Wells Fargo Personal Loan Review: Large Loans With Low APRs

Wells Fargo Personal Loans have some of the lowest APRs, but are only made to existing customers of the bank. If you're in the market for a personal loan and have a Wells Fargo bank account (or are willing to open one), read this in-depth review to see whether Wells Fargo's attractive borrowing terms could be right for you, even if you need a co-applicant to snag the best loan terms.

Top perks

Low APRs: Wells Fargo's APRs are some of the lowest personal loan rates on the market. It does not charge origination fees or prepayment penalties on unsecured loans. Plus, if you're a Wells Fargo checking account customer, you may be eligible for an even lower rate.

Co-applicants allowed: If your credit score is low, Wells Fargo allows you to apply with a co-applicant (also known as a co-borrower). Assuming your co-applicant has stronger credit than yours, it may help you qualify for the loan. You could also score a better interest rate and terms. Be aware that a co-applicant is a bit different than a cosigner. Co-applicants have more responsibility when it comes to both spending and paying back the loan.

High lending limit: Wells Fargo Personal Loans are available for up to $100,000. This means that they can be used for more expensive things, from purchasing an engagement ring to remodeling a home. 

Consolidation funds paid directly to creditors: When you use a Wells Fargo Personal Loan to consolidate debt, Wells Fargo can cut checks directly to each creditor. This service can save you time and hassle. If you have high interest debt, consolidating to a lower rate with a set monthly payment may help you to pay it down.

Easy to check your interest rates: Wells Fargo makes it easy to check your personalized loan offers online, and with no impact to your credit score. Since the bank only makes personal loans to its existing banking customers, all you have to do is enter your Wells Fargo login information, answer quick questions such as the amount you need to borrow, and agree to a soft credit pull.

What could be improved

Best rates reserved for Wells Fargo checking customers: Wells Fargo offers good rates to all of its banking customers. It offers even better rates to existing customers. Qualifying Wells Fargo customers -- who have one of 11 checking accounts -- can snag a 0.25% discount on their loan APR. Wells Fargo advertises an even deeper 0.50% discount to customers with some of its elite checking accounts.

Non-customers must apply in person: Wells Fargo is the only lender on our "best of" list that requires people who aren't already customers to apply for a loan in person (essentially, to become a customer).

Personal loan calculator

Estimate your monthly payment on a loan with Wells Fargo using the calculator below.

This can be done in 3 easy steps:

1. Enter the amount you plan to borrow in the "Loan Balance" box.
2. Enter the rate you expect to get from Wells Fargo in the "Interest Rate" box.
3. Either:
   • 3a. Enter the number of months you'd like to take to pay off the loan in the "Desired Payoff Timeframe" box.
     OR
   • 3b. Enter your desired monthly payment in the "Expected Monthly Payment" box.

Qualifying for a Wells Fargo Personal Loan hinges on a few factors. But if you're planning to borrow a responsible amount, and your credit score is good, you shouldn't have anything to worry about. Here's what you will need to qualify for the best interest rate and repayment terms: 

• Good to excellent credit. Wells Fargo plays it close to the chest when it comes to its minimum credit score requirements. It appears to be around 600, although the average borrower has a score closer to 670. Your credit history should include on-time payments, a low debt-to-income (DTI) ratio, and a good mix of credit types. 
• Proof of employment and income status. Be prepared to provide your employer's name, a recent pay stub, W2, and possibly a tax return. Also, have your employer's telephone number and physical address on hand.   
• List of debts. Make a list of how much you owe all creditors, including rent or mortgage payments. 
• Personal information. The lender will ask for a copy of your driver's license or Social Security card. It will also want to know your email address, telephone number, permanent address, and citizenship status.

Application process

The process depends on whether you are a current Wells Fargo customer.

1. Current customers can fill out an online application or call. Processing time tends to be fast. They can check their rates quickly without an impact to their credit score. Non-customers must visit a local Wells Fargo branch and fill out an application.
2. Wells Fargo performs a soft credit check to get a better sense of whether you will qualify. Unlike a hard credit check, a soft check will not impact your credit score.
3. The lender will request additional information if needed.
4. If everything is in order, Wells Fargo will give you the details of the interest rate and terms for which you qualify. If you accept, it will run a hard credit check before giving you loan papers to sign.
5. Funds will be deposited into your account as early as the next business day.

A Wells Fargo Personal Loan should be on your short list if any of the following apply:

• Your credit score is high enough to land low interest rates.
• You are a current customer of the bank.
• You plan to consolidate high-interest debt.

Making a personal loan decision is well, personal. The trick is to rate shop, consider several contenders, and choose the loan that most closely fits your needs.