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.
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.
The Wells Fargo personal loan credit score requirement is around 660, according to multiple third-party sources. Wells Fargo does not officially disclose a minimum credit score requirement for personal loans.
A credit score requirement of 660 is very typical for personal loan providers that do not charge an origination fee, like Wells Fargo. That score falls within the fair credit range.… read full answer
Most major lenders offer $5,000 loans, though approval depends on the borrower’s credit history and ability to pay. Some of the best lenders for a $5,000 loan include LightStream and SoFi, which offer $0 origination fees, the chance for very low APRs, and loan amounts ranging from $5,000 to $100,000. LendingPoint also is a great choice, for people with bad credit, as its minimum credit score requirement is just 580.… read full answer
Nearly every major personal loan provider’s minimum loan amount is $5,000 or less. Many lenders start more in the $1,000 - $3,000 range, but very few have a minimum that’s above $5,000. One exception is FreedomPlus, which won’t lend less than $7,500. But if you’re looking for a $5,000 loan, you have virtually the entire market to choose from. That will allow you to be more selective about which lenders you apply with. Different lenders are better for different purposes.
People with credit ratings ranging from bad to excellent may be able to find a $5,000 loan that works for them. Just keep in mind that unless your credit score is at least 660 (which is in the fair credit range), you likely won’t be able to qualify for a personal loan that doesn’t have an origination fee. An origination fee is an extra charge that you pay for loan processing, usually ranging from 1% to 8% of the loan amount. Most of the best lenders for a $5,000 loan don’t charge origination fees, but some do, such as LendingPoint (up to 6%) and Payoff (up to 5%).
Because there are so many different options for a $5,000 personal loan, it’s best to check which loans you’re pre-qualified for and then compare your offers from there. You can use WalletHub’s free pre-qualification tool, which doesn’t hurt your credit, to see which personal loan providers have a high likelihood of approving you.
There are a few alternatives to personal loans you can consider, too.
Alternatives for $5,000 Loans
Home equity loans: Borrow money based on the difference between your home’s value and your mortgage balance.
Friends and family: People you know well might be willing to lend you money, and with better terms than a traditional lender.
Expensive options: You could get a loan from an auto title lender or pawnshop, but these are generally far too expensive to consider except as a last resort.
While there are plenty of places to get a $5,000 loan other than personal loan providers, they all have disadvantages. Home equity loans are secured by your house, using credit cards can impact your credit utilization ratio, and borrowing from friends and family could jeopardize your relationship.
In general, it’s best to go for a personal loan or a credit card with a 0% introductory APR.
Plenty of lenders offer quick personal loans, including Avant, LightStream by SunTrust Bank, and Marcus by Goldman Sachs. They often give application decisions within minutes and provide funding within 1-2 business days of approval. In rare cases, like with LightStream, you may be able to get your loan funded the same day you apply. But you’ll need to have everything in place by a certain time of day.… read full answer
Examples of quick personal loans:
Lightsteam by Suntrust Bank: Can approve loans in minutes and usually takes no longer than 24 hours. Same-day funding if you sign and verify the agreement by 2:30 p.m. EST on a business day.
Avant: Approval is possible in minutes, and decisions are typically made within 48 hours. Funding 1 business day after approval.
Marcus by Goldman Sachs: Approval is possible in minutes, and most other decisions are made within 2 business days. Funding 1 - 4 business days after approval.
Wells Fargo: Approval is possible in minutes, and decisions usually don’t take longer than 3 business days. Funding 1 business day after approval.
Those are just a few examples. But even though many lenders offer the potential for quick personal loans, some people will still get approved more quickly than others.
People who exceed the credit and income requirements for a personal loan usually have the fastest approval times. Those who just barely qualify may take longer to receive a decision. And if you accidentally input any incorrect information on your application, the lender will have to contact you to verify the actual details, which could delay things by a few days.
So try to apply for loans where you believe you exceed the qualifications – if you’re pre-qualified, even better. And make sure to fill out the application accurately and truthfully.
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