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Personal loans through Wells Fargo is a great choice for borrowers with good to excellent credit who need funds from $3,000 to $100,000, and have the ability to pay the money back on a monthly payment schedule over one to five years.
*If you’re looking to become a Wells Fargo customer, they have banking bonuses you may want to check out.
See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.
The Good
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application and funding process. If you’re already a Wells Fargo customer, you’re welcome to apply online. Otherwise, you’ll have to get yourself to a bank branch and apply in person.
- Joint applications. Wells Fargo will evaluate your application based on both you and your cosigner’s information.
- Fast processing. Get your funds, often by the next business day, if approved.
- No origination fee or prepayment penalty. So you can pay that loan of yours back as quick as possible!
- Online payments. Make one-time payments through your Wells Fargo account online.
- Automatic payments. Avoid late and returned payment fees by scheduling automatic deductions from your Wells Fargo account. You’ll also qualify for an APR discount if you enroll in AutoPay.
- Small rate discounts. For Wells Fargo customers with a checking account (0.25% APR discount) or certificate of deposit account (0.50% APR discount).
The Bad
- Good to excellent credit preferred. If you’ve got a dismal credit score, you may not qualify for a personal loan through Wells Fargo. More than 50% of Wells Fargo’s unsecured personal loan borrowers have credit scores between 660 and 749.
- Hard credit check. This can affect your credit score. It pulls information from major credit bureaus and receives timely payment reports.
- Late payment fee. Avoid this $39 fee by scheduling one-time payments online or enrolling in automatic payments.
- Returned payment fee. Make sure you have enough to cover your monthly payment, or else you’ll be hit with a $39 NSF (Non-Sufficient Funds) fee.
Eligibility Requirements
Wells Fargo does not provide minimum requirements for annual income, debt-to-income ratio or other underwriting factors. Instead, approval is based on your “whole picture” and takes into consideration length of credit history, debts, and relationship with Wells Fargo.
Wells Fargo Terms & Fees
| Loan Amounts | $3,000 – $100,000 |
| Loan Terms | 1 to 5 years |
| Repayment Options | Monthly |
| Origination | None |
| APR | 5.49 – 24.49% |
| Prepayment | None |
| Check Processing | None |
| Late Payment | $39 |
| NSF/Returned Payment | $39 |
The Breakdown
Wells Fargo is one of the rare big banks to offer unsecured personal loans. The application process can be done online, if you’re an existing Wells Fargo customer. Cosigners are welcome, and you can receive your funds within the next business day. Your rate is fixed, and there’s no origination fee nor prepayment penalty fee. Payments can easily be made online. Automatic monthly payments are also available. Wells Fargo customers with a checking or certificate of deposit account benefit with discounted APR rates.
Sample Loan
| Loan Size | $20,000 |
| Loan Term | 48 months |
| APR | 18.0% |
| Total Interest | $8,176 |
| Monthly Payment | $587 |
Please keep in mind, however, that most approved borrowers have good to excellent credit. Applying requires a hard credit check, which may put a dip in your credit score. And, as always, watch out for those late and returned payment fees.
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