wells fargo personal loan process 2022
Wells Fargo personal loan amounts and interest rates
Wells Fargo personal loan: Wells Fargo offers consumers an assortment of banking products which include personal loans. The loans are available for $3000 and $100,000, and the terms are between one and seven years, based on the loan amount. The borrower doesn’t need to be currently Wells Fargo customers to get personal loans. Still, existing customers can benefit from a more straightforward application process and lower annual percentage rates. APRs
Wells Fargo Personal Loan Details
Loan Terms & Amounts
- Maximum loan amounts. Personal loans are available from Wells Fargo, starting at $3,000 and ending at $100,000. This makes Wells Fargo one of the most flexible lenders regarding loan amounts.
- Terms for personal loans. Wells Fargo personal loan borrowers have flexible terms that range from 12 to 84 months, depending on the loan amount. Personal loans are available with a duration ranging from 12 to 36 months for amounts between $3,000 and $4,999. Personal loans that range from $5,000 to $100,000 have 12- to 84-month terms.
Personal Costs for Loans
- APR. APRs are calculated based on the loan amount, loan terms, and the borrower’s creditworthiness. They can vary between 5.74 percent to 19.99 percent, including the 0.25 percentage discount for relationships. The lowest rates are only available to applicants who have good credit scores. Wells Fargo reports that at the minimum, 10% of the approved borrowers can qualify for the lowest rates.
- Rate discounts. Applicants with an eligible Wells Fargo checking account can receive the benefit of a 0.25 percent or 0.50 percent relationship discount when joining in making automated payments through your Wells Fargo deposit account. The amount of value is contingent on the kind of account.
- The origination fees. Wells Fargo does not charge origination fees or closing costs for personal loans. Origination charges include the costs associated with processing an application and confirming the applicant’s income and other expenses related to underwriting and marketing.
- Prepayment penalties. Some lenders charge penalties for prepayment when borrowers can pay off their loans before the deadline. Wells Fargo personal loan borrowers do not have to pay fees for prepayments if they decide to repay their loan in advance.
- Late fees. Wells Fargo does not disclose the exact prices on its site. However, third-party sources suggest the following: Wells Fargo may charge a late payment fee of $39 for customers who pay more extended than 10 days after it is due.
Perks & Features
- The flexibility of payment. Wells Fargo personal loan customers can change their due date for payment by contacting customer service.
- Bank in-person. Applying for a Wells Fargo personal loan can be more challenging than borrowing from online lenders. However, borrowers who prefer working with bankers in their local area may like the application process in person at Wells Fargo.
How to Apply for a Wells Fargo Personal Loan
A personal loan generally involves:
- Prequalifying for the rate.
- Filling out an official application.
- Waiting for the approval of the loan.
In general, in the case of existing Wells Fargo, customers can apply for personal loans via the internet or by phone, and new customers have to go to a branch to obtain a loan.
Apply these steps for the Wells Fargo personal loan:
- Find out what rates you’re most likely to qualify for. If you’re currently a Wells Fargo customer and considering taking out a Wells Fargo personal loan, utilize this online tool to view the most appropriate rates and estimates for payments. If you’re a brand new customer, visit an office near you to find out the rate you’ll be eligible for. Checking your rate doesn’t necessitate a hard inquiry and, therefore, will not affect your credit rating.
- Complete application. Present Wells Fargo customers can apply for personal loans online or over the phone. Simply select “Apply now” from the personal loan page and fill in the required details. If you don’t own a bank account through Wells Fargo, search for branches in your area and then meet with a banker to begin your application.
- Await approval. Anyone who has submitted an online application can get an approval reply in just two minutes. However, approval could take longer in certain instances, for instance, if your application isn’t complete. The applicants can track whether they are approved for their applications through an online yourLoanTrackerSM.
- Sign loan agreement. If you’re accepted and accept the loan conditions go over the loan documents within yourLoanTrackerSM. After that, you must sign and acknowledge the papers so that Wells Fargo can initiate the financing process.
- Receive the funds. Wells Fargo borrowers typically receive money following their approval on the next business day. Approved and accepted the terms of the loan.
- Pay your loan. When your loan funds are paid, you can make payments through the internet by logging in. You can also create automatic payments through your checking or savings account by logging onto Wells Fargo’s online platform. Wells Fargo online platform. Alternately, payments can be made in person at your nearby Wells Fargo branch, by telephone, or by sending personal checks, cashier’s checks, or money orders. Payments for loans are due every month.
