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.
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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.
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 Loan | Loan Amount Range | APR Range | Fees | Loan Terms | Repayment Options | Direct Payment to Creditors |
| Unsecured Personal Loan | $3,000 - $100,000 | Loan:
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 years | Monthly | Yes |
| Secured Personal Loan | Loan:
$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 | Monthly | Yes |
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:
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:
| Application Process | Online, By Phone or In-Person |
| Time to Get Funds | 1+ days |
| Cosigners/Co-borrowers | Yes |
| Credit Reporting | Yes |
| Credit Check | Hard 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.