Wells Fargo Personal Loan Review 2021
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Wells Fargo Loan Amounts and Interest Rates
Wells Fargo personal loan amounts range from $ 3,000 to $ 100,000 and can be repaid over one to seven years, depending on the terms you and the lender agree to.
Wells Fargo has a slightly lower minimum APR than comparable lenders. You can get 5.74% with Wells Fargo, while the lowest APR you can get with Discover and Marcus from Goldman Sachs is 6.99%. However, you will need good credit to qualify for the lowest rates.
Your maximum rate with Wells Fargo is 24.24%. If your finances aren’t in great shape and you’re worried that you’ll end up with a higher rate, you might consider another lender. You can get lower rates with online lenders like Lightstream or SoFi, which offer maximum rates below 20%.
How Wells Fargo Works
Wells Fargo offers unsecured personal loans that can be used for a number of reasons including debt consolidation, home renovation, and major purchases. To get a unsecured personal loan, you don’t need collateral, like a house or a car.
You can receive your money as early as the next business day with Wells Fargo depending on when your request is approved. Wells Fargo won’t charge you a set-up fee or prepayment penalties, but the lender may charge you $ 39 for late payments.
While Wells Fargo offers personal loans in all 50 states, it does not have branches in 14 states. States where branches are not available are Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Hawaii.
This can be a problem, as only current customers can apply for loans through Wells Fargo’s online portal or over the phone. If you are not a customer, you must apply by going to a branch and talking to a banker.
To contact customer service, call the lender Monday through Friday, 7:00 a.m. to 7:00 p.m. CT, or message the company’s chatbot on their personal loan web page.
Wells Fargo has a well-rated app that received 4.8 out of 5 stars on both the Apple Store and the Google Play Store.
You will need to meet the following conditions to apply for a personal loan from Wells Fargo:
- Meet the legal age requirement for your state
- Provide a valid social security number or individual tax number
- Have a physical address in the United States
The Pros and Cons of a Wells Fargo Personal Loan
How to get a Wells Fargo personal loan
The process for applying for a personal loan with Wells Fargo is a little different than with other personal lenders. If you already have an account with the bank, you can apply online or over the phone, but if you’re not a current customer, you’ll need to visit a branch in person to apply. This can be a problem if you live in one of the 14 states without a Wells Fargo branch.
You can file a joint claim with Wells Fargo.
You will need basic information for the initial request, including:
- Last name
- Date of Birth
- Contact details, including your address, phone number and email
- Social security number or individual tax identification number
- Marital Status (Wisconsin only)
- Employment status, work phone number and employer name
- Total amount of monthly income and other sources of income
- Monthly mortgage or rent amount
- Type of loan you are applying for, desired term, loan amount, preferred payment due date
Wells Fargo may ask you to provide several documents to verify your information, including:
- Recent pay stubs, W2 or tax returns
- Utility payments
- Copy of driver’s license or social security card
- Various IRS forms
You can receive your money as early as the next business day after your request and approval of your loan.
What credit score do you need to qualify for a Wells Fargo loan?
There is no minimum credit score required to take out a Wells Fargo personal loan. Instead, the company will make their approval decision based on other financial factors, including your credit history, repayment capacity, and other factors that indicate your overall financial situation.
Other comparable lenders do not have a specified minimum, such as Marcus of Goldman Sachs and Discover. However, you will likely get a better rate with a higher score.
Your credit score will not be affected if you check your rates with Wells Fargo, as the lender will only perform a gentle credit check. However, Wells Fargo will generate a firm credit check before your loan is finalized, which will likely have a negative impact on your credit score. A thorough investigation gives the lender a full view of your credit history, but it could hurt your credit score.
Is Wells Fargo Trustworthy?
Wells Fargo now has no note of the Better Business Bureau as the BBB investigates the company’s profile. In the past, the BBB has given Wells Fargo an F for reliability. The BBB measures reliability by evaluating companies’ responses to consumer complaints, honesty in advertising, and transparency of business practices.
Wells Fargo has been involved in some recent controversies. During the last years :
If the Wells Fargo story bothers you, you may want to consider other options on Insider List Of The Best Personal Loan Lenders.
How does Wells Fargo compare to other personal lenders?
Wells Fargo’s rates are similar to those offered by comparable lenders, although the rates depend on your particular profile. Here’s how Wells Fargo stacks up against the competition:
Wells Fargo review vs Discover review
You can borrow up to $ 100,000 with Wells Fargo, which is a much higher maximum loan amount than Discover $ 35,000. If you need a larger personal loan, Wells Fargo may be a better option.
Wells Fargo’s repayment terms range from one to seven years, while Discover’s terms range from three to seven years. If you want a shorter tenure – and to save money on the overall interest of the process – Wells Fargo may be the choice for you.
A distinguishing feature of Discover is its 30 day money back guarantee on its personal loans. If you decide within 30 days of receiving your loan that you no longer want it – maybe you’ve found a better rate elsewhere – you can return the funds by check and you won’t be charged interest. Wells Fargo does not have a similar unique advantage.
Wells Fargo Review vs. Marcus vs. Goldman Sachs Review
Neither Wells Fargo nor Marcus by Goldman Sachs has a minimum credit score requirement, but if you have a lower credit score your APR may be higher with Wells Fargo than with Marcus. The upper end of Well’s Fargo’s APR range is about 5% higher than Marcus’ range. If your credit is good, you’ll likely pay a slightly lower interest rate with Wells Fargo than with Marcus.
While neither company will charge you origination fees or prepayment penalties, Wells Fargo may charge late fees of up to $ 39. Marcus might be a better option for you if you’re worried about missing a payment.
Marcus offers a loan term range of three to six years, which is a narrower window than Wells Fargo’s one to seven year range. If flexible repayment terms are important to you, Wells Fargo may be a better choice.
About the authors
Liz Knueven is a personal finance reporter at Insider. Previously, she covered financial and automotive topics as a freelance for brands like LendingTree and Credit Karma. She now covers money topics ranging from student loans to retirement.
Ryan Wangman is an exam manager at Personal Finance Insider and reports on mortgages, refinancing, bank accounts, bank exams, student loans, and personal loans. During his past personal finance writing experience, he wrote on credit scores, financial literacy, and homeownership.