Wells Fargo Personal Loans Pros and Cons
- Can fund loans the same day or the next business day.
- Have a wide range of repayment terms and loan amounts.
- Rate discount for autopay.
- No origination or prepayment fee.
- Joining loan option.
- You have to be an existing customer to get some features.
- You can’t prequalify.
How Wells Fargo Personal Loans Work
There are many great things about Wells Fargo’s personal loans. One is their autopay discount. If you set up autopay from a Wells Fargo account, your APR can lower by .25% -.5%.
You can add a co-borrower to your application so you can get lower rates or a higher loan amount. Funding happens the same or next business day once your loan is approved.
Wells Fargo will send your loan proceeds directly to your creditors if you get a debt consolidation loan, so you don’t have to do it yourself.
You have multiple term repayment options available. However, there is no option to prequalify, so it will show up on your credit report if you apply.
Wells Fargo Personal Loans Features and Benefits
To apply online, you have to provide your personal and contact information. Next, you give information about your income and employment.
You may have to send documents to verify this. Lastly, you enter how much you want to borrow and how long you want your term to be.
Remember that you can’t prequalify, so submitting an online application will affect your credit score. If you’re new to Wells Fargo, you must apply in person.
Wells Fargo personal loans have highly competitive rates with APRs ranging from 5.74% to 19.99%.
Their lending terms are also quite competitive. If you have a loan under $5,000, you can choose a term anywhere from 1-3 years.
If your loan is over $5,000, you can choose a term for up to seven years. Having a loan term that is that long is very helpful because it will lower your monthly payments by a lot, although you will end up paying more interest in the end.
No Hidden Fees
Wells Fargo has no origination fees and prepayment fees. An origination fee is also known as a processing fee.
It covers all the paperwork processing that a company has to do, such as verifying your information. It also covers customer service.
Prepayment fees are fees for paying off your loan early. Lenders want you to stay on your loan for as long as possible so they will make the most interest off of you. That is why they discourage you from leaving the loan with a prepayment fee.
Joint Applications Accepted
You can add a co-borrower to your application. Adding a co-borrower can really help your application if they have good credit.
Someone with fair credit who adds a co-borrower with excellent credit will increase their chances of getting a more favorable loan, and then paying off the loan will increase the applicant’s credit too, so everyone wins.
Paying off loans can be a really effective way to build credit. The co-borrower has to be willing to have the loan on their credit report as well.
Fast Funding Times
You will get your funding the same day or the next business day for your Wells Fargo personal loan.
Having a loan that takes a few days might not seem like a big deal, but if you have a serious leak in the roof and you need to replace it immediately, a couple days can make a big difference.
Or if you have a broken water heater or need to fix something on your car. Fast funding is a gigantic perk that shouldn’t be overlooked.
What Can You Use a Wells Fargo Personal Loan For?
One thing you can use a Wells Fargo Personal Loan for is to consolidate debt. They have a personal loan with a competitive fixed interest rate to help you take higher interest rate debts and turn them into one monthly payment.
You can also finance purchases. You can fund renovations, whether they are emergencies like a broken water heater or a remodel. You can also cover major expenses up to $100,000 like medical bills or auto repairs.
How to Qualify for a Wells Fargo Personal Loan
There is no way to prequalify, so you can’t see rates or loans that may be available to you before officially applying and having it come up on your credit report.
If you have good or excellent credit, you will qualify for the lowest rates. To qualify, you can apply online if you’re a member of Wells Fargo or go in person if you’re not. You need your contact and personal information.
You will also need to talk about your income and employment and may need documents to verify it. Lastly, you will need to disclose your desired term and amount to borrow.
How Do Wells Fargo Personal Loans Compare to Other Lenders?
#1. Wells Fargo Personal Loans vs. Upstart Personal Loans
The APRs for Upstart range from 5.38% – 35.99%, while Wells Fargo’s APRs range from 5.74% – 19.99%, so Wells Fargo has better APRs.
Loans go up from $1,000 to $50,000 with Upstart while they go from $3,000 to $100,000 with Wells Fargo; Wells Fargo gives out larger loans.
Both offer direct payment to creditors when you use their loans to consolidate credit card debt.
Upstart may charge an origination fee, which Wells Fargo doesn’t do. Upstart doesn’t have many features but is great for people with low credit scores.
>> More: Upstart Personal Loan Review
#2. Upgrade Personal Loans vs. Wells Fargo Personal Loans
Upgrade has APRs ranging from 5.94% to 35.47%, while Wells Fargo has credit scores ranging from 5.74% – 19.99%. Wells Fargo has lower APRs.
Upgrade has a minimum credit score of 560, but Wells Fargo doesn’t have a minimum credit score. With Upgrade, you can take out loans from $1,000-$50,000, and with Wells Fargo, you can take out loans from $3,000-$100,000.
Wells Fargo offers larger loans. Upgrade charges an origination fee, which Wells Fargo doesn’t do.
Upgrade is best for people with fair or bad credit, while Wells Fargo is best for people with good or excellent credit. You can add a co-borrower for both applications.
>> More: Upgrade Personal Loan Review
#3. Wells Fargo Loans vs. Avant Personal Loans
Avant has APRs that range from 9.95% to 35.99%, while Wells Fargo’s APRs range from 5.79% to 19.99%. Wells Fargo’s APRs are lower.
Avant has a minimum credit score requirement of 580, while Wells Fargo has no minimum credit score requirement. Avant has up to a 4.75% administration or origination, fee but Wells Fargo doesn’t have an origination fee.
It takes Avant 2-3 business days to fund your loan, but Wells Fargo funds your loan the same day or the next business day.
Neither Wells Fargo nor Avant has prepayment fees, which means you can pay off the loan early without being penalized for it.
>> More: Avant Personal Loan Review
#4. Prosper vs. Wells Fargo Personal Loan
Prosper is a peer-to-peer lending platform that is best for people with fair or good credit. They have APRs that range from 7.95% – 35.99%.
Wells Fargo has APRs that range from 5.79% – 19.99%. Wells Fargo has lower APRs. Prosper offers loans from $2,000-$40,000, and Wells Fargo offers loans from $3,000 to $100,000, so Wells Fargo offers larger loans.
The minimum credit score for Prosper is 600, but Wells Fargo doesn’t have a minimum credit score.
You can get a co-borrower for both Platform and Wells Fargo. But there are only two repayment terms to choose from with Prosper.
They charge origination fees, which Wells Fargo doesn’t do. Lastly, Prosper takes longer to fund than Wells Fargo.
>> More: Prosper Personal Loan Review
Frequently Asked Questions
What Credit Score is Required for a Wells Fargo Personal Loan?
There is no minimum credit score required for a Wells Fargo personal loan, although people with good or excellent credit will get the best rates.
How Long Does Wells Fargo Take to Fund a Personal Loan?
Wells Fargo will fund your loan the same day or the next business day.
Can You Prequalify for a Wells Fargo Personal Loan?
No, you can not prequalify for a Wells Fargo personal loan.
Bottom Line: Wells Fargo Personal Loan Review
Getting a personal loan is a big decision that can make or break the bank. Personal loans save families in emergencies like having a medical bill or something that happened to their house or car.
They are also great at paying for renovations or any other expense. But it is important to get the right loan that fits your needs.
Wells Fargo personal loans are an excellent option if you have good or excellent credit and want a large loan with a low APR and no hidden fees.