Wells Fargo Personal Loan Review

You might think that a personal loan is the solution to your current problem. But, you might not know the actual ins and outs of the product and how to get one.

So we’ve decided to gather all the imperative information you’ll need in order to get a Wells Fargo Personal Loan.

This way, you’ll be able to see if it’s the right fit for you. And if it’s not, you’ll have a base to begin comparing with other financial institutions.

We’re going to cover:

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What Is Wells Fargo?

Wells Fargo is the fourth largest bank in the United States. It was founded in March 18, 1852 in San Francisco, California by Henry Wells and William Fargo. Today their headquarters are located in San Francisco, California.

Currently, they have over 8,050 branches and 13,000 ATMs worldwide. They also provide a 24/7 phone support financial service for those clients that can’t make it into a Wells Fargo location.

Wells Fargo offers many financial products to make your life easier.

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How Do Wells Fargo Personal Loans Work

Simply put, Wells Fargo will lend you money through a personal loan. You’ll be able to get this loan for pretty much any reason, as long as it’s legal. You’ll pay the personal loan back in fixed monthly payments. 

Wells Fargo offers three types of personal loans:

  • Unsecured loans
  • Secured loan
  • Lines of credit

Wells Fargo personal loans come with some great benefits, like:

  • Fixed rates/terms/monthly payments
  • No origination fee
  • No prepayment penalty
  • Simple online application and funding process
  • You can borrow anywhere from $3,000 to $100,000.
  • No collateral needed for an unsecured personal loan
  • You can receive the funds by the next business day after approval.
  • Relationship discounts for qualified customers with automatic payments

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Top FAQ for Wells Fargo Personal Loans

1. How long does it take to receive a credit decision from Wells Fargo?

Most likely, you’ll receive a decision within a matter of minutes. However, there is the possibility that it could take up to a few days to hear back, depending on your personal circumstances.

Once you submit your application, you’ll be asked to provide an email address. This will allow you to access your application status online at any time. So, it’ll be easy for you to go in and see if a decision has been made.

2. What is the closing process?

Once your application is approved, you’ll need to verify your loan documents. You can do this either online or by visiting your local Wells Fargo branch.

After  you’ve reviewed the loan terms, you’ll be required to sign the final documents online or at your local Wells Fargo branch. It’s a super simple process that won’t take a ton of time. 

3. When do you receive your funds?

Once you’ve verified the documents and accepted the loan terms, you’ll be eligible to receive your funds the next business day.

What if you need it sooner?

There is the possibility if you go to your local branch that you could receive the funds on the same day. 

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Wells Fargo Personal Loan Rates

When it comes to personal loans, your monthly payment will depend on the loan amount & term you’ve selected, as well as your credit score.

Since there are variable factors involved, there’s no way to say what rate you’ll receive upfront. However, Wells Fargo offers a neat tool on their site called the Rate and Payment Calculator.

This will provide an estimated payment for you, based on:

  • Your Zip Code
  • Loan Amount
  • Loan Term
  • Your credit score

You’ll be able to play around with the tool, and see how different factors affect your monthly payment, as well as your interest rate.

Sounds cool, right?

To see and explore this tool go to www.wellsfargo.com and under the ‘Personal’ tab select: Loans and Credit

Then click on: Personal Lines and Loans

Click on: Personal Loan

After that’s done, it’s going to prompt you to the page shown below. Once you’re there, click on: Estimate Your Rate and Payment

This is where you are going to input the following information:

  • Your Zip Code
  • The amount you’d like to borrow
  • Term of the loan
  • Your credit score

Once the information is input, you’ll get the results!

You’ll be able to see your monthly payment, as well as what your interest rate might be. 

Remember that your results will change depending on those variable factors like credit score and loan amount. So, let’s explore a couple of examples to see how your payment and rate may change based on your situation.

Keep in mind that we are assuming your loan will be approved for the sake of these examples. In some situations, you might need to provide additional information or even find a co-signer.

