We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. The Simple Dollar does not include all card/financial services companies or all card/financial services offers available in the marketplace. The Simple Dollar has partnerships with issuers including, but not limited to, Capital One, Chase & Discover. View our full advertiser disclosure to learn more.
Wells Fargo Personal Loans Review
Wells Fargo Personal Loans: Key Takeaways
- Borrow between $3,000 and $100,000.
- Repay your loan over 12 to 60 months.
- Personal loans come with a fixed interest rate and fixed monthly payments.
- Personal loans come with no origination fee or annual fee, and lines of credit come with a $25 annual fee.
- Receive your loan funds as soon as the next business day.
- Autopay discounts are available for existing customers.
Wells Fargo Personal Loans: Affordable Loans for Borrowers with Good Credit
While Wells Fargo doesn’t disclose their minimum credit score requirements, most of their personal loan customers have a credit score of at least 660. This means you may not be able to qualify for a Wells Fargo personal loan if you have poor credit, but it also means the customers they do service tend to qualify for competitive interest rates.
Speaking of rates, Wells Fargo typically offers personal loans with fixed rates as low as 5.74% and as high as 20.49%. They do say they offer rates as low as 5.74% APR for some borrowers, but these low rates are typically only available to borrowers with excellent credit taking out small loan amounts.
Another huge upside of Wells Fargo is the fact they let consumers borrow up to $100,000 with a personal loan. That’s considerably higher than most personal lenders offer, although Wells Fargo doesn’t offer any specifics on the type of income you need to qualify for that amount.
Wells Fargo: What to Watch Out For
There are a few downsides to Wells Fargo personal loans, the most important of which is that they may not be available to everyone. Beyond their somewhat cryptic credit requirements, you must be an existing Wells Fargo customer to apply for one of their personal loans online or on the phone. If you’re not a customer already, you can only apply for a personal loan by visiting a branch in person.
And while Wells Fargo does offer competitive interest rates, the lowest rates they offer on the bulk of their personal loans aren’t competitive with the top lenders in the personal loan space. Borrowers with excellent credit may qualify for a personal loan with a much lower rate (even as low as 5.49% APR) with lenders like SoFi, Marcus by Goldman Sachs, and Eloan. This is one reason you should shop around among a few lenders before you settle on a personal loan. Even among borrowers with a similar credit rating and income, interest rates can vary widely.
Who Wells Fargo Personal Loans Are Best For:
- Wells Fargo customers who can qualify for the best rates and a rate discount
- Anyone who wants a personal loan with no origination fee or annual fee
- People who need to borrow up to $100,000 without collateral
How to Apply for a Personal Loan from Wells Fargo
If you’re a Wells Fargo customer already, you can apply for a personal loan or line of credit online or on the phone. If you’re not a Wells Fargo customer, you’ll need to apply in person. Either way, plan on gathering the following information before you begin your application:
- Social Security Number
- Date of birth
- Citizenship status
- Marital status
- Email address
- Primary telephone number
- Permanent address
Also plan on including your employment information, your income, and your monthly mortgage or rent payment.
Once your application is reviewed, Wells Fargo has the right to ask for additional information to complete your application. Documentation you may need to supply includes:
- Recent pay stubs, W2s, or tax returns
- Utility bills
- Copy of driver’s license or Social Security card
- Information to payoff current accounts
- IRS Form 4506T (Request for Transcript of Tax Return)
If you’re approved for a personal loan from Wells Fargo, you may be able to receive your loan funds as soon as the next business day.