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
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.
- 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
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 16.99% 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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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.
8 Important Disclosures for Avant.
* 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
** 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.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|