Wells Fargo Personal Loan Review

Wells Fargo Personal Loan is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo Personal Loan is available in 50 states (and Washington, DC).

Key takeaways

• Fast access to cash. In some cases you can get your money within 1 business day.
• Fair credit accepted. The credit score needed for Wells Fargo Personal Loan is relatively low. Borrowers with a credit score as low as 600 may qualify for Wells Fargo Personal Loan.
• Large loan amounts. You can apply for loan amounts of up to $100,000 with Wells Fargo Personal Loan.
• Hard credit pull required. You can't check your rates or see if you prequalify for Wells Fargo Personal Loan without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. Wells Fargo Personal Loan does not charge a loan origination fee.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Wells Fargo Personal Loan.
• Super long loan terms. Wells Fargo Personal Loan offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.

Wells Fargo Personal Loan Pros and Cons:

Pros	Cons
Good interest rates and low fees, No origination fee or annual fee. Low APRs available to qualified borrowers. $0 prepayment fee. $0 origination fee. Considers applicants with poor credit. Fast funding.	The lower interest rates apply to only a small percentage of applicants with excellent credit scores, applying for smaller loan amounts. Must carry other Wells Fargo accounts to apply. APRs as high as 22.99%. Do not offer pre-approval with soft credit pull. Charges a late fee.

What rates and terms does Wells Fargo Personal Loan offer?

Wells Fargo Personal Loan has lower interest rates than the average for lenders reviewed on SuperMoney.

What fees does Wells Fargo Personal Loan charge?

What do you need to qualify for Wells Fargo Personal Loan?

Applicants with a credit score of at least 600 and up to 840 are eligible for Wells Fargo Personal Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Wells Fargo Personal Loan does not have or does not disclose a minimum annual income eligibility requirement. Wells Fargo Personal Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Wells Fargo Personal Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Wells Fargo Personal Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking account
• Recent pay stubs
• Proof of income
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit

Wells Fargo Personal Loan Eligibility Criteria

Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Co-borrowers Cosigners Individual Applications
Credit Score	600 - 840

What is the estimated funding time for a personal loan via Wells Fargo Personal Loan?

Wells Fargo Personal Loan will typically approve (or deny) a loan application within 1 hour and fund personal loans within business day of approval.

Does Wells Fargo Personal Loan report your account activity to credit bureaus?

Wells Fargo Personal Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.