Wells Fargo Personal Loan Review

Discover Personal Loans Review Summary

Discover personal loans require minimum credit score of 660 and allow customers to borrow up to $40,000 at a time. Discover loans are especially good if you want a long repayment period, as Discover's payoff timelines are 36, 48, 60, 72 or 84 months. Plus, Discover's personal loan APRs can be as low as 6.99%, which makes them useful for people who want to consolidate existing debt at a low cost.

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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 credit 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 .

Wells Fargo's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a Wells Fargo personal loan.  

Wells Fargo Requirements for Borrowers

• Credit Score: 660+
• Income: Not disclosed
• Age: 18+
• Citizenship: U.S. citizen or permanent resident
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states

Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.

Yes, Wells Fargo does home improvement loans. You can take out a personal loan from Wells Fargo and use it to pay for home improvement expenses, such as remodeling a kitchen, finishing a basement, putting on siding or many other projects. Wells Fargo does not specifically refer to their loans as “home improvement loans,” so you'll need to take out a general-purpose personal loan.

Quick Facts About Wells Fargo Home Improvement Loans

• APR: 7.49% - 23.74%

• Origination fee: $0

• Loan amount: $3,000 to $100,000

• Payoff period: 12 to 84 months

• Credit score required: 660

Before you apply for a Wells Fargo home improvement loan, it's a good idea to compare the offer to WalletHub's editors' picks for the best home improvement loans. That way, you'll be able to see how the offer stacks up against loans from leading competitors.

Wells Fargo offers personal loans that can be used to finance dental work. Wells Fargo's personal loans offer loan amounts of $3,000 - $100,000, repayment periods of 12 - 84 months, an APR range of 7.49% - 23.74% and no origination fee.

Additionally, Wells Fargo offers credit cards that can be used to pay for dental work. For example, the Wells Fargo Reflect® Card offers an introductory APR of 0% for 21 months from account opening on new purchases.

However, if you're looking specifically for a lender that offers dental loans, you should look into SoFi, LightStream and Peerform. To see the top-ranked offers, visit the dental loans page on WalletHub. You can also use WalletHub's free pre-qualification tool to see which lenders may approve you and what rates you may qualify for. 

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.

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.

Wells Fargo does not offer personal loans for bad credit since the company requires a minimum credit score of at least 660 to get approved. Wells Fargo unfortunately does not offer credit cards for people with bad credit, either.

If you're set on getting a personal loan for bad credit, there are some options available from other companies. You can check out WalletHub's editors' picks for the best personal loans for bad credit to get started.

To apply for a Wells Fargo personal loan, first check for pre-qualification and decide which way you will apply (online, by phone, or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a Wells Fargo Personal Loan

1. Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a Wells Fargo personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Wells Fargo website.
2. Decide which way to apply. You can apply for a Wells Fargo personal loan online, by phone, or in person. Applying online is the best way because it typically offers the fastest decision.
3. Enter your personal information on the application. Wells Fargo requires the following personal information on the application: your full name, Social Security number or Individual Tax Identification Number, date of birth, citizenship status, email address, primary telephone number, and permanent address.
4. Enter your financial information on the application. Wells Fargo requires the following financial information on the application: employment status, work phone number, employer name, gross monthly income amount and source(s) of income (all sources you want to be considered for your loan), and monthly mortgage or rent payment amount.
5. Double check the application for accuracy. To ensure that your Wells Fargo personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
6. Submit your application. Wells Fargo will typically provide a decision on your application within up to 3 business days.

If you are approved for a Wells Fargo personal loan, you will generally receive the funds within 1 business day after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.

Wells Fargo does not offer so-called medical loans. But Wells Fargo does give consumers four options to borrow for medical expenses: personal loans, home equity loans, the Health Advantage Credit Card and traditional credit cards with low interest rates.

A personal loan from Wells Fargo works as a medical loan because you can use a personal loan for just about any expense, including medical bills. Wells Fargo's personal loans are especially attractive because they have APRs of 7.49% - 23.74%. In addition, there are no origination fees on their unsecured loans. That means Wells Fargo is quite cheap compared to many other lenders. Plus, they lend anywhere from $3,000 to $100,000, so there's a chance to get a good loan for even very expensive procedures. The minimum credit score required is 660.

Alternatively, you can get funds for medical expenses through a Wells Fargo home equity loan. Home equity loans can be used for almost anything, too. The amount you can borrow is based on a percentage of the value of your house after the mortgage balance is subtracted. That means you can potentially borrow very large amounts if your house is almost paid off and worth a lot. The downside is that the loan is secured by your house, so if you fail to pay it back the bank could foreclose on you. The APR range is 4.875% to 9.875%.

In addition, Wells Fargo has a credit card specifically for healthcare financing, called the Wells Fargo Health Advantage card. It can only be used at a network of participating healthcare providers, in fields ranging from hearing care and eye surgery to dental care and veterinary care. The card is less expensive than most credit cards, and it's relatively easy for the average person to get.

Lastly, you may just want to finance relatively minor medical expenses with a low APR credit card from Wells Fargo. The best choice is the Wells Fargo Platinum credit card.

Yes, Wells Fargo does have emergency loans, offering up to $100,000 as soon as 1 business day after you apply. To get an emergency loan from Wells Fargo, you must be at least 18 years old, have a bank account, have enough income to make the monthly payments, and meet the credit score requirement.

Key Things to Know About Wells Fargo Emergency Loans

• Funding timeline: 1 business day
• Dollar amounts: $3,000 - $100,000
• APR range: 7.49% - 23.74%
• Repayment periods: 12 - 84 months
• Credit score required: 660+

Unfortunately, Wells Fargo does not allow you to pre-qualify before you officially apply. To see if other lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.