industry, Wells Fargo bought out their assets, deposits and accounts, working hard to wipe out the old Norwest's slimy reputation. Haven't seen these checks myself. But Wells Fargo's industry reputation is head and shoulders above the old Norwest. Still, research, research, research before you sign. <But, gosh, you KNEW that part, didn't ya! Ok. I'm off the teacher's pulpit!>
