Wells Fargo Personal Loan Review 2017: Low Rates and Large Loans for Existing Customers

Wells Fargo only makes personal loans to existing customers. However, we still think it's a great choice if you're already a member of the bank -- especially if you need a large loan.

Editor's Rating

4.5

Good for

  • Existing Wells Fargo customers with good credit
  • Secured personal loans

Bad for

  • Borrowers who don't already have a Wells Fargo account

Wells Fargo Personal Loan Review 2017: Low Rates and Large Loans for Existing Customers

Wells Fargo only makes personal loans to existing customers. However, we still think it's a great choice if you're already a member of the bank -- especially if you need a large loan.

Good for

  • Existing Wells Fargo customers with good credit
  • Secured personal loans

Bad for

  • Borrowers who don't already have a Wells Fargo account

Editor's Rating

4.5

Wells Fargo Personal Loan Review 2017: Low Rates and Large Loans for Existing Customers

Editor's Rating

4.5

Good for

  • Existing Wells Fargo customers with good credit
  • Secured personal loans

Bad for

  • Borrowers who don't already have a Wells Fargo account

For existing Wells Fargo customers, the bank offers both unsecured and secured personal loans and lines of credit. We think Wells Fargo is a great choice for existing customers with good to excellent credit, for those who need funds quickly and for those who may need more than $100,000. You can borrow up to $100,000 with an unsecured loan and up to $250,000 on a secured loan with rates from 4.75% to 23.99%. The bank has a speedy online application process, allowing you to get a same-day decision and funding the next business day.

Wells Fargo Personal Loan Review: Should You Apply?

We recommend a Wells Fargo personal loan for existing bank customers with good to excellent credit. The bank offers competitive unsecured personal loans and lines of credit up to $100,000 with APRs between 6.99% and 23.99%.

Good for...Bad for...
  • Existing Wells Fargo customers with good credit
  • Secured personal loans
  • Borrowers who don't already have a Wells Fargo account

Wells Fargo only makes loans to existing customers, so borrowers who don’t use Wells Fargo will need to consider other options (we recommend looking at SoFi, Earnest and LightStream if you have a strong credit score). We also don’t recommend Wells Fargo for borrowers with fair or poor credit scores, as banks traditionally prefer creditworthy, financially stable borrowers.

Its advertised interest rates can be even lower through AutoPay discounts. You can qualify for an APR discount if you enroll in AutoPay and hold a specific type of deposit or investment account. Wells Fargo customers with a "Portfolio by Wells Fargo" will be eligible for a 0.50% percentage point deduction to their APR if they enroll in automatic repayment, and customers who have a qualifying checking account can receive a 0.25% deduction for enrolling.

One thing that we like about Wells Fargo, especially given that it’s a bank, is the quick funding time. While you can apply for an unsecured personal loan by phone or in person, you can complete the entire application and approval process online. Wells Fargo says a credit decision on your application can take anywhere from a few minutes to two hours. And if you are approved, you can typically receive funds on the next business day provided you signed the loan agreement. Even among online lenders, this is a particularly fast application and funding process, and fantastic for applicants who need money immediately.

Wells Fargo also offers secured personal loans, which we cannot recommend to every borrower, but can make sense for those who need larger loan amounts and are financially responsible. The bank has secured personal loans and lines of credit for larger loan amounts up to $250,000 with APRs as low as 4.75%. With a secured personal loan or line of credit, you will need to have as much in cash as you want to borrow to put down as collateral. Wells Fargo will use a qualifying CD or savings account as collateral for your loan. You will continue to earn interest on these CDs or savings while they are being used as collateral. These loans also come with longer terms, up to 10 years.

Eligibility Criteria

While Wells Fargo doesn’t list eligibility criteria for its personal loans, we recommend that borrowers meet the following to improve their chances of getting approved:

Minimum CriteriaRecommended Criteria
  • Must have Wells Fargo account
  • Good standing with Wells Fargo
  • Good to excellent credit history
  • Low debt-to-income ratio
  • Demonstrated ability to save
  • No recent delinquencies, bankruptcies or other derogatory marks

Wells Fargo Personal Loan Terms and Requirements

Wells Fargo makes both unsecured and secured personal loans and lines of credit. Loan amounts go up to $100,000 for unsecured loans and $250,000 for secured loans with different interest rate ranges.

Unsecured Personal Loan Terms and Requirements

For unsecured personal loans, you can borrow up to $100,000 through a loan or line of credit at Wells Fargo. Interest rates range from 6.99% to 23.99%.

