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.
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.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From:
USAA: Will lend to people with less than fair credit (scores below 640)
Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
American Express: 660 minimum credit score
Discover: 660 minimum credit score
TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.
It usually takes around 2 to 4 business days to get approved and funded for a Wells Fargo personal loan, according to representatives from the bank. However, it could take longer in some cases, like if there's incomplete information on the application that needs to be updated before Wells Fargo can make a decision. Overall, Wells Fargo has a pretty quick approval and funding timeline compared to many other personal loan providers.… read full answer
There are no personal loans with guaranteed instant approval. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. But personal loan approval is never guaranteed under any circumstance. All lenders have some sort of requirements for approval, even those that accept people with bad credit. Plus, getting approved for a loan doesn’t mean that the applicant has the funds yet. It’s rare for a lender to fund a loan the same day the prospective borrower applies.… read full answer
Personal Loans with Nearly-Guaranteed/Instant Approval
LendingPoint: Approval and funding in 1 business day. Instant approval and same-day funding are possible. Requires a credit score of at least 580. APRs range from 9.99% to 35.99%.
Avant: Approval and funding in 2 to 3 business days. Instant approval is possible, but same-day funding is not. Reportedly requires a credit score of at least 600. APRs range from 9.95% to 35.99%.
FreedomPlus: Approval and funding in 2 to 3 business days. Instant approval is possible, but same-day funding is not. Requires a credit score of at least 620. APRs range from 5.99% to 29.99%.
Some lenders will not do a credit check when you apply. But they’ll still require you to have some form of income, along with other basic requirements like providing identification or proof of a bank account. In addition, lenders that don’t do a credit check are primarily predatory auto title lenders and payday lenders that charge overwhelmingly high APRs and fees.
Personal loans are a much safer choice. And even though personal loans with guaranteed instant approval don’t exist, there are still some loans that are relatively easy to get, with fast approval and funding timelines.
The closest thing to a personal loan with guaranteed instant approval is a secured personal loan. This type of loan requires collateral, so you’ll have to put a valuable possession on the line. That could be money in a savings account or CD, a vehicle, real estate, or collectible items like art. Because the lender can keep and sell the collateral if you don’t pay the loan back, it’s relatively easy to get approved with any credit score. Just be sure to ask the lender how long their approval and funding process takes, along with the conditions under which they can take ownership of your collateral.
You might also be able to instantly get a loan from a friend or family member who’s willing to lend you the cash. But you shouldn’t take the money without first writing and signing an agreement to pay it back.
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