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

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

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Wells Fargo offers unsecured personal loans for existing customers (the bank no longer offers secured loans or lines of credit). While some lenders cap personal loans at $50,000, Wells Fargo lets you borrow up to $100,000 with an unsecured personal loan. The bank has a speedy online application process, allowing you to get a same-day decision and funding as soon as the next business day.

Wells Fargo personal loan review

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A Wells Fargo personal loan could be an appealing option for existing bank customers with good to excellent credit. The bank offers competitive unsecured personal loans up to $100,000 with APRs between 5.74% and 19.99%.

Good for...
Bad for...
  • Existing Wells Fargo customers with good credit
  • 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. (It could be worth looking at Earnest, SoFi and LightStream if you have a strong credit score.) Wells Fargo is probably not a good fit for borrowers with fair or poor credit scores, as banks traditionally prefer creditworthy, financially stable borrowers.

Interest rate deductions

Wells Fargo’s advertised interest rates can be even lower through auto-pay discounts. You can qualify for an APR discount if you enroll in auto-pay 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.

Quick funding time

One appealing feature of Wells Fargo is its 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 only a few minutes. 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 fast application and funding process.

Wells Fargo personal loan eligibility criteria

To borrow a Wells Fargo personal loan, you must be an existing customer. In addition, you will need to provide the following information:

  • Social Security number (SSN) or individual taxpayer identification number (ITIN)
  • Contact information
  • Employment status and employer information
  • Gross monthly income
  • Monthly mortgage or rent payment
  • Recent pay stubs
  • Recent utility bill
  • Copy of an acceptable form of identification

Residents of Wisconsin will also need to provide their marital status. Although Wells Fargo doesn’t disclose what credit score or income it looks for, you will need to meet its threshold to qualify for a personal loan. Borrowers with the highest credit scores typically get the lowest rates.

Wells Fargo personal loan terms and requirements

You can borrow up to $100,000 through a personal loan at Wells Fargo. Interest rates range from 5.74% to 19.99%.

Loan Amount Range
$3,000 - $100,000
APR range
  • 5.74% - 19.99%
  • No origination fee
  • Late payment fee: $39
  • NSF/returned payment fee: $39
  • No check processing fee
  • No prepayment penalty
Loan terms1 to 7 years
Repayment optionsMonthly
Direct payment to creditorsYes

How to apply for a Wells Fargo personal loan

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 applying for, how you plan to use it and when and how you want to pay it back.

Application Process
Online, 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 Wells Fargo compares 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

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If you think you can get approved at Wells Fargo, it could be worthwhile to check your rate at SoFi first. This is because the lender may be able to offer lower APRs than Wells Fargo but still makes loans up to $100,000. Annual percentage rates (APRs) at SoFi are between 5.74% and 20.28%, 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 up to 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 (DTI) ratio to qualify at SoFi.

Wells Fargo vs. Citizens Bank

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Unlike Wells Fargo, Citizens Bank does not require borrowers to have an existing account to apply. However, as of Aug. 26, 2021, the bank’s rates started higher than Wells Fargo’s. Their rates currently range from 7.99% to 20.89%. Repayment terms can go up to seven years. Unlike a Wells Fargo loan, which goes up to $100,000, you can only go up to $15,000 with a Citizens Bank personal loan. Citizens Bank says it typically takes two days or fewer to get your funds.

Wells Fargo vs. Discover

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Discover offers rates on its personal loans ranging from 5.99% to 24.99%. Discover makes loans up to $100,000. 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. Repayment terms range 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.

For additional options, head to our list of recommended online personal loan lenders.

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