What is Wells Fargo?
If you live in the United States, you’ve almost certainly heard of Wells Fargo Bank. They are the fourth largest bank in the entire country. They have roughly 5,800 branches and over 13,000 ATMs spread throughout nearly every state. For people who don’t live close to a physical location, Wells Fargo also provides 24/7 phone support for their financial services.
Wells Fargo offers personal loans to go along with its numerous other banking, loan and financial products. Just because a lender is big player in the financial space, doesn’t necessarily mean they are the best option for you. In this review, we will look at the most important features of a Wells Fargo personal loan.
Wells Fargo personal loan highlights
Securing a personal loan through Wells Fargo comes with many of the same benefits you would expect with any major financial institution. Here are a few highlights on a personal loan with Wells Fargo:
- Loan amounts vary – They offer personal loans that range anywhere from $3,000 all the way up to $100,000.
- No application, origination or prepayment fee – It doesn’t cost anything to apply for or set up a Wells Fargo personal loan. There is also no penalty for paying the money back ahead of schedule.
- Fast payment – Wells Fargo typically releases payment within one business day of loan approval.
- Wells Fargo checking account discount– Wells Fargo subtracts 0.25% off the interest rate when you set up automatic payments through a qualifying checking account with the bank.
APR
6.99%
To
23.99%
Credit Req.
Varies
Minimum Credit Score
Terms
12 to 60
months
Origination Fee
No origination fees
on Wells Fargo Bank’s secure website
Wells Fargo loan terms range from 12 to 60 months on loan amounts of $3,000 to $100,000. The APR on a personal loan can range from 6.99% to 23.99%, (0.25% discount is applied to the interest for relationship accounts). The Wells Fargo website states funds are often distributed the next business day after approval.
What’s great about Wells Fargo personal loans is there are no origination or prepayment fees. There is a late payment fee: $39; however, there is 10-day grace period to make that payment before Wells Fargo charges a penalty.
Fees and penalties | |
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Eligibility requirements
Like most applications for a line of credit or a loan, your credit report will show a hard pull when you apply for a personal loan with Wells Fargo. The bank does not have a minimum credit score requirement, but will consider your credit score in their decision. They also don’t have a cap on the debt-to-income requirement, but again, it will be factor into their lending decision.
Loan underwriters will also consider your income and any other banking relationship with Wells Fargo as part of their decision. If you’re a long-term Wells Fargo customer, that could improve your chances of qualifying.
Apply for personal loan with Wells Fargo
You can apply for a Wells Fargo personal loan online, by phone or at a Wells Fargo bank branch. In each case, Wells Fargo will ask for your personal information — like your name, address and Social Security number — and employment and income verification. Finally, you will need to submit your ideal loan term and amount, although you may not receive the full amount requested.
If you already have a Wells Fargo bank account, you can log in and the application will be prefilled with information that is already on your account. Once you submit the online application, the software will tell you whether you qualify, are rejected or if they need more information. Wells Fargo may request supporting documentation such as your pay stubs, driver’s license or tax returns before making a decision.
Wells Fargo often supplies funds within one business day of approval. Funds can be received in a variety of different ways, including a direct deposit into an existing Wells Fargo account, transferring the money into another bank account, cashier’s check or you can opt to have the funds go directly toward outstanding debts (if you requested the loan to consolidate your other debts).
Wells Fargo has some positives — such as banking with a mega financial institution — but it also has some negatives — like their history of setting up fraudulent accounts. Loan products (with any institution) will be no different. Here are some pros and cons to taking out a personal loan with Wells Fargo:
Pros: | Cons: |
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Who’s the best fit for a Wells Fargo personal loan?
Wells Fargo personal loans are ideal for someone with a strong credit score and high income. In this case, you have a better chance of receiving an instant decision at the lowest available interest rate.
