Wells Fargo Personal Loan Review

A Wells Fargo Personal Loan offers competitive rates and flexible repayment options, providing a convenient way to manage significant expenses and streamline your finances.

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If you need a reliable way to fund home improvements, pay off credit card debt, or make a significant purchase, a Wells Fargo Personal Loan could be a great option. 

This loan program is designed to offer flexibility and trustworthiness, making it an appealing choice for borrowers seeking solutions from a reputable bank.

Why is this loan a straightforward choice for many borrowers? Read this review to understand everything about Wells Fargo Personal Loan.

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Features of Wells Fargo Personal Loan

The Wells Fargo Personal Loan has some great features that make it a solid option for many borrowers. For starters, they offer competitive fixed interest rates, with your APR depending on factors like your credit history, the loan amount, and the repayment term. 

You can also customize your loan to fit your needs, choosing from flexible amounts and terms. Plus, you can often get a credit decision the same day you apply, making the process quick and easy.

Pros and Cons of Wells Fargo Personal Loan

The Wells Fargo Personal Loan has its advantages and disadvantages. Let’s explore.

Benefits

Here are the benefits of a Wells Fargo Personal Loan:

  • No collateral needed: This means you don’t have to put up assets like your home or car.
  • No fees: The loan comes with no origination fee, no closing costs, and no prepayment penalty, so you won’t face extra charges when borrowing or paying off your loan early.

Cons

While a Wells Fargo Personal Loan has its advantages, there are some potential downsides to consider:

  • Eligibility Requirements for Discounts: To get the relationship discount, you’ll need to have a Wells Fargo consumer checking account and set up automatic payments from one of their deposit accounts. If you cancel these automatic payments, your interest rate and monthly payment could increase, which can impact your overall loan cost.
  • Limited Discount Availability: Only one relationship discount can be applied per application. To find out if your specific account qualifies, you may need to consult with a Wells Fargo banker or refer to their FAQs for more details.

Rates and Fees

So what is the Wells Fargo Personal Loan rate? Interest rates range from 7.49% to 24.99% APR, and if you have a Wells Fargo account, you may qualify for a 0.25% relationship discount on your rate. 

For example, let’s say you borrow $16,000 with a 36-month term at an APR of 12.99%. Your estimated monthly payment would be around $539, assuming you make all payments on time. Late fees may apply if payments are missed.

Eligibility Criteria and Requirements

First, Wells Fargo’s personal loans are available exclusively to existing customers who have had an account open for at least 12 months. 

If you’re not a Wells Fargo customer yet, but are interested in their personal loans, consider applying as a customer by visiting a location near you. Applicants must be U.S. citizens or permanent residents to qualify.

To apply for the loan, you’ll need your personal information, like your Social Security Number (or Individual Tax Identification Number), date of birth, and citizenship status. 

For residents of Wisconsin, marital status will also be required. You’ll also provide contact details such as your email address, primary phone number, and permanent physical address.

Next, you’ll need information about your employment and income. This includes your employment status, work phone number, employer’s name, and your monthly income (including any sources you want Wells Fargo to consider for the loan). You’ll also need to know your monthly mortgage or rent payment amount.

Be prepared to also share the purpose of the loan, the term length you’re interested in, and your desired loan amount. You can also set a preferred payment due date to help plan your monthly budget.

Proof of income and employment is required to ensure your ability to repay the loan. This could include recent pay stubs, W-2s, tax returns, utility bills to verify your address, or copies of your driver’s license or Social Security card. 

In some cases, Wells Fargo might need documents like a Power of Attorney form or an employment and income authorization form.

Having all these details ready in advance can help ensure your application process goes as smoothly as possible, bringing you one step closer to securing the funds you need.

Wells Fargo Personal Loan Application Process

Getting a personal loan with Wells Fargo is simple and straightforward. Start by checking your personalized rate and payment options online or by phone — this won’t impact your credit score, so you can explore your options worry-free. 

Once you find the loan that fits your budget, you can complete the quick and easy application right then and there.

The process is designed to be smooth from start to finish. Checking your rate takes just a few minutes, and if you decide to move forward, the application itself only takes a few minutes, too. 

If you’re approved, funds can be available as soon as the day you sign for your loan, helping you get the money you need without delay. And then you’ll pay it back in fixed monthly installments with interest included. 

Conclusion

A Wells Fargo Personal Loan offers a flexible, straightforward solution for those looking to fund major expenses or consolidate debt without the hassle of hidden fees or collateral requirements. If you’re looking for a reliable loan with flexible terms, Wells Fargo’s personal loan could be the right fit.

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Loan terms: 12 to 60 months. APR: 0.99% to 9% based on the selected term (includes fees, per local law). Example: $10,000 loan at 0.99% APR for 36 months totals $11,957.15. Fees from 0.99%, up to $100,000.