Wells Fargo Personal Loan Review

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What is Wells Fargo?

Chances are good that you’ve heard of Wells Fargo, as it’s the third-largest bank by asset size in the U.S. and has 29 million customers.

Choosing to take out Wells Fargo loans can provide you with a lot of convenience and access that’s best offered by a major bank. First, the bank has more than 5,600 branches spread out across the U.S. so you’ll never be too far from a Wells Fargo branch or ATM.

This major bank also offers a wide range of products and services, from Wells Fargo student loans to deposit accounts and mortgages. This Wells Fargo review takes a closer look at its personal loans and highlights what you need to know.

Wells Fargo personal loan highlights

  • Discounts for Wells Fargo customers: Get a 0.25% interest rate discount if you maintain a checking account and set up automatic personal loan payments out of it. You’ll also need to be an existing Wells Fargo customer to apply for a personal loan online.
  • Limited-time rate discount: Up through March 31, 2019, new applications for unsecured personal loans will qualify for a rate discount that will shave 0.50% off their APRs. Even better, this discount is added on top of the 0.25% relationship discount.
  • Secured personal loans offered: You can get a lower APR if you use a Wells Fargo savings or CD account as collateral to secure a personal loan. Or you can choose an unsecured personal loan that won’t require any collateral.
  • No or low fees: Wells Fargo charges no origination fees on its unsecured personal loans, and a flat $75 origination fee for secured personal loans. You also won’t have to worry about prepayment penalties for either loan.
  • Add a co-applicant: Both single and joint applications are accepted for Wells Fargo personal loans.
  • APR range: 5.50% – 13.79% APR for secured loans; 6.99% –23.99% APR for unsecured loans
  • Minimum credit requirement: Varies
  • Terms: 12 to 60 months for unsecured loans, dependent on loan amount; up to 120 months for savings-secured loans
  • Fees: No origination fees for unsecured personal loans and flat $75 origination fee for secured loans; no prepayment penalties
Wells Fargo Personal Loan Details
Fees and Penalties
  • Term lengths: Unsecured loan terms of 12 to 60 months; terms up to 120 months for secured personal loans
  • APR range: 6.99% –23.99% APR for unsecured loans; 5.50% – 13.79% APR for secured loans
  • Loan amounts: $3,000 to $100,000 for unsecured loans; $3,000 to $250,000 for savings-secured loans
  • Time to funding: As soon as the next business day
  • Credit check: Hard Pull
    • Origination fee: No origination fees for unsecured loans, $75 on savings-secured loan
    • Prepayment fee: None
    • Late payment fee: $39

    Wells Fargo product details

    If you’re looking for a personal loan, Wells Fargo’s offerings are worth considering. This major bank offers a wide range of terms and features that could make it a flexible fit for many borrowers.

    Take the loan amounts, for example. Starting at $3,000 and running all the way up to $100,000 ($250,000 for savings-secured loans), Wells Fargo personal loans can be used for purchases or debt consolidations great and small.

    Wells Fargo also allows co-applicants for its personal loans, allowing you to borrow jointly with another person. And, of course, it has a savings-secured loan — a less common offering than unsecured loans.

    This major bank offers plenty of convenience and ease of access to customers who live near a branch or already have an account with Wells Fargo. It also provides an online portal and mobile app with a wide range of features to help manage your money, from ongoing free FICO® Score reporting to banking and payment alerts.

    Eligibility requirements

    • Minimum credit score: Varies
    • Minimum credit history: Not specified
    • Maximum debt-to-income (DTI) ratio: Not specified

    Wells Fargo loans don’t have clear eligibility requirements that are publicly provided. However, the bank does state that it will use your provided income details and credit qualifications to make lending decisions. Additionally, it provides a debt-to-income calculator that you can use to get some insights into how the bank might view your DTI.

    Only U.S. citizens or resident aliens are eligible for Wells Fargo loans. Applicants should note that they’ll need to be existing Wells Fargo customers to apply for a personal loan online; otherwise, you’ll need to visit a branch in person.

