First, am I eligible?
To qualify for a personal loan from Wells Fargo, you need to meet the following criteria:
- You must be able to show that you can pay back the loan.
- You must be at least 18 years old.
- You must be a US citizen or a permanent resident.
What personal loans does Wells Fargo offer?
Wells Fargo offers three types of personal loans: unsecured loans, secured loans and lines of credit.
- Unsecured loans. With loan amounts up to $100,000 and no annual fee, an unsecured loan could be useful for consolidating debt or covering a large expense. No collateral means you minimize your personal risk.
- Secured loan. Secured loans use your Wells Fargo CD or savings account as collateral for your loan. This can keep your interest rate lower so that you can spend less on the money you borrow.
- Lines of credit. Lines of credit can be unsecured or secured. You’ll have access to your credit limit whenever you need it, and only pay interest on the amount you borrow.
Wells Fargo’s personal loan options have fixed rates, while its line of credit has a variable rate and an annual fee of $25.
- Competitive rates starting at 5.24%
- Large maximum loan amount of $100,000
- No origination fee
- 0.25% customer relationship and autopay discount
- Secured and unsecured options available
- Coapplicants allowed
- Good to excellent credit required
- Need to apply in person if you’re not a Wells Fargo customer
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Personal lines of credit from Wells Fargo
If you’d rather not borrow a term loan, Wells Fargo also offers lines of credit of $3,000 to $100,000 for eligible account holders. There are no balance transfer or cash advance fees. You only pay a $25 annual fee for each year your line of credit is active. Interest rates are variable and range between 10.00% to 21.50%, and some Wells Fargo customers may even qualify for a rate discount of 0.25%.
The application process is similar to that for personal loans. You’ll need to have details about yourself, your employment and your income ready as well as know how much you want to borrow. If approved, your funds may be available as soon as the next business day.
How do I apply?
To apply for a personal loan from Wells Fargo, follow these steps:
- Visit Wells Fargo’s personal loans page and click Apply Now.
- Sign in to have your application prefilled with your personal information.
- Enter any additional information about your employment, income or assets.
- Read Wells Fargo’s disclosures and submit your application.
What information do I need to apply?
Applying for a personal loan from Wells Fargo requires that you provide some personal information, including:
- Social Security number
- Government-issued picture ID
- Details about your employment
- Details about your income and expenses
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What happens after I apply?
While turnaround varies, it typically takes anywhere from a few minutes to two hours for a decision to be reached. If approved, it can take as little as one business day from the time you accept your loan to get funded.
How do repayments work with Wells Fargo?
Payments are due monthly, and you can make repayments online and set up automatic payments through your Wells Fargo account. A line of credit payment will be due on the months you carry a balance. You should expect to pay an annual fee of $25 for your line of credit, and you may incur additional fees if you fail to make a timely payment towards your loan.
4 more loans from Wells Fargo
|Wells Fargo Personal Loans||Varies||$100,000||
5.24% to 20.24%
|Wells Fargo Business Loans||Varies||$100,000||
8% to 22.99%
|Wells Fargo Student Loans||Varies||$120,000||
4.8% to 11.26%
|Wells Fargo Auto Loans||680||$300,000||
Don’t have the best credit? Compare other options with our guide to personal loans.
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