Pros
1 to 7 years
More frustrating, Wells Fargo does not disclose its minimum credit score requirement for personal loans. While the bank does sometimes approve bad credit loans, you’re most likely to be successful in applying for a personal loan with Wells Fargo if your credit score is 600+, but the bank’s website does not overtly state this.
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Wells Fargo Personal Loans
It’s possible to get a personal loan from Wells Fargo with bad credit, though it’s not guaranteed. There are other online lenders that specifically target borrowers with poor credit scores, but beware: APRs are likely to be high, and they might cap you at a low credit limit.
- No origination fees
- Large loan amounts
- Decent APR
Ready to stop worrying about money?
The smallest loan option available through Wells Fargo is ,000. Some online lenders offer loans as small as ,000 — or even 0.
5.74% to 19.99%
Wells Fargo’s personal loan option is decent if you have a fair to strong credit score, but the bank is still working on winning back customer trust and improving its core savings and checking account offerings.
3.5 out of 5 Overall
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In fact, Wells Fargo banking customers can connect their checking account for a discount on their personal loan APR. Plus, the monthly payments are automatic, so you don’t have to sweat late payments.
Wells Fargo also funds most loans on the same day of approval or the next business day. Though the bank does not share statistics, the Big Four financial institution maintains that there are few exceptions to this quick funding process.
Wells Fargo also funds most loans on the same day of approval or the next business day. Though the bank does not share statistics, the Big Four financial institution maintains that there are few exceptions to this quick funding process.
While you can get a personal loan for any use case, Wells Fargo specifically advertises home improvement loans and debt consolidation loans.
Only current Wells Fargo customers can apply for a personal loan over the phone or online. Non-customers must apply in person, but you’ll get a slight discount if you have a Wells Fargo checking account.
Wells Fargo Loans: At a Glance
Transparency continues to be Wells Fargo’s largest problem. When applying for a personal loan, you cannot see your options unless you’re an existing Wells Fargo customer.
- Home loans
- Auto loans
- Credit cards
- Personal loans
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Wells Fargo Personal Loan Review
Personal loans are just one of the loan options offered at Wells Fargo. Borrowers can turn to Wells Fargo for:
Transparency
Does Wells Fargo do Small Personal Loans?
What Credit Score is Needed for Wells Fargo Financing?
Convenience
Can I Get a Personal Loan with Bad Credit?
Personal loans from Wells Fargo have a fair bit of flexibility. You can secure a loan for up to 0,000, making it ideal for tackling large home renovations. However, if you are looking for a small loan amount, you will struggle with Wells Fargo, where the minimum threshold is ,000.
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Want to open a loan with a co-borrower? You can get a joint loan, which may help you reduce the interest rate (and thus your monthly payment) and/or increase your max loan amount allowance.
Even more convenient: If you are using Wells Fargo specifically for a debt consolidation loan, the bank will coordinate direct payment to creditors.
Do I Have to be a Wells Fargo Customer to Get a Loan?
Flexibility
Need more help? Wells Fargo is one of the Big Four banks, meaning you can easily find a brick-and-mortar location (in all 50 states) to visit if you have questions before opening or during the life of your loan. The website is easy to use, and the Wells Fargo app in the Apple App Store carries a 4.8 star rating based on nearly 6.75 million reviews.
However, the rate maxes out at 19.99%. Borrowers with bad credit can expect to fall on this end of the range. This high APR is actually not bad compared to some competitors, with rates as high as 35.99%. The reason? Wells Fargo is stricter about whom it approves. Bad credit borrowers are more likely to get rejected here, meaning online lenders with rates as high as 36% may be their only viable option.
Rates
It’s fair to say that Wells Fargo has a consumer perception problem. However, while Wells Fargo’s bank account options are less than desirable and the brand is still working to regain consumer trust, the Wells Fargo personal loan offering is decent.
Loan amounts
Wells Fargo Personal Loan: Pros and Cons
Loan terms
- Wells Fargo caps its APR at 19.99%, considerably lower than some competitors.
- Wells Fargo doesn’t charge an origination fee, closing fees or prepayment penalties.
- The loan amount is pretty flexible, up to $100,000.
- Loan terms are also flexible, from 12 to 84 months.
- Current customers can get a 0.25% customer relationship discount on the APR.
- Loans are generally funded quickly–same or next day, in most cases.
- The minimum loan amount is $3,000; some borrowers might want a loan that allows them to borrow less.
- The minimum APR is higher than some competitors.
- The minimum credit score requirement is not disclosed.
- You can’t check loan options (without a hard credit inquiry) if you’re not already a Wells Fargo customer.
- Though funding is fast upon approval, the approval process can drag; every approval requires a hard inquiry on your credit report.
Frequently Asked Questions (FAQs) About Wells Fargo Personal Loans
For ,000 to ,000 loans, loan terms are less flexible (1 to 3 years), but the range opens up when you apply for a larger loan (1 to 7 years).
Cons
The Bottom Line
How Much Can Wells Fargo Loan You?
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