Wells Fargo personal loan
Wells Fargo personal loans are ideal for people looking for large loan amounts, as loans of up to $100,000 are available, with payoff terms ranging from 12 to 84 months. In some cases, applicants can also benefit from interest rates as low as 5.99%.
Note: Personal loans are only available to existing Wells Fargo customers.
Wells Fargo personal loans are ideal for debt consolidation due to their large loan amounts and low interest rates. In addition, having a Wells Fargo consumer checking account and enrolling in automatic payments entitles you to a 0.25% “relationship” discount.
Wells Fargo Personal Loan Rates And Origination Fee | Wells Fargo Personal Loan Interest Rates
Wells Fargo offers fixed-rate personal loans with APRs ranging from 5.99% to 19.99%.
- How rates are calculated: Your exact interest rate will be determined by your credit score, debt-to-income ratio, and other factors. Wells Fargo, for example, provides a 0.25% “relationship discount” to customers who open a Wells Fargo checking account and enrol in automatic payments.
- (Wells Fargo charges a $39 late fee (after a 10-day grace period) for payments that are more than 10-days late. There are no early repayment or origination fees.)
- Loan amounts and terms: Wells Fargo provides personal loans ranging from $3,000 to $100,000. Their repayment periods range from 12 to 84 months.
Wells Fargo personal loan interest rates:
- The APR shown is for a personal loan of at least $10,000 with a 3-year term and includes a 0.25% relationship discount.
- Personal loan interest rates range from 5.99% APR to 21.74% APR. APR
- Loan amounts range from $3,000 to $100,000, and there is no origination fee.
- Applicants with excellent credit are eligible for the most competitive rates. According to Wells Fargo, at least 10% of approved borrowers qualify for the lowest available rates.
Wells Fargo personal loan calculator:
You can access the Wells Fargo personal loan calculator directly by clicking on the Wells Fargo link.
How to Apply for a Wells Fargo Personal Loan:
Here are Wells Fargo personal loan requirements (Checklist for Application):
Applying for a personal loan usually includes prequalifying for a rate, submitting a formal application, and waiting for loan approval.
Customers with an existing account with Wells Fargo can apply for a Personal Loan online or by phone. If you do not already have a Wells Fargo account, please visit a branch to speak with a personal banker about your credit options.
Contact Information For Individuals
- Individual Tax Identification Number or Social Security Number (ITIN)
- The birth date
- Status of citizenship
- Relationship status (Wisconsin only)
- The email address
- The primary phone number
- Permanent mailing address
Income And Employment Data
- Work Phone Number Employment Status
- Name of the employer
- Monthly gross income and source(s) of income (all sources you want considered for your loan)
- Amount of monthly mortgage or rent payment
Personal Loan Details
- Loan Purpose
- desired phrase
- The loan amount
- Payment due date preference
Wells Fargo Personal Loan Approval Time | How Long Does Wells Fargo Personal Loan Take
In most cases, receiving funds from a Wells Fargo personal loan takes 2 to 4 business days. The Wells Fargo loan timeline includes up to 3 business days for approval and another 1 business day for funds to be received after approval. It may take longer in some cases.
What Makes Wells Fargo Personal Loans Unique
Pre-qualification with a good credit check: Wells Fargo allows customers to pre-qualify for a personal loan, which is common among online lenders but uncommon among banks. Borrowers can view potential loan terms, including what interest rate they may qualify for, by pre-qualifying before submitting a hard credit inquiry.
- A wide range of repayment terms are available: Borrowers can select from a variety of repayment options. One- to three-year terms are available for loans under $5,000. Borrowers with loans of $5,000 or more can make payments for up to seven years. When combined with the lender’s large loan amounts, Wells Fargo is one of the best banks for a home improvement loan.
- Discount for relationships: By setting up automatic payments from a qualified Wells Fargo checking account, Wells Fargo customers can qualify for a relationship discount, which reduces the amount of interest they pay. The discount, which ranges from 0.25 to 0.5 percentage point, is determined by the type of checking account.
