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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.
Wells Fargo offers unsecured personal loans up to $100,000. Rates are among the lowest you'll find, and Wells Fargo checking account holders can get an interest rate discount for even more savings.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
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.
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).
Estimate your monthly payment on a loan with Wells Fargo using the calculator below.
This can be done in 3 easy steps:
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:
The process depends on whether you are a current Wells Fargo customer.
A Wells Fargo Personal Loan should be on your short list if any of the following apply:
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.
Wells Fargo makes personal loans to customers who at least have a good credit history. The bank generally doesn't make personal loans to fair credit or poor credit borrowers, but there are several alternative personal lenders who specialize in loans to borrowers with below-average credit scores. Having said that, if you have a solid credit history and enough income to justify the loan along with your other debts, it isn't terribly hard to get a personal loan through Wells Fargo, especially if you're already a customer.
Wells Fargo personal loans range from $3,000 to $100,000, but the borrower's income must be sufficient to justify the loan amount, after considering any other debt obligations they may have.
Our Loans Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.