If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers.
APR
5.99% – 21.74%
Loan Amount
$3,000 – $100,000
Term
12-60 months
Min score
660
If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers.
APR
5.99% – 21.74%
Loan Amount
$3,000 – $100,000
Term
12-60 months
Min score
660
Wells Fargo is considered one of the most recognizable banking institutions in the USA. It has been around since 1852 and offers a variety of financial services including personal loans. As one of the largest banks in America, Wells Fargo offers a variety of personal loans, both unsecured and secured.
Wells Fargo provides borrowers with flexibility to use the funds as you wish. The only exception is that you cannot use a personal loan to cover education related expenses. You can borrow $3,000 – $100,000 , making it a good fit if you need to finance a small project or need funds for a larger one.
This lender only offers fixed interest rates on all its personal loan products. This ranges from 5.99% – 21.74% . This lowest rate includes a 0.25% relationship discount. The repayment terms are influenced by the loan amount. For loans of less than $5,000, there is a term of 12 to 36 months, while for loans over $5,000, the loan term can extend up to 84 months.
Wells Fargo offers a large range of financial products and services but they are also one of the few large banks to offer personal loans as well. Wells Fargo offers secured and unsecured personal loans that can be set up as traditional loans with a term in months or as a line of credit. This review will cover the Wells Fargo personal unsecured term loan.
- Application Options
- Available in All States
- Discount for Current Customers
- More than One Loan
- High Maximum Loan Amount
- Multiple Payment Options
- Joint Applicants
- Late Fees
- No Soft Pull
- Poor or Limited Credit
- Online Application Only for Current Customers
- Unable to Use for Real Estate
- Large Amounts on Short Terms
In this Review..
Customer Experience
The Wells Fargo phone support team will be available during business hours, Monday through Friday, with no weekend support. There are some resources on the Wells Fargo website that can help you find answers to any questions you may have. This includes resources for financial education.
The Wells Fargo mobile app allows you to easily manage your loan, whereas the Better Business Bureau did not rate Wells Fargo due to a large number of complaints and government action against it.
Wells Fargo loan got 851 out of 1000 possible points in the JD power 2020 research, lower than industry average.
Wells Fargo | |
|---|---|
iOS App Score | 4.8 |
Android App Score | 4.8 |
TrustPilot Rating | 1.3 |
WalletHub Rating | 3.8 |
Contact Options | phone/social |
Availability | 24/7
|
Wells Fargo Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Application Options
You can apply with Wells Fargo online, by phone, or at a local branch. Many personal loan providers do not have those options.
- Available in All States
Wells Fargo personal loans are available in all states.
- Discount for Current Customers
Wells Fargo gives current customers a discount on personal loans. You can get a .25% discount on by setting up auto pay with your Wells Fargo checking account.
- More than One Loan
The borrower can get multiple loans at one time from Wells Fargo.
- High Maximum Loan Amount
Wells Fargo’s highest maximum loan amount is $50,000 for personal loans.
- Multiple Payment Options
You can pay on your Wells Fargo personal loan online, automatically, by phone, or by mail. Many online personal loan providers only allow for online payments and in many cases will charge processing fees for payments not done online.
- Joint Applicants
Wells Fargo allows loans with joint borrowers. This can help improve your chances of getting approved.
- Late Fees
Wells Fargo has a large late fee of $39 dollars. They do have a 10-day grace period. This fee is easily avoided but is higher than many other personal loan providers.
- No Soft Pull
Many personal loan providers do an initial soft pull to see if you may qualify for a personal loan. A soft pull does not affect your credit, but Wells Fargo does a hard pull from the start, which will affect your credit.
- Poor or Limited Credit
Wells Fargo is not the right lender for borrowers who do not have good to excellent credit. They tend not to lend to those with poor credit history.
- Online Application Only for Current Customers
If you are not a current Wells Fargo customer you cannot apply online. You have to go to a local branch to apply. Wells Fargo only has branches in 40 states.
- Unable to Use for Real Estate
Wells Fargo personal loans cannot be used for purchasing real estate.
- Large Amounts on Short Terms
The terms are short and the payments on higher amounts can be too large for some borrowers.
What Can a Wells Fargo Personal Loan Be Used For?
Wells Fargo personal loans has a wide range of uses including debt consolidation, home improvement, major purchases, or expenses. It cannot be used for any post-secondary education expenses or the purchase of real estate.
- Home Improvement – Wells Fargo home improvement personal loans can be used for home repairs or projects. The advantage of using a personal home improvement loan for this is the promptness of receiving the funds. It typically takes a month or more to get an equity line of credit on your home.
Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home. You can use a Wells Fargo personal loan to start your home improvement project quickly.
- Debt Consolidation – Wells Fargo personal loans can be used for debt consolidation, designed to pay off debt. Wells Fargo will pay off your creditors directly. Once your other debts are paid, you make one payment to Wells Fargo instead of multiple creditors.
Your rate and amount will be fixed for the life of the loan. Wells Fargo also has a debt consolidation calculator that you can use to see if a debt consolidation loan would be worth it in your situation.
How to Apply For a Wells Fargo Personal Loan?
- 1.
You can apply for a Wells Fargo personal loan by phone at 1-888-667-5250, at a local branch, or online. You can only apply online if you are already a Wells Fargo customer. If you are not, you will need to apply at a local branch.
- 2.
If applying online, you will need to provide personal information including your name, date of birth, social security, address, email, and phone number. You will need to provide details about your employment, income, and expenses.
- 3.
In addition, you will choose your preferred term, the amount you want to borrow, and the reason for the loan. Once approved you still may not get the amount you requested.
- 4.
If you already have a Wells Fargo account you can apply with your current account. Wells Fargo may need documentation to verify your information such as ID, paystubs, or even tax returns. You can sign documents online or at a branch. Wells Fargo will fund your loan one business day after approval. The options for funding include direct deposit in a Wells Fargo account, transfer to another bank account, cashiers check, or if you are consolidating debt you can have Wells Fargo send payments to your creditors.
- 5.
Wells Fargo’s underwriters will 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.
Review Personal Loan For Good Credit
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|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 23.43% (with discounts)
| 8.41%-29.99%
| 6.99% – 24.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 months
| 36-72 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
| $3,500 – $40,000
|
Minimum Score | 680
| 640
| 660 (FICO)
|
Funding Time | Up to 7 days
| As soon as same day
| 1 to 4 days
|
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Wells Fargo vs Citi vs Discover
Discover is an online lender with a good reputation that does not charge origination fees. It also provides same-day funding and a variety of excellent repayment options. Citibank is one of the largest financial service providers in the United States today. For many years, the New York-based company has provided personal loans.
It is an excellent choice for those looking for no-fee personal loans as well as access to autopay discounts. Finally, Wells Fargo, like Citi, is a well-established financial services powerhouse in the United States. It is an excellent choice for those seeking large loans with a high degree of flexibility.
Read Full Comparison: Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?
