If you’re looking to consolidate debt or fund a large purchase, a Wells Fargo personal loan can be a good low-cost option. The bank offers competitive rates, low fees, and discounts for people who already have a relationship with Wells Fargo.
Read on to learn about the Wells Fargo personal loans program and find out if it’s right for you.
Wells Fargo personal loan review
Repayment terms range from 12 to 60 months, giving you some control over the monthly payments.
Here are a few ways to tell if a Wells Fargo personal loan is a good choice for you:
- You want to consolidate debt. A personal loan can replace several payments with one. You also might be able to lower the amount you’re paying in interest, especially if you’re consolidating credit card debt. Wells Fargo offers competitive interest rates between 6.99% and 19.99% APR, depending on your creditworthiness.
- You want as few costs as possible. Wells Fargo doesn’t charge an origination fee or a prepayment fee if you choose to pay off the loan early.
- You want to monitor your credit. With a Wells Fargo personal loan, the bank offers free access to your FICO credit score. Keeping track of your score is a great way to catch fraud early.
How can you use your Wells Fargo personal loan?
You can use your personal loan funds for just about anything. The only major exceptions include:
- College tuition
- Paying off student loans
- Real estate
The best way to use a personal loan is to consolidate high-interest debt. However, keep in mind that consolidating credit card debt with a personal loan means you might have a higher payment — especially if your repayment period is short.
Do the math and make sure you can afford higher payments before you apply for a Wells Fargo personal loan.
Wells Fargo personal loan fees and interest rates
Online personal loan companies often offer the lowest fees and interest rates. But Wells Fargo personal loans compete with some of the best.
When it comes to fees, Wells Fargo keeps them to a minimum. There are no application, origination, or prepayment fees.
For reference, the typical loan origination fee can be anywhere between 1 and 6 percent of the loan amount. So, on a $10,000 loan, Wells Fargo would save you between $100 and $600.
There is, however, a $39 fee for late payments and a $39 fee for returned payments. You can avoid those fees by making your monthly payments on time and making sure there’s enough in your bank account to cover the payment.
As of August 2017, Wells Fargo personal loan interest rates range from 6.99% to 19.99% APR, depending on your creditworthiness. The APR is fixed, so you don’t need to worry about it fluctuating over time.
You can knock down your APR by 0.25% if you have a qualifying Wells Fargo checking account and use it to make automatic payments on your loan. You also can apply with a co-applicant with good income and a solid credit history to try to qualify for a better interest rate.
Financial and credit requirements for Wells Fargo personal loans
Wells Fargo doesn’t have a minimum credit score requirement for its personal loans. Instead, the bank reviews 20 to 30 factors, including your credit score, credit history, income, and banking relationships.
The bank doesn’t say what’s required to get its best rate. But its website claims, based on data from the first three months of 2017, that at least 5 percent of approved applicants qualified for the rate.
How to apply for a Wells Fargo personal loan
You can apply for a loan online, by phone at 1-888-667-5250, or at the nearest Wells Fargo branch. If you choose to apply online, visit the Wells Fargo personal loans page and click “Apply Now.” Then, you’ll see the first page of the application:
If you already have a Wells Fargo account, you can sign in to your online account to speed up the process. If not, you can fill out the information yourself.
The application starts by asking for the following information:
- Social Security number
- Date of birth
- Citizenship status
- Email address
- Phone number
- Income and employment information
- Residence status and monthly housing expense
- Other debt obligations
In the next section, you’ll clarify information about the loan itself, including:
- Amount you want to borrow
- Desired repayment term
- Purpose of loan
Once you verify and submit your application, Wells Fargo might ask for more information, including proof of income and employment. You can upload income documents — such as a pay stub, W-2 form, or bank statement — through the online system.
If everything goes well and you’re approved, you’ll e-sign some loan documents and receive the funds, often by the next business day.
How to contact Wells Fargo
If you have any questions before or after applying for a Wells Fargo personal loan, you can reach the customer support team by phone at 1-888-667-5250 or by visiting a local Wells Fargo branch.
The bank’s website even allows you to set up an appointment online with a personal banker.
If you call, note that the call center is open Monday-Sunday, 6-1 a.m. Central Time.
Should you apply for a Wells Fargo personal loan?
Wells Fargo personal loans offer competitive rates and fees. And if you’re already a Wells Fargo checking customer, you’ll automatically get a lower rate when you set up autopay from that account.
However, one major drawback is the fact that Wells Fargo doesn’t offer a way to pre-qualify for a loan. Some lenders, such as SoFi and Earnest, will let you do so via a soft inquiry on your credit report. Unlike a hard inquiry, a soft inquiry won’t ding your credit score.
The rates you receive in the pre-qualification process aren’t final, but they’re a good ballpark figure.
To get the best personal loan for your needs, compare several personal loan companies to see what kinds of terms and features they offer. For those that offer pre-qualification, fill out the form to see the rates you might qualify for.
In the end, the more time you devote to researching your options, the more likely you are to get the best deal and save money in interest costs in the long run.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|