Wells Fargo is a financial services company whose corporate headquarters is in San Francisco, California, while the operational headquarters is in Manhattan. At the same time, its executive offices exist throughout the United States of America and internationally. There are various products you can get from the financial company. Among them are loans and lines of credit. You will learn more about Wells Fargo personal loans later.
A personal loan is among the various types of loans you can get from banks, credit unions, and online lenders. It allows you to fund emergency issues such as medical bills, a bus or plane ticket, weddings, food, and house renovation. You may also use a personal loan to consolidate your current debt and make easy payments other than having numerous debts scattered in various financial institutions.
Wells Fargo is among the financial companies that allow you to access loans online. However, the institution only gives you a personal loan online if you have an existing account. If you have no account, consider opening one online by visiting the institution’s website. With an account from the institution, you may also request a personal loan by phone. We also have other services that do not require you to visit a branch, such as balance inquiry, online payments, and checking of statements, among others.
Wells Fargo personal loan requirements
As I have mentioned above, you should have an existing account with the institution when requesting a personal loan online or by phone. Suppose you do not have an account with the institution. In that case, you should visit one of their branches and speak to a personal banker concerning your credit options. Other requirements you must meet include the following.
1. Personal contact information
- Social Security Number or the Individual Tax Identification Number (ITIN)
- Date of birth
- Email address
- Citizenship status
- Marital status (Wisconsin only)
- Primary telephone number
- Permanent address
2. Employment and income information
- Employment Status
- Employer name
- Work phone number
- Gross monthly income amount and source(s) of income
- Monthly mortgage or rent payment amount
3. Personal Loan information
- Desired term
- Loan amount
- Loan purpose
- Preferred payment due date
Additional documents required for personal loans
After the review of your application, Wells Fargo may request additional information such as:
- Recent pay stubs, W2s, or tax returns
- Copy of your driver’s license or Social Security card
- Power of Attorney (PDF)
- Utility bills (to verify address)
- Information to payoff current accounts
- IRS Form 4506 C – Request for Transcript of Tax Return (PDF)
- Applicant employment and income authorization form (PDF)
1. Credit Score Requirements
Every financial company requires credit scores to issue certain loans. Wells Fargo usually pulls a hard credit check to know your scores when you apply for a home improvement personal loan. Wells Fargo does clearly state the minimum credit score requirement on its site. However, most financial companies prefer borrowers with a credit score of 670 or more to get low APR loans. Remember that the higher your scores, the lower the interest on your loan.
2. Income Requirements
Your income is sometimes a determinant of the amount of personal loan you get from Wells Fargo and other financial institutions. Although the institution does not give details about the income requirements to get a loan, you must indicate your employment Status
employer name, gross monthly income amount, sources of income, and monthly mortgage or rent payment amount.
3. Co-signers and Co-applicants
Wells Fargo does not allow co-signers for personal loan applications. However, you may apply for a loan with a co-applicant. Wells Fargo must consider your credit scores, income, and outstanding debts in such a case.
Terms, Fees, and Conditions of Wells Fargo Personal Loans
The Wells Fargo APR rates start at 5.99%. You can get loans from $3,000 to $100,000 with flexible terms that range from 12 to 84 months. The bank does not charge an origination fee or a closing fee. Furthermore, it does not charge a prepayment penalty. Most customers get the same-day credit decision.
Wells Fargo personal loan application
You can apply for your loan online or by phone if you have an already existing account with the institution. You must visit the nearest branch to apply if you have no existing account. Whichever way you use to apply for your loan, you must submit the necessary details.
As I have mentioned, Wells Fargo must run a credit score check to see if you qualify before giving you a loan. The same applies when you apply for a credit card.
Wells Fargo personal loan rates
Depending on your credit scores, Wells Fargo will give you the rate that goes with your scores. The higher your credit scores, the lower your rates, and vice versa. You can get a score as low as 5.99% APR depending on your scores. You can see your loan options online by visiting the Wells Fargo personal loan application page.
The 5.99% Annual Percentage Rate (APR) shown is for a loan of at least $10,000, with a 3-year term, and includes a relationship discount of around 0.25%. Therefore, your actual APR may be higher than 5.99%.
Features of Wells Fargo personal loan
Wells Fargo personal loans have various features that you can enjoy. They include the following.
- No closing or origination fee
- No prepayment penalty
- Quick credit decision
- Flexible terms from 12 to 84 months.
- Competitive rates
Benefits of Wells Fargo Personal Loans
There are various benefits you can get from Wells Fargo. They include the following.
- Zero closing and origination fees
- No prepayment penalty
- Online loan application
- Customizable loans
Drawbacks of Wells Fargo personal loan
Despite the loans being so attractive due to their various advantages, we still have a few drawbacks. They include the following.
- Conduct a hard inquiry when you apply to know your credit scores.
- You must be a Wells Fargo account holder to apply for the loan online
- Minimum loan amount of $3,000.
- Low customer service reviews.
Bottom line
Wells Fargo is a financial services company whose corporate headquarters is in San Francisco, California. The operational headquarters is in Manhattan, while its executive offices exist throughout the United States of America and internationally. Personal loans are some of the products you can get from Wells Fargo. You must have an existing Wells Fargo account to apply for the loan online or by phone. The loan does not charge origination or closing fees.
