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Wells Fargo Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Wells Fargo offers one of the largest personal loans available in the market. Wells Fargo’s personal loan can be used for a variety of purposes including financing large purchases and consolidating debt, which is in line with what most other personal loans can be used for.

But Wells Fargo fails to provide details about eligibility requirements. Given its competitive rates, size of financing and speed of funding, however, Wells Fargo’s personal loan should be on the radar of any prospective borrowers with solid credit.

Wells Fargo personal loan highlights

  • Loan comes with a fixed interest rate and a fixed monthly payment: Wells Fargo Bank allows borrowers to effectively budget for their personal loan payments.
  • An interest rate discount is available: Existing Wells Fargo Bank customers that have a qualifying account and also sign up for autopay for their personal loan, may be eligible for a 0.25%-0.50% interest rate reduction.
  • Wells Fargo can pay creditors directly: Borrowers that plan to consolidate higher interest rate debt can ask the lender to send the personal loan funds directly to their creditors, making the consolidation process painless.
  • Borrowers may receive funds the following business day: Wells Fargo may be able to disburse personal loan funds as soon as the next day, giving borrowers access to the money that they need fast.
  • Wells Fargo offers personal loan planning tools online: Prospective borrowers can use the lender’s free calculators to get an idea of which loan terms they may qualify for and what impact debt consolidation could have on their finances.

Wells Fargo at a glance

  • APR range: 5.74%–24.24%
  • Minimum credit score: Not specified
  • Terms: 12 to 84 months
  • Origination fee: None
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Terms Fees and penalties
  • Terms: 12 to 84 months (capped at 36 months for loans less than $5,000)
  • APR: 5.74%–24.24%
  • Loan amounts: $3,000–$100,000
  • Time to funding: As soon as one business day.
  • Credit check: Not specified.
  • Origination fee: None.
  • Prepayment fee: None.
  • Late payment fee: Not specified.
  • Other fees: Not specified.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Wells Fargo doesn’t offer a lot of details about their eligibility requirements. However, the applicant must be either a U.S. citizen or a resident alien in order to be approved. Additionally, the lender states that a borrower’s APR will be based on their credit history, their income, how much they wish to borrow and other factors.

Applying for a personal loan from Wells Fargo

If you have an existing Wells Fargo account, you can apply for their personal loan online or by phone. If you already use Wells Fargo’s online banking system and wish to apply online, the lender’s website will autofill some of your application information, simplifying the process. However, if you’re new to the bank, you’ll need to visit a branch to explore your loan options.

No matter how you apply, you’ll need to supply the following information to Wells Fargo for their consideration:

  • Self-identifying information: Social Security number, date of birth, citizenship status, contact details, including permanent address
  • Employment information: Employment status, employer name and employer contact details
  • Financial information: Gross monthly income and monthly rent or mortgage payment
  • Loan information: Desired loan amount, term and payment due date

To substantiate the information that you provide, Wells Fargo may require you to submit:

  • Proof of identity: Copy of your driver’s license or Social Security card
  • Proof of residence: Copy of a utility bill
  • Proof of income: Copy of your pay stubs, W2s or tax returns

If you apply online, you’ll have access to Wells Fargo’s yourLoanTracker platform, which enables you to:

  • Retrieve a saved application
  • Check the status of your application
  • Upload required documentation
  • Review and sign your loan paperwork

Depending on the details contained in your application, you may receive a loan decision in just a few minutes. If approved, you’ll need to review and sign your loan documents online or at a Wells Fargo branch. You could then receive your funds as soon as the next business day.

Pros Cons
  • Fixed monthly payment: Borrowers can easily budget for their loan payments.
  • No prepayment penalty: Borrowers can save on interest by paying off their loan early without penalty.
  • Fast funds disbursement: Borrowers may get their money in as little as one business day
  • Co-applicant permitted: Borrowers may increase their chance of approval by including a co-applicant.
Potentially high interest rate: Borrowers with poor credit may have to pay credit card–like interest rates.

Wells Fargo account required to apply online: Borrowers will need to visit a branch if they are not a current customer.

Limited information on eligibility requirements: Borrowers may not be sure whether they will qualify for a loan before applying.

Who’s the best fit for a Wells Fargo personal loan?

A Wells Fargo personal loan could be a great fit for borrowers who:

  • Are existing bank customers
  • Have a healthy credit history
  • Want to consolidate higher interest debt

Existing customers can take advantage of the bank’s simple online application process and receive their funds quickly without ever leaving home. In addition, applicants with excellent credit scores may qualify for interest rates that are far below the rates of many credit cards.

Further, borrowers with a qualifying Wells Fargo account who also sign up for autopay on their personal loan may be eligible to receive a 0.25%-0.50% interest rate reduction. Finally, borrowers pursuing debt consolidation can instruct Wells Fargo to release their personal loan funds directly to their creditors, thus saving them time and hassle.

Alternative personal loan options

Discover Personal Loans

  • APR: 5.99%–24.99%¹
  • Credit requirements: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

While the Discover personal loan caps out at $35,000, it can be a good option for borrowers who need more time to pay off their debt, as loan terms are long. In addition, the lender wants borrowers to feel confident when applying for a Discover personal loan. They allow prospective customers to check their rate ahead of time with a soft pull and offer a 30-day guarantee. If the borrower changes their mind, they can return the principal during this time, no questions asked and no interest owed.


  • APR: 5.74%–19.99%*
  • Credit requirements: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

Although LightStream doesn’t advertise specific credit score requirements, it rewards borrowers with an excellent credit history by offering the lowest interest rates in the market. In fact, they’re so confident in their rates that they will beat a qualified competitor’s rate by 0.10%.

In addition, borrowers can receive up to $100,000 and may be eligible for up to a 12-year repayment term. Finally, LightStream will pay borrowers $100 if they are in any way unhappy with their loan experience, as long as they fill out a questionnaire within 30 days of loan disbursement.


  • APR: 4.37%–35.99%
  • Credit requirements: 600
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 8.00%

An Upstart personal loan can be a great solution for those with a limited credit history. While the lender will not approve an applicant with current delinquencies, bankruptcies or public records on their credit report, they may approve one that has yet to be assigned a FICO credit score.

Upstart factors in education and work history when evaluating personal loan applications because they believe borrowers are more than their credit scores. Qualified customers can get up to $50,000 and will likely receive their funds the next business day, once approved.

¹The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.


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