Wells Fargo Personal Loan Review - TheValu

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Wells Fargo Personal Loan Review

Loan Amount:
$3000 - $100000
Minimum Credit Score:
Not Specified
APRs From:
5.74% - 22.99%
Funding Speed:
As soon as one business day

Features of Wells Fargo Personal Loans

If you need a personal loan, Wells Fargo is one of the top choices. You can use the fund to buy a car, consolidate debt, or pay an upcoming expense.

Does Wells Fargo give personal loans with bad credit? What credit score is needed for Wells Fargo personal loan? Find out the answers from this review. Plus, you will how to qualify for a personal loan at Wells Fargo and many more.

Wells Fargo Overview

Founded in 1852, Wells Fargo is one of the widely known banks in the US. The bank offers financial services to individuals and businesses, including secured and unsecured personal loans.

If you qualify for a personal loan from Wells Fargo, you have a chance to secure rates as low as 5.74% for loans anywhere from $3,000 to $100,000. It also involves a relationship discount. You can choose from secured and unsecured loans with limited fees.

Who Is Well Fargo Best for

If you are an existing customer of Wells Fargo, you can take advantage of secured and unsecured personal loans and lines of credit. If you have a good to excellent credit score, the bank is a perfect choice for you. Additionally, the bank is also worth considering if you need over $100,000 funds.

The bank allows you to borrow a secured loan up to $250,000 and $100,000 on an unsecured loan. You can get a same-day approval and a next business day funding through an online loan application process.

How to Qualify for a Wells Fargo Personal Loan 

Beware that Wells Fargo does not provide any specific loan qualification on its official website. A quick chat with the bank’s customer service representative will verify the application approval on its own merits.

If you want to ensure a better chance of getting a loan approved, you can:

  • Check your credit before applying 
  • Clean up any possible credit report errors
  • Consider good credit practices
  • Calculate the debt-to-income ratio
  • Calculate your collateral (secured loan)

About Wells Fargo Personal Loans

If you need a personal loan, Wells Fargo is one of the top choices. You can use the fund to buy a car, consolidate debt, or pay an upcoming expense.
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Est. APR
5.74% - 22.99%
Est. APR
6.90% - 19.98%
Est. APR
6.24% - 35.99%
Est. APR
7.99% - 29.99%
Loan Amount
$3000 - $100000
Loan Amount
$3500 - $25000
Loan Amount
$1000 - $35000
Loan Amount
$7500 - $40000
Loan Terms
1-5 Years
Loan Terms
1-3 Years
Loan Terms
1/2-5 Years
Loan Terms
2-5 Years
Min. Credit Score
Not Specified
Min. Credit Score
Not Specified
Min. Credit Score
620
Min. Credit Score
620

Wells Fargo Personal Loan Snapshot

Loan Amount:

$3000 – $100000

APR:

5.74% to 22.99%

Minimum Credit Score:

Not Specified

Time to Funding:

As soon as one business day

Has Origination Fee:

No

Origination Fee: Not Applicable

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Loan Terms

Only Wells Fargo’s existing customers can take advantage of personal loans. Meaning, if you do not use its financial services, you cannot apply for a personal loan. 

Does Wells Fargo do personal loans with bad credit? Wells Fargo is not recommended to those who have fair or poor credit. The bank prefers financially stable and creditworthy borrowers.

Lowering your interest rate is possible through an AutoPay discount. If you hold a specific investment or deposit account type and enroll in AutoPay, you can qualify for that discount. Having a “Portfolio by Wells Fargo” means you are eligible for the 0.50% point deduction to the APR once you enrolled in the automatic repayment. Meanwhile, if you have a qualifying checking account, you will receive a 0.25% enrollment deduction.

As mentioned earlier, Wells Fargo makes secured and unsecured loans and lines of credit. Each loan type comes with specific terms and requirements.

Unsecured Personal Loan

If you select the unsecured personal loan, you can borrow as high as $100,000 through a line of credit or loan. Interest rates are anywhere from 5.74% to 22.99%.

