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wellsfargo personal loans

Wells Fargo Personal Loan Review: Get Cash Without High Fees

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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

Wells Fargo is one of a handful of big banks that offer unsecured personal loans. You can borrow between $3,000 and $100,000, depending on your income and creditworthiness.

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:

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:

Image credit: Wells Fargo

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:

  • Name
  • Social Security number
  • Date of birth
  • Citizenship status
  • Address
  • 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.

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.

Shop smarter with personalized loan rates from multiple banks

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.

You also can reach Wells Fargo on social media on Facebook or Twitter.

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.

Wells Fargo Personal Loans Reviews

From Borrowers in the last year

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ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

2.5 out of 5 stars

2.5 out of 5 stars

Check out rates on new loans or refinance an existing loan.

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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.

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Wells Fargo Personal Loan? Lending Club Has Better Rates

by Simon Cunningham on February 14, 2014 in Borrower Help

I know what it is like to look for a loan. While you usually have your finances in order, a sudden situation has caused you to need a little extra cash. Perhaps you are having a medical emergency. Maybe you are trying to pay off your credit cards and want to consolidate your debt at a lower interest rate. Whatever the case, there are a number of places where you could go for a loan, and Wells Fargo is one of those places.

Loans up to $40,000 via Lending Club

Won’t affect your credit score.

The problem is, they are not the best option. They are used by people only because they are popular. Wells Fargo is one of the biggest banks in the United States, people wanting a loan often choose Wells Fargo because their billboards and banks are visible in every major city.

A much much better option is applying for a loan through Lending Club. And while you might not have heard of Lending Club before, it is a really good idea to explore all the options before settling on a Wells Fargo personal loan. Looking at another option is what we will be doing today.

Getting an Online Unsecured Loan: A 6-Step Process

Getting an unsecured loan over the internet is basically the same six steps wherever you go.

Step #1: Fill Out an application

The first thing you have to do is fill out an initial application asking for a loan amount and term. A loan’s term is the number of years you want the loan to be paid back (for Wells Fargo, they offer 1-year to 5-year loans). You will also have to submit some basic information like your date of birth and yearly income. This allows the company to pull your credit history.

For Wells Fargo, online applications are only accepted from people who have had an account with them for at least a full year. If you are brand new to Wells Fargo, you will have to visit one of their branches if you want to apply for a personal loan.

Step #2: Your Loan is Approved (or Denied)

Once your information is submitted, companies like Wells Fargo will crunch the math of your application. They will look at the big picture (your credit history and current income) and score you to see if you qualify for a loan.

Often this is when borrowers get declined. The big three reasons why banks decline a loan application is because:

  • the credit history is too young (earliest credit line is too recent or has too few lines of credit)
  • the credit has too many negative marks (late payments, etc)
  • years of employment or yearly income is too low

Step #3: Get Quoted an Interest Rate

If you meet their minimum credit score, they will offer you an interest rate for the loan amount and term you requested. For instance, if I go to the Wells Fargo repayment calculator, I see that the best rate they offer people is 7.2% (though most people will get a rate higher than this).

Step #4: Consider the Interest Rate

Alright! Once you apply for a loan, get qualified, and get offered an interest rate, you have the choice to either accept or turn down the loan. This is a really important step in the process. If you find this interest rate to be too high, you need to consider looking elsewhere. An interest rate that is too high means huge fees for your loan over the years you pay it back.

For example: if I got the $15,000 3-year loan in the above picture, I would pay $1,730 in interest. But if Wells Fargo offered me a higher rate like 12%, then I would pay $3,000 in interest! That is a difference of $1,300, a solid reminder that interest rates are important.

In short, you need to find the lowest rate possible before you accept a loan’s offer.

If you do get qualified and accept the loan, the amount is then transferred to your bank account, usually electronically, though some banks just write you a check.

With Wells Fargo, the only way to get this check is by driving to an actual branch and going inside to sign the forms in person. This may be inconvenient for some, but doing this allows Wells Fargo to possibly get people cash the same day they apply for a loan.