    Applying for a personal loan from Wells Fargo

    If you’re ready to apply for a Wells Fargo personal loan, you’ll want to prepare some information and documents:

    • Identification and contact info: Social Security number, date of birth, phone number, email address and residential address
    • Employment and income details: Employment status, employer name and phone number, gross monthly income from all sources, and monthly housing costs
    • Personal loan request: Type of loan you’re requesting, loan amount, repayment term and preferred payment due date

    In addition to the information above, Wells Fargo might request other information to review, such as recent pay stubs, income tax documents, verification of address or a driver’s license. If you’re using the personal loan to consolidate debt, you might also be asked to provide the current payoff amounts of accounts you’re using the loan funds to pay off.

    When applying for one of these Wells Fargo loans, you have three options: complete an online application (if you’re an existing customer), call 1-888-667-5250 to apply online, or visit a branch to apply in person.

    Wells Fargo can often process your application right away and provide a decision in just minutes, or request additional documentation if needed. You can also track your loan application and upload requested documents through Wells Fargo’s online portal.

    Should you be approved for a Wells Fargo loan, you’ll then need to visit a branch to review and sign your final personal loan agreement. Once you take this step, you can expect to receive your funds as soon as the next business day.

    Pros and Cons of a Wells Fargo Personal Loan
    • Convenience of major banking: With thousands of locations, Wells Fargo is accessible to many people. And it offers a comprehensive range of financial products and services.
    • APR discounts and low fees: Currently, Wells Fargo offers up to a total of 0.75% in rate discounts. It also has no origination fees on unsecured personal loans.
    • Free FICO Score access: Customers will receive their monthly FICO Score for free, making it easier to keep an eye on their credit. Wells Fargo can also provide you with personalized tips to build your credit, and you can watch it improve in real time.
    • Alternative loan options: Seek a savings-secured loan or add a well-qualified co-applicant to see if you can get a better APR.
    • Not ideal if you’re not a customer: The 0.25% relationship rate is extended only to existing customers who set up autopay out of a Wells Fargo account, and applying online also requires an existing account with the bank.
    • Better rates are out there: While Wells Fargo personal loans come with low rates and APRs, they aren’t the best we’ve seen — it’s worth shopping around to compare.
    • Hard credit check: However, comparing a Wells Fargo loan to others is complicated by the fact that it doesn’t offer pre-approvals or a soft credit check. You’ll have to submit a full application and incur a hard credit check (which affects your score) to know exactly the personal loan terms this bank will extend to you.

    Who’s the best fit for a Wells Fargo personal loan?

    If you’re in the market for a personal loan, then Wells Fargo is worth considering. Its secured and unsecured personal loans can be a great fit for many borrowers — but not all. Here are some signs that Wells Fargo loans are more likely to be a good choice for you.

    You’re an existing Wells Fargo customer. If you live close to a Wells Fargo branch and are already a customer, this personal loan option could make more sense. You can apply for a Wells Fargo loan more easily if you’re already a member, and you’ll need to visit a branch in person to finalize the loan.

    Additionally, you’ll need to hold a Wells Fargo checking account and make automatic payments out of it to qualify for the 0.25% relationship rate discount,.

    You want to consolidate debt. If you’re looking to restructure and combine existing debt and replace several payments with one, Wells Fargo loans can be a good choice. It has competitive interest rates that could beat what you’re paying on a credit card balance or other debt. It also lets you choose a payment due date that’s most convenient for your budget.

    You’re building credit. If you might have trouble qualifying for an unsecured personal loan, you might be more easily approved for Wells Fargo’s secured personal loan. Adding a co-applicant could boost your approval chances and even help you secure a lower APR.

    If you use a personal loan for credit card consolidation, this can also lower your credit utilization ratio and may give your credit score a boost. Wells Fargo’s FICO Score access can also help you improve credit and track your progress.

    Alternative personal loan options

    To know for sure if Wells Fargo loans is right for you, it can help to know what else is out there. That’s why it’s important to shop around with other personal loan providers to see if you can find a better deal or terms. We’ve highlighted three personal loans with features that keep up and compete with Wells Fargo loans.