Does Wells Fargo do small personal loans? Yes, you can apply for a small personal loan since you can borrow as low as $3,000.

Secured Personal Loan 

If you need a secured personal loan, the bank offers lines of credit and loans up to $250,000. In exchange for a lower APR range, you have to back the loan with a Wells Fargo savings account or CD.

To give you a bigger picture, you can take a look at the Wells Fargo personal loan terms and requirements comparison table below:

Type of Personal LoanLoan Amount RangeAPR RangeFeesLoan TermsRepayment OptionsDirect Payment to Creditors
Unsecured Personal Loan$3,000 - $100,000Loan:

5.74% - 22.99%

Line of credit:

10.50% - 22.00%

Loan:

  No origination fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

Line of Credit:

  $25 Annual fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

1 to 5 yearsMonthlyYes
Secured Personal LoanLoan:

$3,000 - $250,000

Line of Credit:

$5,000 - $250,000

Loan:

5.50% - 13.79%

Line of Credit:

7.00% - 10.50% variable rate

Loan:

  $75 origination fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

Line of Credit:

  $25 Annual fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

1 to 10 years MonthlyYes

How to get a Personal Loan with Wells Fargo

The process on how to apply for a personal loan at Wells Fargo is very simple. You can in-person, by phone, or online. 

Regardless of which application method you choose, you need to provide documentation such as tax returns and pay stubs. You also need to provide the information below:

  • Social Security number 
  • Date of birth
  • Mailing address 
  • Phone number 
  • Email address
  • Income
  • Employment history
  • Preferred due date 
  • Amount of fund you want to borrow
  • Desired loan term
  • Monthly rent or mortgage payment 

After the bank conducts an application review, you may need to provide additional information to complete the process. Below are documentations you may need to provide:

  • IRS Form 4506T
  • Current accounts payoff information 
  • Utility bills
  • Recent tax returns, w2s, or pay stubs

 

Application ProcessOnline, By Phone or In-Person
Time to Get Funds1+ days
Cosigners/Co-borrowersYes
Credit ReportingYes
Credit CheckHard credit check

Beware that after the application submission, the bank conducts a hard credit check. That way, the bank sees if you meet the credit requirements. Once approved, you have to sign the closing agreement. After that, the funds are disbursed to your account in a few business days.

What We Like About Wells Fargo

Wells Fargo is one of the most trusted financial service providers in the US. After all, the bank offers several personal loan advantages, including:

No origination fees for unsecured personal loans 

The bank does not track common fees, unlike other lenders. In other words, you do not need to deal with origination fees on unsecured personal loans.

Customer Relationship Discount

Through the customer relationship discount, you can enjoy a 0.25% less interest on the personal loan. If you want to receive this discount, it is critical to get a qualifying checking account. You also need to make automatic payments.

Attractive interest rates 

Well-qualified applicants can enjoy interest rates for as low as 5.74%. The actual rate is according to several factors such as loan size, income verification, and credit history. Securing the lowest rate requires qualifying for a customer relationship discount.

Joint Application 

One of the best things about choosing wells Fargo is that you can jointly apply for a personal loan. On the other, ensure to think before co-signing a credit obligation carefully.

Free FICO score 

If you are an existing wells Fargo customer, you have a chance to receive a free FICO score copy each month.

Mobile app

A Wells Fargo mobile app is available for Android and iOS users. You can use this app for managing different accounts. You can also make loan payments in just a few clicks.

What We Don’t Like About Wells Fargo

Wells Fargo offers lots of personal loan advantages. On the other hand, you may still encounter some drawbacks, including:

  • Only existing customers can apply for a personal loan 
  • The application process takes longer if the bank asks for additional documentation 
  • Only a few applicants can qualify for the APR lowest rates
  • Lack of soft credit check 
  • Charges late fee 

Conclusion 

To wrap it up, Wells Fargo is a good choice if you want a secured and unsecured personal loan at low rates. You can also take advantage of the large loan amount of up to $250,000. Well-qualified borrowers can take advantage of personal loan benefits, from quick approval to customer relationship discounts. However, only existing customers can enjoy the most benefits.