Loan Amount Range$3,000 - $100,000
APR Range
  • Loan: 6.99% - 23.99%
  • Line of credit: 8.00% - 20.75% variable rate (as of 6/17/17)
Fees
  • Loan:
    • No origination fee
    • Late payment fee: $39
    • NSF/returned payment fee: $39
    • No check processing fee
    • No prepayment penalty
  • Line of credit:
    • Annual fee: $25
    • Late payment fee: $39
    • NSF/returned payment fee: $39
    • No check processing fee
    • No prepayment penalty
Loan Terms1 to 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsYes

Secured Personal Loan Terms and Requirements

If you’re looking for a secured personal loan, Wells Fargo offers loans and lines of credit up to $250,000. You will need to back these loans with a Wells Fargo CD or savings account, in exchange for a lower range of APRs.

Loan Amount Range
  • Loan: $3,000 - $250,000
  • Line of credit: $5,000 - $250,000
APR Range
  • Loan: 5.50% - 13.79%
  • Line of credit: 5.25% - 9.25% variable rate (as of 6/17/17)
Fees
  • Loan:
    • Origination fee: $75
    • Late payment fee: $39
    • NSF/returned payment fee: $39
    • No check processing fee
    • No prepayment penalty
  • Line of credit:
    • Annual fee: $25
    • Late payment fee: $39
    • NSF/returned payment fee: $39
    • No check processing fee
    • No prepayment penalty
Loan Terms1 to 10 years
Repayment OptionsMonthly
Direct Payment to CreditorsYes

Application Process

You can apply online, by phone or in person for a Wells Fargo personal loan. If you apply online, you can sign into your Wells Fargo account to pre-fill some information in the application. Wells Fargo will start by asking you for personal information, including your name, phone number, address, date of birth, Social Security Number and email address. The bank will also ask for employment and housing information, such as your salary, occupation, employer and monthly rent or mortgage payment. Finally, you’ll need to fill in details about the loan: how much you are apply for, how you plan to use it and when and how you want to pay it back.

Application ProcessOnline, by phone or in person
Time to Get Funds1+ days
Credit CheckHard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?Yes

After submitting your application, Wells Fargo will conduct a hard credit check to see if you meet their credit requirements. This may take anywhere from a few minutes to two hours. The bank may also ask for some documents to verify your identity and employment, such as W-2s, utility bills, a copy of your driver’s license or tax returns. If you are approved, you’ll need to sign the final loan agreement, and then funds will be disbursed to your account as soon as the next business day.

How Does Wells Fargo Compare to Other Lenders?

Wells Fargo only offers personal loans to existing customers, so if you aren’t one, you’ll need to shop elsewhere. Below, we take a look at some other options for getting a personal loan.

Wells Fargo vs. SoFi

If you think you can get approved at Wells Fargo, we recommend checking your rate at SoFi first. This is because the lender has lower APRs than Wells Fargo but still makes loans up to $100,000. Annual percentage rates at SoFi are between 5.7% and 14.24% with the average APR around 8.5% in June 2017, making SoFi one of our top choices for borrowers with excellent credit. You can also choose between a fixed or variable interest rate on your personal loan. SoFi offers three-, five- and seven-year loan terms. Like Wells Fargo, there are no origination fees on your loan. You will need good personal credit and a reasonable debt-to-income ratio to qualify at SoFi.

Wells Fargo vs. Citizens Bank

Unlike Wells Fargo, Citizens Bank does not require borrowers to have an existing account to apply. And even better, the bank offers lower annual percentage rates than Wells Fargo at 6% to 16.25% and longer terms up to seven years. There are more restrictions with a Citizens Bank loan. You can only borrow up to $50,000 and you cannot use your Citizens Bank personal loan for business, educational or home improvement purposes (you can use a Wells Fargo personal loan for home improvement or renovations). It may also take a few days to receive funds from Citizens Bank, so it’s not our top choice for getting funds quickly. To qualify, Citizens Bank requires borrowers have good credit, which is usually a credit score of 680 or above, and annual income of at least $24,000.

Wells Fargo vs. Discover Personal Loans

Discover and Wells Fargo offer very similar rates on their personal loans, but Discover only makes loans up to $35,000. One advantage of using Discover is that you can check if you qualify without impacting your credit score. This can be helpful to know what kind of interest rate you may be offered on a loan. Rates at Discover range from 6.99% to 24.99% with terms from three to seven years. Similar to Wells Fargo, Discover charges no origination fees, has next-day funding on its personal loans and can directly pay your creditors. Discover also provides a 30-day money back guarantee on its personal loans, allowing you to return the funds with no interest charged.

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