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Wells Fargo Personal Loan Application
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Our experts answer readers’ questions about personal loans and write unbiased product reviews (here’s how we rate personal loans). In some cases, we receive a commission from our partners; However, our opinions are our own.
Bottom Line: Wells Fargo personal loans are a good option if you need a lot of money, and you can borrow up to $100,000 from the lender. However, if you are not an existing customer, you cannot apply for a personal loan without visiting the branch. The best personal loan for you depends on your credit score, which determines what you qualify for and can lower your interest rate.
Wells Fargo personal loan amounts range from $3,000 to $100,000 and can be repaid over a period of one to seven years, depending on the terms you and the lender agree upon.
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Wells Fargo has a slightly lower minimum APR than comparable lenders. While you can get a rate of 6.99% with Wells Fargo, the lowest APR you can get with Marcus at Goldman Sachs is 6.99%. However, you must have good credit to qualify for the lowest rates.
Your highest rate at Wells Fargo is 23.24%. If your finances aren’t in good shape and you’re worried about getting stuck with a high interest rate, you may want to consider a different lender.
Wells Fargo offers unsecured personal loans that can be used for many reasons, including debt consolidation, home improvement and major purchases. To get an unsecured personal loan, you don’t need collateral like a house or a car.
You can get your money from Wells Fargo as soon as the next business day, depending on when your application is approved. Wells Fargo does not charge you any principal or prepayment penalties, but the lender may charge you $39 for late payments.
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Wells Fargo offers personal loans in all 50 states, but it does not have branches in 14 states. States where branches are not available are Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Hawaii.
This can be a problem because only current customers are eligible to apply for a loan through Wells Fargo’s online portal or over the phone. If you are not a customer, you must visit a branch, talk to a banker and register.
To contact customer service, call the lender Monday through Friday from 7:00 a.m. to 7:00 p.m. CT or send a message to the company’s chatbot on its personal loan website. Wells Fargo has a well-reviewed app, receiving 4.8 out of 5 stars in the Apple Store and Google Play.
You can get the money the next working day after submitting the application and loan approval.
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There is no minimum credit score requirement to avail a Wells Fargo Personal Loan. Instead, the company makes an approval decision based on other financial factors, including your credit history, ability to repay, and other factors that indicate your overall financial situation.
Other comparable lenders have no minimums, such as Goldman Sachs Marcus and Discover. However, you will probably get a better grade with a higher score.
To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can get your report once a week for free until April 20, 2022. Although you won’t get your credit score on this report, you will get information about your credit history and payment history. When you review your credit report, you can spot mistakes and learn where you can improve.
You can get your score for free on your credit card statement or online bill. You can also purchase from a credit reporting agency.
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Checking your interest rates with Wells Fargo won’t affect your credit score because the lender only runs a light credit inquiry. However, Wells Fargo will run a thorough credit investigation before closing your loan, which can have a negative impact on your credit score. A hard inquiry gives a lender a complete view of your credit history, but it can hurt your credit score.
Wells Fargo does not currently have a Better Business Bureau rating because the BBB, a nonprofit organization focused on consumer protection and trust, is reviewing the company’s profile. Historically, the BBB has rated Wells Fargo as an F. BBB measures companies by evaluating companies’ responses to consumer complaints, fairness in advertising and transparency of business practices.
If Wells Fargo’s history bothers you, you may want to consider the other options on Insider’s Best Personal Loans list.
Wells Fargo’s interest rates are similar to those offered by comparable lenders – although interest rates depend on your specific profile. Here’s how Wells Fargo compares to the competition:
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You can borrow up to $100,000 from Wells Fargo, compared to a much higher maximum loan amount of $35,000 from Discover. If you need a large personal loan, Wells Fargo is the best choice.
Wells Fargo’s repayment terms range from one to seven years, while Discover’s terms range from three to seven years. If you want a shorter term—and save money on total interest in the process—Wells Fargo might be the right choice for you.
30-day money-back guarantee on personal loans is exclusive to Discover. If you decide within 30 days of receiving the loan that you no longer want it – perhaps you’ve found a better interest rate elsewhere – you can return the funds by check and we won’t charge you interest. Wells Fargo has no such special advantage.
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Neither Wells Fargo nor Marcus through Goldman Sachs have a minimum credit requirement, but if you have a low credit score, your APR may be higher at Marcus than at Wells Fargo. Well’s Fargo’s APR is about 3% lower than the top end of Marcus’s range. If your credit is in good standing, you may pay a slightly lower interest rate at Wells Fargo than at Marcus.
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Although neither company charges you an origination fee or early penalty, Wells Fargo may charge a late fee of up to $39. If you’re worried about missing a payment, Marcus might be a better option for you.
Marcus offers loan terms of three to six years, which is shorter than Wells Fargo’s one to seven year term. If repayment flexibility is important to you, Wells Fargo may be the best choice.
Editor’s Note: Any opinions, analyses, ratings or recommendations expressed in this article are those of the author and have not been reviewed, endorsed or approved by any card issuer. Read our editorial standards.
Note: Although the above offers are correct at the time of publication, they may change and change at any time or may no longer be available.
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Personal Finance Insider offers tools and calculators to help you make smarter decisions with your money. We do not provide investment advice or encourage you to buy or sell stocks or other financial products. What you do with your money is up to you. If you follow one of the recommendations listed in the calculator, we receive a portion of the revenue from our commercial partners. You may think that a personal loan is the solution to your current problem. But you may not know the actual details of the product and how to get it.
That’s why we’ve decided to gather all the information you need to get a Wells Fargo personal loan.
That way, you can see if it’s right for you. And if not, you’ll have a basis to start comparing with other financial institutions.
Wells Fargo is the fourth largest bank in the United States. It was founded by Henry Wells and William Fargo on March 18, 1852 in San Francisco, California. Today, their headquarters is in San Francisco, California.
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Currently they have over 8,050 branches and 13,000 ATMs worldwide. They also offer a 24/7 financial telephone support service
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