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Wells Fargo Personal Loan Review

Loan Amount:
$3,000 - $100,000
Minimum Credit Score:
Not Specified
APRs From:
5.74% - 22.99%
Funding Speed:
As soon as one business day

If you need a personal loan, Wells Fargo is one of the top choices. You can use the fund to buy a car, consolidate debt, or pay an upcoming expense.

Check your pre-qualified personal loan rates online now.

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Only Wells Fargo’s existing customers can take advantage of personal loans. Meaning, if you do not use its financial services, you cannot apply for a personal loan. 

Does Wells Fargo do personal loans with bad credit? Wells Fargo is not recommended to those who have fair or poor credit. The bank prefers financially stable and creditworthy borrowers.

Lowering your interest rate is possible through an AutoPay discount. If you hold a specific investment or deposit account type and enroll in AutoPay, you can qualify for that discount. Having a “Portfolio by Wells Fargo” means you are eligible for the 0.50% point deduction to the APR once you enrolled in the automatic repayment. Meanwhile, if you have a qualifying checking account, you will receive a 0.25% enrollment deduction.

As mentioned earlier, Wells Fargo makes secured and unsecured loans and lines of credit. Each loan type comes with specific terms and requirements.

Unsecured Personal Loan

If you select the unsecured personal loan, you can borrow as high as $100,000 through a line of credit or loan. Interest rates are anywhere from 5.74% to 22.99%.

Does Wells Fargo do small personal loans? Yes, you can apply for a small personal loan since you can borrow as low as $3,000.

Secured Personal Loan 

If you need a secured personal loan, the bank offers lines of credit and loans up to $250,000. In exchange for a lower APR range, you have to back the loan with a Wells Fargo savings account or CD.

To give you a bigger picture, you can take a look at the Wells Fargo personal loan terms and requirements comparison table below:

Type of Personal LoanLoan Amount RangeAPR RangeFeesLoan TermsRepayment OptionsDirect Payment to Creditors
Unsecured Personal Loan$3,000 - $100,000Loan:

5.74% - 22.99%

Line of credit:

10.50% - 22.00%

Loan:

  No origination fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

Line of Credit:

  $25 Annual fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

1 to 5 yearsMonthlyYes
Secured Personal LoanLoan:

$3,000 - $250,000

Line of Credit:

$5,000 - $250,000

Loan:

5.50% - 13.79%

Line of Credit:

7.00% - 10.50% variable rate

Loan:

  $75 origination fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

Line of Credit:

  $25 Annual fee

  No repayment penalty

  No check processing fee

  $39 Return Payment Fee/NSF

  $39 late payment fee

1 to 10 years MonthlyYes

The process on how to apply for a personal loan at Wells Fargo is very simple. You can in-person, by phone, or online. 

Regardless of which application method you choose, you need to provide documentation such as tax returns and pay stubs. You also need to provide the information below:

  • Social Security number 
  • Date of birth
  • Mailing address 
  • Phone number 
  • Email address
  • Income
  • Employment history
  • Preferred due date 
  • Amount of fund you want to borrow
  • Desired loan term
  • Monthly rent or mortgage payment 

After the bank conducts an application review, you may need to provide additional information to complete the process. Below are documentations you may need to provide:

  • IRS Form 4506T
  • Current accounts payoff information 
  • Utility bills
  • Recent tax returns, w2s, or pay stubs

 

Application ProcessOnline, By Phone or In-Person
Time to Get Funds1+ days
Cosigners/Co-borrowersYes
Credit ReportingYes
Credit CheckHard credit check

Beware that after the application submission, the bank conducts a hard credit check. That way, the bank sees if you meet the credit requirements. Once approved, you have to sign the closing agreement. After that, the funds are disbursed to your account in a few business days.