When you can receive funds
In the words of Wells Fargo, approved borrowers who have agreed to their loan terms can receive their loan funds as fast as the following business day. The process of submitting, approval, and financing procedures is streamlined for current Wells Fargo customers.
Wells Fargo Personal Loan Rates & Fees
Category Rating 92 percent(4.6 from 5)
- APR range for all categories: Wells Fargo offers fixed-rate personal loans with APR rates ranging from 5.99 percent – 19.99 percent.
- How rates are calculated: The exact interest rate you pay will be determined by the credit rating of your score, debt-to-income ratio, and many others. For instance, Wells Fargo offers a 0.25percent “relationship reduction” for customers with an existing Wells Fargo checking account and who are enrolled in automatic payments.
- Costs Wells Fargo charges an additional fee of $39 late for any payments that are more than 10 days overdue. There aren’t any late or origination fees.
- The loan amount and timeline: Wells Fargo offers personal loans ranging from $3000 to $100,000. The terms of repayment range between 12 and 84 months.
Wells Fargo Personal Loan Requirements and Application Information
Category Rating 76 percent(3.8 from 5)
- Credit score minimum: It’s not disclosed. However, multiple third-party sources say you’ll require an average score of 660.
- Minimum income: Wells Fargo does not disclose minimum income requirements.
- Age It is required to be at the minimum age of 18.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identity: You must have a Social Security or Individual Taxpayer Identification number.
- Pre-qualification Wells Fargo does not permit you to “pre-qualify” for personal loans. The good news is that Wells Fargo offers a calculator to calculate your possible rates and monthly payments concerning your home state, loan amount, credit standing, and loan length.
- Joint loans Wells Fargo allows you to include a co-applicant on the loan application.
- Methods of applying: You can apply for a Wells Fargo personal loan on the internet, by calling (1-877-526-6332), or by going to one of Wells Fargo’s 4900 U.S. branches.
- Application timeframe: Per the representative, it can take up to 3 days for an answer (though you could be approved in a matter of minutes) and a business day to get your funds when you’ve been approved.
- Application status: You can verify your Wells Fargo personal loan application status online anytime.
Wells Fargo Personal Loan Reviews and Transparency
Category Rating 66 percent(3.3 out 5)
- Better Business Bureau: Wells Fargo lost its BBB certification in 2016 after a scandal involving the creation of fake savings and checking accounts, charging fees for extra services, and opening debit cards and credit lines that customers did not request. The company has since been awarded an F-rating.
- Consumer Financial Protection Bureau: The CFPB has collected over 620 complaints regarding the personal installment loan – significantly more than other lenders WalletHub has studied. Most complaints involve difficulty making payments, being unable to pay, loans taken out, and finding it difficult to settle after being unable to pay. Wells Fargo has a track history of providing a “timely” answer to the majority but not all complaints.
- The WalletHub: Wells Fargo has an average review rating of 3.8/5 stars across more than 13,000 reviews.
- Transparency: Wells Fargo has excellent clarity in its lending terms. These can be found on their website and through customer service. However, they cannot provide specifics on minimum requirements for credit and income to get a personal loan.
The score of Wells Fargo is dreadful because the company has many personal credit complaints.
Summary: Wells Fargo Personal Loan Scores by Review Category
|Rates, Fees & Other Terms||4.6/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||3.3/5|
How long does it take for Wells Fargo to approve a loan?
2-to-4 business days
Generally, it takes between 2 and 4 business days to receive cash from the Wells Fargo personal loan. It is estimated that the Wells Fargo loan timeline includes about three working days to be approved for a Wells Fargo loan and another one business day to receive the funds following approval.
What credit score is needed for Wells Fargo personal loan?
The personal loans offered by Wells Fargo and credit lines reportedly require an overall rating of at least 660. For lines of credit for home equity, they may need an average score of 700or more. Wells Fargo has credit card choices for various credit scores.
How fast does Wells Fargo give you a loan?
Get a decision on your credit within less than fifteen minutes. Competitive rates. We provide competitive rates and discounts for relationships that may be offered to customers who have automatic payments backed by Wells Fargo consumer checking accounts. Footnote 1.
How long does it take to take out a personal loan?
Most of the time, you can expect to be waiting anywhere from 1 to 7 days for personal loans to process. The approval process typically takes one to three days, and the disbursement process will usually take up to 5 days. Loans can take up to 30 days to be processed.
Why did Wells Fargo deny my loan?
If you’ve got a poor credit score or have no credit whatsoever, then it’s highly likely that a lender won’t want to lend you money. With a history filled with missed payments or none of any kind, that lender isn’t confident that it won’t be able to recover its investment by lending money to you.