- Payment dates are more flexible with Wells Fargo than with other lenders. Borrowers can choose their payment date before signing the loan agreement, and once the loan begins, they can change it once every 12 months. This is a handy feature to have if your pay schedule changes or if you incur a new expense that affects your monthly cash flow.
Wells Fargo personal loans fall short in certain areas.
- There will be no direct payments to creditors: If you use a Wells Fargo personal loan to consolidate debts, such as paying off credit cards, the lender will not send the loan funds to your creditors on your behalf. Though this isn’t a requirement for a debt consolidation loan, it is a nice perk that some lenders provide.
- New customers must visit a branch: According to the company, if you are not a Wells Fargo customer but want to apply for a personal loan, you must go to your local branch. Customers who are already customers can apply online.
Wells Fargo personal loan credit score:
Wells Fargo does not specify a minimum credit score on its website or through customer service. However, multiple third-party sources indicate that approval will most likely require a credit score of at least 660.
How to Qualify for a Wells Fargo Personal Loan | Why my Wells Fargo personal loan denied ?
Personal loan applications are approved or denied based on a variety of factors. Every lender has their own set of underwriting requirements, but they typically include information from an applicant’s credit profile as well as other factors that show the ability to repay the loan, such as income. Meeting the requirements listed below does not guarantee approval, but it can help you determine whether a personal loan is right for you.
Credit Score Prerequisites:
Wells Fargo’s website does not list a minimum credit score requirement. To qualify for lower APRs, most lenders prefer borrowers to have a credit score of at least 670. The most competitive rates are reserved for applicants with the best credit.
Wells Fargo’s minimum income requirements are not disclosed. In general, lenders are more likely to approve applicants who can demonstrate a monthly income sufficient to cover existing debt obligations as well as the new loan payment. This usually entails having a debt-to-income (DTI) ratio of less than 36%, though otherwise qualified applicants may be approved with a DTI of up to 50%.
Wells Fargo Personal Loan With Co Signer | Co-Applicants And Co-Signers
No, co-signers are not permitted on personal loans at Wells Fargo, but joint applicants are permitted. Joint applications allow two people to apply for a Wells Fargo personal loan together and then share equal repayment responsibility.
There are two major contrasts between having a co-signer and submitting a joint personal loan application. For starters, a co-signer credit and income are more important than the primary applicant’s during the application process. A joint application, on the other hand, considers both people’s credit score and income equally.
Wells Fargo takes into account both applicants’ credit scores, income, and outstanding debts. Co-applicants, unlike co-signers, have access to loan funds and are responsible for making monthly payments.
Wells Fargo Personal Loan Review:
Existing customers with good credit can apply for unsecured personal loans from Wells Fargo. The loans not only have low fees, but they also come in a variety of amounts and repayment terms, allowing borrowers to tailor loans to their specific needs.
Customers who set up automatic payments from their Wells Fargo accounts may be eligible for a rate reduction.
Wells Fargo provides pre-qualification, which allows borrowers who want to see potential loan offers before formally applying to do so with a soft credit pull, which has no effect on your credit score.
If you are not a current Wells Fargo customer, you must apply in person at a branch.
In recent years, Wells Fargo has faced a string of hefty regulatory fines.
Though these incidents have no direct impact on its personal loans business, borrowers should be aware of them.
- APRs as low as 5.99% Loans up to $100,000
- No origination or early payoff fees
- Get funded in 4 business days with a 0.25% relationship discount.
- Co-signers are permitted.
- Can apply with ITIN
- The required credit score is not disclosed.
- $39 late fee (after 10-day grace period) penalty for late payment
- APRs as high as 19.99% Company history of scandals
- Customer satisfaction is average.
Wells Fargo Personal Loan Customer Service Details:
Wells Fargo Personal Loan Phone Number – 1-877-526-6332
Monday through Friday, 8:00 a.m. to 7:00 p.m. Central Standard Time