Wells Fargo personal loans review October 2018 | finder.com

Wells Fargo personal loans review

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Wells Fargo offers loans up to $100,000 with competitive rates to meet your financial goals.

The big moments in life often require more money to cover. Fortunately, Wells Fargo has a number of personal loan options to cover whatever your needs might be. If you have good to excellent credit and want to borrow a larger loan, consider Wells Fargo when comparing your options.

Product NameWells Fargo Personal Loans
Min Loan Amount$3,000
Max. Loan Amount$100,000
APR6.99%–23.99%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term5 years

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.

Compare personal loan offers from other lenders

Rates last updated October 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16% to 35.89% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
$10,000
5.99%–35.99% (fixed)

Compare up to 4 providers

What are the benefits of a personal loan from Wells Fargo?

  • Get your funds quickly. With all of Wells Fargo’s personal loan options, you can get your funds as soon as one business day following approval and your acceptance of the loan’s terms.
  • Options matter. Local area branches allow you face-to-face assistance. If you’d prefer to do your banking online, Wells Fargo’s website allows you to complete your application, check your status and even make payments from the comfort of your own home.
  • Great rates. Rates, terms and monthly payments are fixed for unsecured and secured personal loans. With excellent credit, your rates can be as low as 6.99%, making your payments more affordable.

What to watch out for with Wells Fargo personal loans

  • Good to excellent credit preferred. If you have less-than-stellar credit and you want to get a personal loan, you may not qualify for one through Wells Fargo.
  • High loan amounts. Borrowing more than you need leads to paying more than you should. You may be able to get a loan of up to $100,000, but that doesn’t mean you need that much.
  • Potentially high interest. People with fair to good credit may still qualify for a loan, but you might face high APRs of up to 24.24%. This can lead to a hefty expense every month.

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.

4 types of loans Wells Fargo offers

Loan Type Max. Loan Amount Starting APR
Wells Fargo Personal Loans $100,000 6.99%–23.99% More
Wells Fargo Business Loans $100,000 6.50%–22.99% More
Wells Fargo Student Loans $120,000 6.17%–11.26% More
Wells Fargo Auto Loans $300,000 3.88%–24.24% More

Am I eligible for a personal loan with Wells Fargo?

Once you’ve make the choice to take out a loan, be sure you meet the following criteria:

  • You must have good or excellent credit.
  • 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 information do I need to apply?

To apply for a Wells Fargo personal loan, click Go to site. Applying requires that you provide some personal information, including:

  • Your full name, date of birth, Social Security number and ID, such as your driver’s license or passport.
  • Your home address, email address and phone number.
  • Details about your employment.
  • Details about your income and expenses.

I got a personal loan from Wells Fargo. Now what?

Once you’re financed through a Wells Fargo personal loan, it’s time to keep on top of your new credit.

  • Make payments online. Avoid the post office by making one-time payments through your Wells Fargo account online. You can also call, mail or make your payments at a Wells Fargo branch.
  • Set up automatic payments. Avoid late and returned payment fees by scheduling automatic deductions from your Wells Fargo account.

A personal loan payment will be due every month, and 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.

Bottom line

Wells Fargo offers multiple loan types to help you meet your financial needs. Don’t be afraid to reach out to Wells Fargo if you have any questions, and always consider how much you need to borrow before completing a full application. If you don’t have an account with Wells Fargo or don’t have the best credit, you can also consider other personal loan options when you need a little extra cushion to your budget.

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