A Wells Fargo personal loan can provide you with access to the funds you need to make necessary vehicle repairs. These Wells Fargo personal loan reviews will help you compare the pros and cons and help you decide if this is the right personal loan for you.
Wells Fargo Personal Loan Reviews
A Wells Fargo personal loan is available to all borrowers, regardless of whether you have a Wells Fargo bank account. Wells Fargo customers, however, might receive lower loan rates and discounts. Borrowers can use the Wells Fargo personal loan to fund home improvement projects, auto repairs, medical bills, vacation costs, and other large purchases. You cannot use the Wells Fargo personal loan to buy a home or fund a college education.
Wells Fargo personal loans are available between $3,000 and $100,000, with repayment terms between 12 and 84 months, depending on the loan’s size. Interest rates on Wells Fargo personal loans vary between 6% and 20%, depending on your credit score.
Wells Fargo Personal Loan Requirements
Learn what requirements you might need to meet to be eligible for a Wells Fargo personal loan:
- Credit score: Wells Fargo doesn’t list a minimum credit score. Typically, the minimum score to qualify for a personal loan is 610-640.
- Income requirements: Wells Fargo also doesn’t list income requirements. Most personal loans require an income-to-debt ratio of less than 36%.
- Age: All personal loans in the U.S., including the Wells Fargo personal loan, require applicants to be at least 18 years of age.
- Citizenship: You must be a U.S. citizen to qualify for the Wells Fargo personal loan.
- SSN or ITIN: You’ll need a valid SSN or ITIN to apply for the Wells Fargo personal loan.
Because Wells Fargo doesn’t list minimum credit score or income requirements, it can be difficult to know what you need to qualify. Additionally, some people might qualify with a lower credit score than others.
Wells Fargo Personal Loan Pros
Here are some benefits of the Wells Fargo personal loan:
- No origination fees: An origination fee is a one-time fee some lenders charge to process your loan. Wells Fargo doesn’t charge any origination fees.
- No prepayment fees: Some lenders might charge you a fee for paying off your loan early. Wells Fargo doesn’t charge a prepayment fee.
- Auto-pay discounts: You might qualify for a lower rate if you set up automatic payments. This discount is typically between 0.25-0.50% off the APR.
- Customer discounts: You might also qualify for discounts if you pay using an existing Wells Fargo bank account.
- Fast access to funds: Wells Fargo can fund your loan within a day or two.
- Multiple loan types: Wells Fargo offers multiple personal loan options to accommodate a wide range of borrowing needs.
- Joint loan eligibility: Wells Fargo does not allow co-signers on personal loans. However, they do allow co-applicants to get a joint loan.
The Wells Fargo personal loan can be an affordable choice with no hidden fees. With low fees, an easy application process, and fast funding, the Wells Fargo personal loan can be a great option when you need a personal loan.
Wells Fargo Personal Loan Cons
Here are a few things to consider before choosing the Wells Fargo personal loan:
- No prequalification: Wells Fargo doesn’t have the option to pre-qualify for the loan. This means your credit score might take a hit before you even learn your interest rate or loan approval amount.
- No online application for non-members: While you can apply for a Wells Fargo personal loan even if you’re not a member, you’ll have to do so in person. This limits customers in some states where a physical Wells Fargo bank branch might not be available.
- Negative reputation: Wells Fargo has had negative publicity following a 2016 scandal and lost its BBB accreditation.
- Limited eligibility requirements available: Wells Fargo doesn’t have a minimum credit score or income requirement, which can make it difficult to determine if you’ll qualify for the personal loan.
Non-Wells-Fargo members might find it more difficult to obtain a personal loan. For this reason, the loan might be best suited for current members.
Other Things to Know About the Wells Fargo Personal Loan
Managing your Wells Fargo personal loan and payments is easy with the mobile app. This also means contacting a customer representative at Wells Fargo should be easy if you have questions or need help with your loan. Some borrowers have reported Wells Fargo is willing to work with borrowers, including changing their payment due date.
Wells Fargo is a large banking institution that offers a wide range of loan amounts and repayment terms. Your specific repayment period will vary depending on the loan amount. If you borrow less than $5,000, the typical repayment period is between one to three years. If you borrow more than $5,000, you can extend your repayments up to seven years.
Making payments to your Wells Fargo personal loan after the due date can subject you to a $39 late fee if you’re at least 10 days late. However, this is the typical late fee you’ll find with most personal loans.
Who Should Get a Wells Fargo Personal Loan?
The Wells Fargo personal loan is a great option for existing customers because of its built-in discounts and lower rates. This personal loan is also ideal for borrowers who need access to funds fast, as Wells Fargo can issue funds in as little as 24 hours. Wells Fargo borrowers with exceptional credit will enjoy the best interest rates.
How to Apply for a Wells Fargo Personal Loan
Two application options are available if you decide the Wells Fargo personal loan is right for you. You can submit your application online through your Wells Fargo online portal. If you’re not a current Wells Fargo member, you’ll have to visit the nearest in-person branch to fill out an application. When applying for a Wells Fargo personal loan, you’ll need your contact information, employment details, SSN or ITIN, recent pay stubs, recent utility bills, and a copy of your ID.
A personal loan can help you cover unexpected vehicle repairs. The FIXD sensor also helps you track important vehicle tasks, reducing the likeliness of untimely and expensive vehicle repairs.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.