That being said, let’s explore what your monthly payments and APR might look like in these different circumstances.

Situation One: Poor Credit

Credit Score: 620 and below

Loan Amount: $3,000

Loan Term:

  • 12  months
  • 24 months
  • 36 months

While the APR remained similar no matter the term length, you can see that the payments varied drastically. Financing over 36 months could mean paying just $108 a month, compared to a 12 month term with a $280 payment.

Situation Two: Fair Credit

Credit Score: 621-699

Loan Amount: $3,000

Loan Term:

  • 12  months
  • 24 months
  • 36 months

With a slightly better credit score, you will see a difference when it comes to the APR. However, your monthly payments remain similar to those in the first situation. 

Situation Three: Good Credit

Credit Score: 700-759

Loan Amount: $3,000

Loan Term:

  • 12  months
  • 24 months
  • 36 months

You should start to see a pattern developing here. The better your credit score, the more favorable your options will be. 

Situation Four: Excellent Credit

Credit Score: 760 and above

Loan Amount: $3,000

Loan Term:

  • 12  months
  • 24 months
  • 36 months

So how much of a difference will your credit score make when it comes to the repayment of your personal loan?

An excellent credit score will save you about $15 when it comes to your monthly payment. In terms of APR, you’re looking at a difference of 13%. But, a good credit rating should get you a favorable APR, so don’t fret if your credit isn’t excellent.

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Will Wells Fargo Give Me A Personal Loan?

Wells Fargo has specific requirements in order to take out a personal loan:

  • Credit Score over 700
  • Must be 18+
  • Must be a US citizen or permanent resident.

So you check all the boxes, and you’re ready to apply!

What now?

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How To Apply For a Wells Fargo Personal Loan

To start Click on Apply Now

That is going to prompt you to this page:

You’ll need to respond to the following question:

Are you a Wells Fargo banking customer?

If you select No, you’ll be redirected here:

Unfortunately, you can’t apply for a personal loan with Wells Fargo unless you already have an account. All this means is that you need to visit one of the Wells Fargo Branches in order to open an account.

If this is your case, go to the nearest Wells Fargo branch and open an account. This will allow you to complete the personal loan application.

Now moving forward…

If you select Yes another question will populate

This one says:

Do you access your bank account online at Wells Fargo?

If you select Yes it will ask you to place the username and password of your Wells Fargo online account.

If you enter your username and password, this will help prefill parts of your personal loan application, making it easier for you to complete.

Now if you select No it will just have you click on Continue

When you click on Continue it will take you to this page, which we’ve divided into small sections to go over.  

Next question is: Are you applying for an individual or a joint account?

If you select individual, you’ll be asked only for your personal information.

If you are applying with someone, or using a cosigner, select joint account. You’ll be asked to provide the other person’s personal information as well. 

What personal information are they going to need?

Personal Information Needed:

  • Full Name (First, Middle and Last name)
  • Social Security Number
  • Date of birth
  • Citizenship

Then they’ll ask you for:

  • Email address
  • Home phone number
  • Alternative phone number (optional)
  • Current address
  • Years and months you’ve lived in your home

When you scroll down you’ll be asked for :

Employment and Income Information

  • Employment Status (Based on what you select, they are going to ask you for additional information)
    • Employed
      • Occupation
      • Business phone number
      • Length of time in this occupation
        • Years and months
      • Employer name
      • Length of time at current employer
        • Years and months
      • Previous employer (if you’ve worked at your current job less than 3 years)
    • Self-employed
      • Occupation
      • Business phone number
      • Length of time in this occupation
        • Years and months
      • Provide business name
      • Length of time at current employer
        • Years and months
    • Homemaker
    • Retired
    • Student
      • You’ll be asked to check a box stating the following: I am currently employed and would like to provide information about my employment. (this will prompt the following blanks to be filled)
        • Occupation
        • Business phone number
        • Length of time in this occupation
          • Years and months
        • Employer name
        • Length of time at current employer
          • Years and months
    • Unemployed with income
    • Unemployed with not income
  • Gross Annual Income
  • Income source
    • Select for one of these:

