Wells Fargo offers personal loans with low rates, flexible repayment terms, and a relationship discount for qualifying customers. But Wells Fargo personal loans may not be the best option for everyone, including folks who bank elsewhere and people who have bad credit. We’ll cover the benefits and drawbacks, how to qualify, and how Wells Fargo compares to other personal loan lenders, so you can get the money you need.
Low rates No origination fee Flexible repayment terms Fast funding | |
Low rates and fees for excellent credit Fast funding |
Best for existing Wells Fargo customers
To be eligible for a Wells Fargo personal loan, you need to have been a customer at the bank for at least a year. But if you already bank with Wells Fargo, you may find that the personal loan application process is especially easy and quick. Most customers get a same-day decision, and about 97% receive their cash the same day they sign the loan agreement.
What’s more, Wells Fargo offers a 0.25% rate discount for existing checking account holders who make automatic loan payments from a Wells Fargo deposit account. Wells Fargo customers with a higher-tier checking account can qualify for a 0.50% rate discount.
Great for large loans, low rates, and no origination fees
Wells Fargo offers very competitive APRs. For example, borrowers who have excellent credit and apply for a 3-year personal loan of at least $10,000 may qualify for an APR as low as 6.99%.
Among 30 other lenders we reviewed, Wells Fargo has the second-lowest available rates, beaten only by LightStream at 6.94% APR, and tying with Best Egg. And unlike many online lenders, Wells Fargo doesn’t charge upfront fees, or origination fees, for personal loans.
How Wells Fargo compares to other lenders
Even if you’re a Wells Fargo customer, other lenders may be a better fit for your needs. Here’s how Wells Fargo compares to top lenders based on core criteria.
Neither SoFi nor Discover requires you to be an existing customer, and both lenders offer a wide range of financial products and services. Though starting rates are higher at SoFi and Discover, these online banks offer some additional benefits — for example, SoFi offers member benefits like free financial planning and an exclusive online community, and Discover offers direct payment to creditors for debt consolidation loans.
How Wells Fargo compares to more lenders: The Best Personal Loans
Pros and cons of Wells Fargo personal loans
Pros
- Large loan amounts
- Low rates
- No origination fee
- Flexible repayment terms
- Fast funding
Cons
- Existing customer requirement
- No secured personal loans
- No direct payment to creditors
- May be tough to qualify for with poor credit
Pros
- Large loan amounts: Wells Fargo offers loan amounts up to $100,000 for qualified borrowers.
- Low rates: Wells Fargo APRs start at 6.99%, among the lowest in the industry.
- No origination fee: Wells Fargo doesn't charge an origination fee, which is an upfront fee typically deducted from the initial loan funds.
- Flexible repayment terms: Wells Fargo offers repayment terms from 12 to 84 months, depending on the loan amount.
- Fast funding: Most Wells Fargo customers receive their money the same day they sign their loan documents — often the same day they apply.
Cons
- Existing customer requirement: To be eligible for a personal loan from Wells Fargo, you need to have been a Wells Fargo account holder for at least 12 months.
- No secured personal loans: Securing a loan with collateral can make it easier for borrowers with low credit scores to qualify for lower rates, but Wells Fargo doesn't offer secured loans.
- No direct payment to creditors: Some lenders offer to distribute your loan funds directly to your creditors on your behalf, which some people prefer for consolidating or refinancing debt. Wells Fargo doesn't offer this option, though you can use the loan for debt consolidation once you receive the money.
- May be tough to qualify for with poor credit: Banks tend to have stricter criteria than credit unions and some online lenders and Wells Fargo doesn't disclose a minimum credit score requirement.
How to qualify for a Wells Fargo personal loan
Your credit score and financial history
Wells Fargo doesn't disclose its credit score requirements, but the bank allows you to prequalify online without hurting your credit. This is a risk-free way to get an idea of whether you'll be eligible for a personal loan and an estimate of the rate you may qualify for.
Your income and employment
Wells Fargo doesn't disclose a minimum income requirement, but most personal loan lenders require a stable source of sufficient income. Wells Fargo requires you to provide your income and employment information during the application process, and you may need to submit documents like pay stubs or tax returns.
Wells Fargo personal loan purposes
You can use a Wells Fargo personal loan for almost any household expense, including:
- Financing large purchases
- Home improvement projects
- Emergency expenses
- Medical bills
- Auto repairs
- Weddings
- Vacations
- Moving expenses
- High-interest debt consolidation
- Childbirth or adoption
- K-12 education
- Care for parents
- Legal fees
- Auto purchase
Note that Wells Fargo doesn't allow you to use a personal loan to buy real estate or pay for college tuition.
Related: What Are Personal Loans Used For?
Wells Fargo personal loan fees and penalties
No loan origination fees
Wells Fargo doesn't charge loan origination fees.
No early repayment penalties
Wells Fargo doesn't charge prepayment penalties. You can pay off your loan at any time without incurring additional fees. You can also make extra payments, which Wells Fargo will apply to any outstanding interest before your principal balance. Paying off a personal loan early can save you money on interest.
Other fees
Wells Fargo may charge a late fee if you make a late payment. The bank's public website doesn't provide details about late fees, so make sure you read your loan agreement and understand when fees will be assessed.
How to contact Wells Fargo
To get in-person help from a Wells Fargo banker, you can schedule an appointment at a local branch. You can also reach the customer support team on weekdays at the phone numbers below:
- To open a new account: 1-877-526-6332, 8 a.m. and 7 p.m. CT
- For service with an outstanding personal loan: 1-877-269-6056, 7 a.m. to 7 p.m. CT
About Wells Fargo personal loans
Wells Fargo Bank is an FDIC member bank that was founded in 1852. It is the fourth largest bank in the U.S. in terms of consolidated assets and has ATMs and branches in 36 states and Washington, D.C. Wells Fargo offers personal loans with competitive rates to applicants who have been customers for at least a year. The bank also offers a variety of banking products and financial services.
FAQ
Is it hard to get a personal loan from Wells Fargo?
Open
What credit score is needed for a Wells Fargo loan?
Open
How much does Wells Fargo charge for a personal loan?
Open
How long does it take to get a personal loan from Wells Fargo?
Open
Does applying with Wells Fargo affect your credit score?
Open
Compare Lenders:
