Consumer complaint received 2017-05-04
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Charged fees or interest you didn't expect — 
Company: WELLS FARGO & COMPANY (NC)

On  XXXX / XXXX /  XXXX   I sought information online from my current  bank ( Wells Fargo ) regarding terms of a personal loan. The information on their website offered a screen to enter the amount of loan and term ( years ) of the loan to identify an  interest rate based upon my input. The rate provided for a my {$10000.00} 48 month loan returned 7.992 %. It displayed a caveat that it was subject to " excellent credit history and ability to repay the loan. ". I then applied online for the loan. Within a hour I received an email response saying the loan was approved ; however the interest rate for the loan was 12.004 %. I then called  Wells Fargo  at  XXXX  ( number on the loan application response ), to talk with a service agent as to why there was a 33 % increase regarding in the interest rate when I have an excellent credit rating ( based upon all  XXXX  major credit bureaus [ in fact, I have never defaulted on any payment in 52 years ] ), there is absolutely no indication on any of my credit reports showing past due, late, or any other credit issues. I have had two authorized inquiries in 4 yea rs ( to pu rchase a used car, and refi my home for a lower interest rate - which is good financial practice ). I also asked if my ability to repay the loan appeared to be an issue. The service agent stated that she could not provide any information other than that the interest rate is computer generated. I asked to speak with someone else that could tell how the interest was calculated and increased 33 % since obviously some " person '' approved it. I was transferred to a gentleman who ultimately gave me the same answer - it 's computer generated. I then called my local bank  ( Wells Fargo  -  XXXX , NC  )  and spoke with the branch manager. I asked her the same questions. What in my financial information justifies a 33 % increase in your advertised rate? I asked if she saw anything in my credit history that was an issue - she advised no. I then asked if there was an issue with my debt to income ratio, or my ability to repay the loan, and she stated it is currently 21 % and that they do n't have concerns unless it 's above 40 %. She then, like the other agents of  Wells Fargo, stated  that she can not explain the 4  % ( 8 % to 12 % ) increase  other than it is computer generated. I advised her further that I have never been unemployed ( ever ) since age  XXXX , I make almost {$90000.00} a year, I only have a house payment of {$1200.00} and a car payment of {$220.00}, and I 've never missed ANY payments on ANY loans EVER, and I have an " excellent ''  credit score bas ed upon the credit reports ( I 've ran all  XXXX  reports to confirm ). Why then, is there a 33 % increase in your loan offer versus the advertised rate on your website. She only stated, it was computer generated ... and no other explanation provided. If I ca n't get an 8 % loan ( as advertised ), I would like to see who can.     I am willing to provide to CFPB my financial records for review.