Wells Fargo does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other Wells Fargo requirements to be considered, such as being at least 18 years old and being a US citizen or permanent resident. You have a good chance of getting approved if you meet all of these requirements.
Wells Fargo Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number or ITIN
Have a credit score of 600 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
Applicants need a credit score of 660 to get a personal loan from Wells Fargo, according to multiple third-party sources. That means the Wells Fargo personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.… read full answer
Keep in mind that just having a 660 credit score is not enough to qualify you for a Wells Fargo personal loan. Wells Fargo will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Wells Fargo with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
It takes 2 to 4 business days to get money from a Wells Fargo personal loan, in most cases. The Wells Fargo loan timeline includes around up to 3 business days to get approved for a Wells Fargo loan and another 1 business day to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From Wells Fargo as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Wells Fargo having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Wells Fargo personal loan once your credit score exceeds the minimum requirement of 660. That will make it easier for Wells Fargo to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Once you get approved for a Wells Fargo personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 business day.
No, Wells Fargo does not allow cosigners on personal loans, but it does allow joint applicants. Joint applications enable two people to apply for a Wells Fargo personal loan together, then share equal responsibility for paying back the loan.
There are two major differences between having a cosigner and submitting a joint application for a personal loan. For starters, during the application process, a cosigner's credit and income matter more than those of the primary applicant. In contrast, with a joint application, both people's credit score and income matter equally.… read full answer
The other major difference between having a cosigner and submitting a joint application has to do with the repayment process. A cosigner is only responsible for making payments if the primary applicant fails to do so. Conversely, joint applicants both share the same level of responsibility for regular monthly payments.
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