    • APR: 3.99% – 16.99% with automatic payments
    • Credit requirements: 660 minimum credit score
    • Terms: 24 to 144 months
    • Origination fee: No origination fee

    If you’re looking for low rates with no origination fee, LightStream fits the bill. A division of SunTrust Bank, LightStream offers some of the lowest starting personal loan APRs we’ve seen — and it even commits to beat a rate offer from any competitor by at least 0.10%. You can borrow $5,000 up to $100,000 with a LightStream personal loan, and repay it over two and up to 12 years. One caveat: like Wells Fargo, you’ll need to complete and submit a full application (including a hard credit check) to see what rates LightStream can offer you.


    • APR: 5.99% – 24.99%
    • Credit requirements: 640 minimum credit score
    • Terms: 24 to 60 months
    • Origination fee: 0.00% - 5.00%

    If you’re looking to consolidate credit card debt, Payoff can be a smart way to go. This online lender offers personal loans solely for credit card consolidation, with competitive rates that can easily beat credit card APRs — and other lenders’ personal loan rates, too. You can request a rate quote through a soft credit check to easily see what Payoff can offer to you. A Payoff loan can be used to consolidate between $5,000 and $35,000 in credit card balances. This lender does charge an origination fee to some (but not all) borrowers that can be as high as 5% of the funded loan.


    • APR: 5.99% to 16.24% APR with automatic payments
    • Credit requirements: 680 minimum credit score
    • Terms: 24 to 84 months
    • Origination fee: No origination fee

    SoFi is an online lender that can be another solid option for personal loans, offering amounts of $5,000 up to $50,000. It has similarly competitive interest rates, but no origination fees, prepayment penalties, or even fees for late payments. Request a rate and SoFi will use a soft credit check to generate a personalized loan quote — without impacting your credit. SoFi members can also access free benefits such as unemployment protection to pause payments in case of job loss, career development and coaching and members-only events.

    This article may contain links to MagnifyMoney, an affiliate of Student Loan Hero’s parent company, LendingTree.

    Interested in a personal loan?

    Here are the top personal loan lenders of 2019!
    LenderAPR RangeLoan Amount 
    1 Includes AutoPay discount. Important Disclosures for SoFi.

    SoFi Disclosures

    1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
    2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
      See Consumer Licenses.
    3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
    4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
    5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

    2 Includes AutoPay discount. Important Disclosures for Payoff.

    Payoff Disclosures

    1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

    3 Important Disclosures for FreedomPlus.

    FreedomPlus Disclosures

    1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

    4 Important Disclosures for Citizens Bank.

    Citizens Bank Disclosures

    1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
    2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
    3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

    5 Important Disclosures for LendingPoint.

    LendingPoint Disclosures

    • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

    6 Important Disclosures for LendingClub.

    LendingClub Disclosures

    All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

    †Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

    **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

    7 Important Disclosures for Earnest.

    Earnest Disclosures

    1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

    8 Important Disclosures for Avant.

    Avant Disclosures

    * The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

    ** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

    * Important Disclosures for Upgrade Bank.

    Upgrade Bank Disclosures

    * Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

    ** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

    5.75% – 16.24%1$5,000 - $100,000

    Visit SoFi

    7.46% – 35.99%$1,000 - $50,000

    Visit Upstart

    7.99% – 35.89%*$1,000 - $50,000

    Visit Upgrade

    5.99% – 24.99%2$5,000 - $35,000

    Visit Payoff

    5.99% – 29.99%3$7,500 - $40,000

    Visit FreedomPlus

    6.79% – 20.89%4$5,000 - $50,000

    Visit Citizens

    9.99% – 35.99%5$2,000 - $25,000

    Visit LendingPoint

    6.95% – 35.89%6$1,000 - $40,000

    Visit LendingClub

    6.99% – 18.24%7$5,000 - $75,000

    Visit Earnest

    9.95% – 35.99%8$2,000 - $35,000

    Visit Avant

    Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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