  • Your residence status
    • Own
    • Rent
    • Dorm
    • Live with parents
    • Live with relatives
    • other
  • Additional income source: Do you have additional income sources that you would like to include? You’ll respond either Yes or No
  • Monthly debt obligations: Do you have any monthly debt obligations such as alimony, child support or separate maintenance obligations?Do not include credit card debt, auto loans or personal loans with financial institutions. You’ll respond either Yes or No
  • Financial affiliations: Are you currently a Director, Executive Officer, or Principal Shareholder of any Bank, Thrift, or other depository institution? You’ll respond either Yes or No

And at this point you are going to click Continue

  • Amount to borrow
    • Loan Amounts range from $3,000 to $100,000
  • Loan Term
    • You can select from:
      • 12 – 36 months for loans under $5,000.
      • 12 – 60 months for loans of $5,000 or more.
  • Purpose of the loan
    • Select for one of these:

  • Preferred payment due date
    • You can select what day works better for you.
      • You can change your payment due date one time following your first account cycle (statement), you can do this by calling their customer service department at 1-800-946-2626.
  • Then click Continue.

This will prompt you to a verification page. All you need to do is verify if all the information you’ve provided is correct. If you find a mistake, edit your application by clicking Change.

As you scroll down, you will find the agreements and disclosures, make sure to read through them and check the boxes as you finish reading.

Once everything has been checked all, you need to do is click on Submit.

Your application has successfully been submitted!

As soon as your application is submitted it will go into review. At this point, Wells Fargo may reach out to you requesting additional documents.

Additional Documents (requested as necessary)

Once your application is complete, it might take just a few minutes to see if your application has been approved. However, it can take longer in certain circumstances.

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Wells Fargo Personal Loan Reviews

Taking out a personal loan with Wells Fargo sounds pretty simple, right?

The truth is that the process really is simple, but that doesn’t always mean it’s the right choice for you. So, let’s explore some of the pros and cons that come along with this financial product.

Pros

  • Fast funding: You’ll receive your funding the following business day after approval
  • Competitive interest rates: Wells Fargo offers competitive interest rates compared to other lenders
  • Relationship Discount: If you choose to make automatic payments from your Wells Fargo checking account, they’ll knock .25% off of your APR.
  • No fees: Wells Fargo will not charge any origination, application, or prepayment fees on your personal loan.
  • Large Loan Amounts: Wells Fargo offers you the ability to apply for a loan anywhere from $3,000 to $100,000.

Cons

  • Approval time may take longer – Wells Fargo might take a while to make a decision if they are in need of additional documents from you.
  • Credit Inquiry: When applying for a personal loan with Wells Fargo, your credit will take a little hit. This will happen as a result of the inquiry they’ll place on your report. But, it’ll just e a few point.
  • No guaranteed approval: Wells Fargo does not reveal all of their eligibility requirements, so there is no guarantee that you’ll get approved.

What makes Wells Fargo stand out when it comes to Personal loans?

The application process is quick and easy, and you could have a decision in just a matter of minutes.

They offer:

  • Loan Amounts from $3,000 to $100,000
  • Interest Rate from 6.93% to 24.99%
  • Terms from 12 to 60 months
  • Next day funding
  • NO application, origination, or prepayment fees.

If you’re looking into applying for a personal loan, Wells Fargo might be a great starting point. We encourage you to compare other banks and institutions and make the decision that’s best for you and your situation. 

Do you think a Wells Fargo personal loan is the right fit for you? Let us know in the comments!

Up Next: How To Get A Personal Loan With Bad Credit

Amy Blatterfein

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Amy Blatterfein

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