This usually occurs over a number of years until the loan is paid back in full, but many borrowers choose to pay it off early (this is called prepayment). Some loan companies charge a fee for early payment, but Wells Fargo does not.

Wells Fargo Personal Loans versus Lending Club Personal Loans

If we compare Lending Club and Wells Fargo side-by-side, we see that in many ways they are the same. Both companies offer loans to people that are unsecured, meaning they are not tied to any collateral like a house or car. Also, both have no prepayment penalty if you want to pay the loan off early.

Wells Fargo has some advantages over Lending Club:

  • Lending Club’s maximum loan is $40,000. But Wells Fargo offers loans nearly three times as large – up to $100,000.
  • Lending Club only offers 3-year and 5-year loans. Wells Fargo, in contrast, offers a wider selection of terms: 1-year, 2-year, and 4-year repayment options.

Lending Club Can Be Easier. Wells Fargo Can Be Quicker.

At Lending Club, everything is done online. They less like a bank and more just a website, and this means you never have to leave your house to get a loan through them, which can be really nice.

Wells Fargo requires you to visit one of their branches in person to get the loan finalized. But the benefit Wells Fargo offers is a same-day loan. It is possible to get approved for a loan at Wells Fargo and walk out of one of their branches that same day with cash in your pocket (well, a check actually). In comparison, Lending Club takes six business days to get you your money.

So you may want to ask yourself what you need more: (1) the ease of applying at home on your computer, or (2) the quickness of going into a Wells Fargo branch and getting a loan on the same day you apply.

The Main Reason Why Lending Club is Better: Lower Interest Rates

Many people do not consider the options when they need a loan; they simply go with whatever they know. But this means that many of them are stuck with higher interest rates than they could have received somewhere else.

For instance, take people with perfect credit. In our example from earlier, we saw that Wells Fargo offers borrowers with excellent credit a 7.23% interest rate on a loan. However, Lending Club offers borrowers with perfect credit a 6.78% interest rate on a loan (this includes Lending Club’s origination fee). Imagine I got a $35,000 3-year loan with each. For the Wells Fargo loan, I would pay $4,037 in interest. For the Lending Club loan, I would pay $3,778 in interest.

That is a difference of $259 for the exact same loan.

Some of you may never have heard of Lending Club before, so here are some stories about them in the news:

A More Detailed Review of Lending Club

If you want to see the entire Lending Club loan process outlined greater detail (with screenshots), you should read about my own Lending Club experience. I got a $2,350 loan from them in six days and really enjoyed the entire process.

Bottom Line: YMMV (but Lending Club is Better)

YMMV stands for the phrase ‘your mileage may vary’. It means that no site on the internet (including this one) can predict which will offer you a better loan for your specific needs. It may be the case that you look for a $25,000 loan at both Wells Fargo and Lending Club, and get a better rate with Wells Fargo. Or maybe you need a $50,000 loan, an amount that Lending Club does not offer. Whatever the case, I suggest you check your rate at both and go with whatever is better.

That said, I believe that Lending Club not only offers lower interest rates to people with excellent credit (as we saw above) – they offer lower rates to everyone. I believe that, on average, most people are going to get a better rate on a personal loan if they go through Lending Club.

For a quick low-rate loan, Lending Club is one of the best options nationwide. You can easily find your rate and apply at no risk of it affecting your credit score.

Wells Fargo Personal Loans Review

The question of financing sometimes seems unbearable, especially in various situations when you lack money to pay urgent bills or in case of unexpected expenses.

Borrowing money from relatives and friends can be embarrassing and is often undesirable, so now you have a perfect way out.

Personal loans from Wells Fargo are the first helpers in difficult situations that assist you to become flexible and be able to deal with all the financial problems that appear.

Being one of the largest, well-known and reliable banks in the United States, Wells Fargo offers the best loans with the most preferable conditions.

Here you get a unique chance to solve all the financial problems without becoming a bank slave.

Acceptable terms and low interest rates have made the bank widely spread and famous all around the USA and globally.

