Wells Fargo may approve you for a personal loan the same day you apply or within 1 to 3 business days. After your application is approved and you accept the offer, it takes 1 business day to receive your funds, which Wells Fargo will send to you by electronic bank transfer.
Key Things to Know About Wells Fargo Loan Approval
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.
Yes, Wells Fargo does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Wells Fargo's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Wells Fargo does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include LendUp, NetCredit and Integra Credit .
It is not very difficult to get a personal loan from Wells Fargo because they offer personal loans for people with credit scores as low as 660+. Other Wells Fargo personal loan requirements include being at least 18 years old, having an SSN or ITIN and having enough income to afford monthly loan payments.… read full answer
Wells Fargo Personal Loan Requirements
Minimum Credit Score: 660+ credit score
Age: 18+ years old
Residency: U.S. citizen or permanent resident
Identification Type: SSN or ITIN
Once you make sure you've met all the requirements for a Wells Fargo personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.
You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.
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