Wells Fargo offers personal loans to help with major expenses or debt consolidation. A Wells Fargo loan comes with no fees and fast approval.
This guide explains how to apply and what to prepare. It's designed for both new and existing customers.
Why Choose a Wells Fargo Personal Loan?
It offers unique features that make their personal loans stand out. From flexible loan options to no fees, it gives you room to manage your money efficiently.
Customizable Loan Terms
You can choose loan amounts between $3,000 and $100,000. Repayment terms range from 12 to 84 months.
This lets you align the loan with your budget and financial goals. Whether you need a short-term fix or a long-term solution, the bank adjusts to your needs.
Competitive Fixed Rates
Rates start as low as 6.99% APR and go up to 24.49% APR. The lowest rate includes a 0.25% discount when you enroll in auto pay.
Your actual rate depends on your credit score, loan term, and amount. The fixed rate helps you know your exact monthly cost.
No Fees or Prepayment Penalties
There are no origination fees, closing costs, or prepayment penalties. That means you won’t pay extra to get the loan or pay it off early.
You keep more of your money throughout the process. This makes it easier to plan without surprise charges.
Quick Credit Decisions
Wells Fargo offers same-day credit decisions for most applications. If you submit all required documents, you may get approved in a few hours.
This speed helps you act fast when emergencies or opportunities come up. It’s a useful option for time-sensitive financial needs.
Step-By-Step Application Process
Understanding the application flow helps you move faster and avoid delays. Below is a simple breakdown of how you can apply for a loan.
Apply Online
The fastest way to apply is through the Wells Fargo Personal Loans webpage. Select your loan purpose and click "Check my loan options".
Enter your personal details, income, and desired amount. Wells Fargo shows you personalized offers with no impact on your credit score.
Apply In Person or By Phone
If you prefer human help, you can visit a branch or call customer service. A Wells Fargo banker can walk you through the application.
This is a good option if you have complex questions. It’s also useful for people less comfortable with online forms.
Documents and Eligibility Requirements
You must meet specific requirements and provide documents to move forward. Preparing these in advance can speed up your approval.
What You Need to Apply
You’ll need a valid government-issued ID. Provide your Social Security number and employment/income verification.
Wells Fargo will also check your credit report. Having your documents ready reduces back-and-forth delays.
Credit Score and Relationship Requirements
Wells Fargo only accepts applications from existing customers. A good to excellent credit score is often needed for approval.
To qualify for the auto pay discount, link a Wells Fargo checking account. Higher scores and stable income increase your approval chances.
Auto Pay Discount
You can save 0.25% on your APR by enrolling in automatic payments. Payments must come from a qualifying Wells Fargo deposit account. If auto pay is canceled, the discount may be revoked. Keeping this active ensures your rate stays low.
How You Can Use Your Loan?
Knowing how you can use the funds helps you plan ahead. Here are the most common ways Wells Fargo customers use their personal loans.
Home Improvement
A personal loan can cover renovation, repairs, or upgrades. Unlike home equity loans, there’s no collateral involved.
You get funds quickly and start projects right away. It’s a great option for minor to medium-sized improvements.
Major Expenses
Use the loan for medical bills, travel, education, or weddings. These one-time events often come with big costs.
A lump sum gives you flexibility to cover everything at once. It’s easier than using multiple credit cards.
Debt Consolidation
Combine high-interest credit cards into a single monthly payment. You may reduce your total interest cost and simplify your finances.
A fixed term means you’ll know when your debt will be gone. Wells Fargo even offers a Debt Consolidation Calculator on its site.
Emergency Fund Alternative
If you need urgent cash, this loan can act as a backup emergency fund. Since decisions can happen fast, it’s helpful in unexpected situations.
You won’t need to sell assets or borrow from friends. It offers peace of mind when you need it most.
Benefits of Being an Existing Customer
Being a Wells Fargo customer gives you several advantages. It improves both speed and access.
Faster Processing
Since you already have a profile with Wells Fargo, you may not need to upload as many documents. This cuts down on the waiting time.
Existing customers often get through verification quicker. It also lowers your chance of needing follow-up calls.
Discounted Rates
The auto pay discount only applies if you use a Wells Fargo account. That gives you access to rates new customers can’t get.
Even a 0.25% drop saves you money over time. It’s another reason to use your Wells Fargo relationship.
Easier Income Verification
If your main bank account is with Wells Fargo, they can often confirm your income from deposits. This reduces the need for extra proof. You also avoid uploading sensitive tax documents. It simplifies and speeds up the approval.
Tools That Help You Decide
Wells Fargo provides tools to help you calculate, compare, and preview your offers. These tools are available directly on their site.
Loan Calculator
Use the Personal Loan Calculator to estimate your monthly payment. Adjust the amount, term, and rate to fit your budget. It helps you plan before applying. This way, you won’t be surprised by the results.
Preview Offers Without Credit Impact
You can check available loan options without affecting your credit score. Click "Check my rate" on the website. You’ll see estimates based on your information. This helps you compare offers safely.
Debt Consolidation Calculator
Wells Fargo also offers a tool to estimate how much you can save by consolidating credit card debt. Enter your existing balances and rates.
The calculator shows if a personal loan makes sense. It’s a practical way to plan your debt strategy.
Contact and Support Options
Wells Fargo offers several ways to get assistance. For new accounts, call 1-877-526-6332 (Mon–Fri, 8 am to 7 pm CT).
For existing accounts, call 1-877-269-6056 (Mon–Fri, 7 am to 7 pm CT). You can also apply online or visit a nearby branch for in-person help.
Final Thoughts: Get Ready to Apply with Confidence
If you're already a Wells Fargo customer, applying for a personal loan is simple. You get fast credit decisions, competitive rates, and zero hidden fees.
Use the online tools to preview your loan and calculate your costs. Prepare your documents and apply when you’re ready—it could take just minutes to get started.
Disclaimers: You must be a Wells Fargo customer to apply. APR depends on credit score, loan term, and auto pay enrollment.