According to the review and comments left by the bank’s clients Wells Fargo is one of the best places to borrow from, as you get not only a simple and easy process but also reasonable rates and competitive terms.

How to get a pesonal loan from Wells Fargo Bank?

Wells Fargo Bank personal loans are a line of credits that attracts the attention of those clients who have unpredictable expenses and do not have enough money to cover them.

Choosing Wells Fargo loans can receive from $3,000 up to $100,000 depending on your needs.

Despite numerous advantages you should bear in mind all the negative sides.

The most important factor here is the insecurity one will face.

You will find various loans available with different interest rates on the constantly revolving account.

However, there are some restrictions considering people applying for this loan type.

Requirements for a Personal Loan at Wells Fargo

Though, the process of receiving personal loans in Wells Fargo are not very complicated, there are a few restrictions that prohibit particular client types to use its advantages.

As a rule, the credit line is offered to customers with clear credit history and perfect records.

Besides, you should be able to prove your paying ability. The interest rate and credit term usually depend on the credit score the client has, thus, the higher score, the better conditions.

Moreover, Wells Fargo offers a number of benefits out of the Personal Line of Credit.

They include the absence of collateral, easy application and fast approval processes, competitively low yearly fees, quick funding that is available within two days, flexible amount of money possible to borrow, acceptable credit rates and others.

All in all, being in a difficult life situation Wells Fargo Loans are a unique chance to solve financial problems.

Wells Fargo Personal Loans: 2018 Review

Good for: Good credit, debt consolidation

Wells Fargo is one of the few big banks to offer unsecured personal loans.

The Wells Fargo personal loan is a good fit for those who:

  • Live near a Wells Fargo branch. Existing customers can apply for and receive funds online. New customers can’t apply online but can do so in person at a branch.
  • Have good to excellent credit scores. Wells Fargo doesn’t disclose minimum credit requirements, but more than half of its unsecured personal loan borrowers have a credit score between 660 and 749, the bank says.
  • Need a large loan. The bank offers loans up to $100,000, which is more than what most online lenders offer.
  • Have a Wells Fargo checking account, Portfolio by Wells Fargo checking account or certificate of deposit account. Checking and Portfolio account holders may get a small rate discount for automatic payments. Those with savings or certificate of deposit accounts can use either as collateral for a secured personal loan.
  • Want to stay disciplined while paying off debt. Wells Fargo gives borrowers the option to pay creditors directly and offers them free access to FICO credit scores.

Clicking “Check rates” will take you to the Wells Fargo site for an online application.

Wells Fargo personal loan review

To review Wells Fargo, NerdWallet collected more than 30 data points from the lender, interviewed company executives, viewed the online loan application process, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Wells Fargo didn’t provide NerdWallet its minimum requirements for credit score, annual income, debt-to-income ratio or other underwriting factors.

NerdWallet made calls to five Wells Fargo branches around the country and found that a credit score in the high 600s and a debt-to-income ratio of 40% or below are generally considered favorable, but a loan decision isn’t contingent on those factors. An applicant’s length of credit history and relationship with Wells Fargo also matter.

The bank looks at a customer’s “whole picture,” says Stephanie Cutler, vice president of product management at Wells Fargo’s Personal Lines & Loans division.

“If a customer has had a series of negative financial events and are rebuilding their credit, they might not be a good candidate for a Wells Fargo unsecured product,” Cutler says.

Those who are borrowing for debt consolidation can ask the bank to send portions of their loan amount straight to creditors, ensuring that debt is successfully paid off. Wells Fargo allows joint applications, which only a handful of other lenders do. The bank evaluates the combined income and debts of the two applicants.

Wells Fargo also gives checking-account holders a 0.25% rate discount on personal loans and Portfolio-account holders get a 0.5% rate discount. Those with either savings or CD accounts can use them to apply for a secured loan for a lower interest rate. The secured loan option includes a $75 origination fee, and the funds used as collateral cannot be accessed during the loan repayment period.

Discover and Citibank are two other large financial companies that also offer unsecured personal loans. SoFi is a large online lender that offers comparable loan amounts. See how Wells Fargo stacks up in the table below:

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