Wells Fargo incentivizes personal loan borrowers to open a checking account with them by offering a 0.25% discount on the interest rate when you set up automatic payments. Plus, Wells Fargo can deposit the loan proceeds immediately into your bank account after you’re approved.
Wells Fargo is a good fit if you want the flexibility to pay the money back earlier than expected or are looking for a large personal loan limit. Finally, if you want to meet with a banker in person to discuss your loan, Wells Fargo is one of your better options as they have roughly 5,800 branches nationwide where you can meet with a loan officer.
Alternative loan options
If you don’t meet Wells Fargo eligibility requirements, consider the following three alternatives for a personal loan:
LendingClub
APR
6.95%
To
35.89%
Credit Req.
600
Minimum Credit Score
Terms
36 or 60
months
Origination Fee
1.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More
LendingClub is an online lender that uses a peer-to-peer system, which means they match you with other lenders to fund your loan. You could potentially receive a lower interest rate or qualify with a lower credit score than you would with Wells Fargo, but that depends on what kind of offers you receive. You can check rates without hurting your credit score because they use a soft pull to create offers. However, the entire process takes at least seven days to fund your loan. A personal loan with Wells Fargo is a faster process if you immediately qualify.
OneMain Financial
APR
16.05%
To
35.99%
Credit Req.
Varies
Minimum Credit Score
Terms
24 to 60
months
Origination Fee
Varies
If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More
All loans subject to OneMain’s normal credit policies. Loan approval and actual loan terms depend on your ability to meet OneMain’s standard credit criteria (including credit history, income and debts) and the availability of collateral. Collateral requirements would include a first lien on a motor vehicle that meets our value requirements, titled in your name with valid insurance. Collateral offered must meet our criteria. The lowest annual percentage rate (APR) shown represents APRs for top 10% of loans closed. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.Residents in the following states are subject to the following loan size restrictions: Alabama residents: $2,100 minimum loan amount. California residents: $3,000 minimum loan amount. Florida residents: Unless you are a present customer, $8,000 maximum loan amount for unsecured loans. Georgia residents: Unless you are a present customer, $3,100 minimum loan amount. Iowa residents: Unless you are a present customer, $8,500 maximum loan amount for unsecured loans. Maine residents: Unless you are a present customer, $7,000 maximum loan amount for unsecured loans. Mississippi residents: Unless you are a present customer, $7,500 maximum loan amount for unsecured loans. North Carolina residents: Unless you are a present customer, $7,500 maximum loan amount for unsecured loans. New York residents: Unless you are a present customer, $20,000 maximum loan amount for unsecured loans. Ohio residents: $2,000 minimum loan amount. Texas residents: Unless you are a present customer, $8,000 maximum loan amount for unsecured loans. Virginia residents: $2,600 minimum loan amount. West Virginia residents: Unless you are a present customer, $7,500 maximum loan amount for unsecured loans. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
OneMain Financial’s application process — from application to funding — can be completed in just one day. The downside is they charge significantly higher interest rates than Wells Fargo. You will be required to visit a OneMain Financial branch in person to complete the process as it can’t be 100% completed online.
LendingPoint
APR
15.49%
To
35.99%
Credit Req.
600
Minimum Credit Score
Terms
24 to 48
months
Origination Fee
0.00% - 6.00%
on LendingTree’s secure website
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More
LendingPoint is another choice if you need money quickly and want to handle the entire process online. They are more accepting of lower credit scores and consider other factors for their lending decision, such as employment and financial history and income. Their application process is fast and you may be able to apply and receive funding within a couple of days. They do charge a loan origination fee and have higher interest rates than Wells Fargo.
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LendingTree
Disclaimer
5.99% To 35.99% APR
See Offers
SoFi
Advertiser Disclosure
6.79% To 16.24% APR
See Offers
Marcus by Goldman Sachs®
Advertiser Disclosure
5.99% To 28.99% APR
See Offers
LightStream
Advertiser Disclosure
3.99% To 16.99% APR
See Offers
