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How to Apply for a Wells Fargo Loan and its Requirements

If you are looking for a personal loan in the United States, you have at your disposal hundreds of banks and credit institutions spread throughout the country, with the four big banks standing out: Chase Bank, Wells Fargo, Citibank and Bank of America.

On this page we analyze and review all the loans offered by Wells Fargo in the United States for individual customers, the amounts offered, their interest rates, fees and the requirements they ask for.

Wells Fargo personal loans with no fees

Currently, this financial institution offers generic consumer loans, which can be used for multiple purposes and whose conditions do not depend on the destination you are going to give the money but on other parameters such as the amount, the term or your FICO credit score.

With Wells Fargo personal loans you can get between $3,000 and $100,000 dollars and pay them back in a minimum term of 1 year and a maximum of 7 years.

What are the costs of Wells Fargo personal loans?

Consumer loans for individuals usually have several costs associated with them, on the one hand the interest rates applied (currently between 5.99% and 21.74% APR), which are paid in each monthly installment together with the capital repaid, and on the other hand the commissions, which can be of various types.

No fees

One of the main advantages of Wells Fargo loans is that there is no origination fee, closing fee or prepayment penalty.

Thus, the only expense you will incur is the interest rate, which you can also reduce the percentage you pay if you automate the payments from one of the bank's checking accounts.

Fixed interest rates

Wells Fargo personal loans have an interest rate that remains fixed throughout the repayment period, which we have already mentioned can range from 12 months to 84 months.

This means that monthly payments will always have the same amount, although there may be factors that alter it, such as if you pay a certain amount in advance and decide to reduce the amount of the installment, or if you start to meet (or stop meeting) the conditions that lower the interest rate.

How to get an interest rate discount?

The rule of thumb for getting an interest rate rebate is that you have a Wells Fargo checking account and automate your payments so that they are systematically discounted every month.

Depending on the checking account you have, you will receive more or less discount:

0.50% discount	Wells Fargo Prime Checking Account Wells Fargo Portfolio Checking Account Private Bank Checking Account Private Bank Interest Checking Account
0.25% discount	Wells Fargo At Work Checking Account Wells Fargo College Checking Account Wells Fargo Everyday Checking Account Wells Fargo Preferred Checking Account Opportunity Checking Account Premium Membership Checking Account Clear Access Banking Account Crown Banking Checking Account Complete Advantage Checking Account Custom Management Checking Account Way2Save Checking Account

How to apply for a Wells Fargo loan?

This financial institution allows you to apply for a personal loan whether you are already a customer or not. However, only those who are already Wells Fargo customers can apply online.

If you are not a customer, you will have to go in person to one of the thousands of offices that the bank has in most U.S. states.

Thus, you have the following options to apply for a Wells Fargo loan:

• Online. Using the bank's website or its mobile or tablet application.
• Going to a branch near you. In this case, you must make an appointment with a financial manager who will guide you through the application process.
• By calling 1-877-526-6332.

Simulate your loan online

If you are already a Wells Fargo customer, you can simulate your personal loan to find out the interest rate that will be applied in your case and the monthly payment you will pay.

To do so, you can use their loan simulator, which does not affect your credit score, and you can make as many inquiries as you wish.

What requirements does Wells Fargo ask for in order to grant you a loan?

The minimum conditions you must meet to be able to access a personal loan with this bank are as follows:

Be of legal age	In most states this limit is set at 18 years of age, being 19 in Alabama and Nebraska and 21 in Mississippi and Puerto Rico.
Have SSN or ITIN	You must have a current Social Security Number or Individual Taxpayer Identification Number. This means that Wells Fargo allows ITIN loans.
Legal residence in the U.S.	Whether you are a U.S. citizen or have a valid green card, you must have your primary residence in one of the states in which Wells Fargo Bank operates.

In addition to these basic requirements, Wells Fargo will evaluate other information in order to decide whether to grant you a personal loan, such as your credit score or your source of income, both in amount and stability.

No minimum credit score

The financial entity does not establish a minimum score to be able to access its consumer loans, since it also evaluates many other factors, but it is clear that the higher your score, the easier it will be to access its loans and, in addition, the cheaper it will be to finance you.

Data and documentation to apply

Whether you apply at a branch or online, you will have to provide a series of personal and employment data:

• Name and surname.
• Date of birth.
• E-mail address.
• Telephone number.
• Citizenship status.
• Primary residence address.
• Employment status (employed, unemployed, self-employed, pensioner, etc.).
• Name of your employer.
• Sources of income.
• Gross amount of monthly income.
• Monthly mortgage or rent payment.

Once the Wells Fargo bank has evaluated your personal loan application based on the above data, if the answer is positive, the bank may ask you for some of the following documents to ensure the accuracy of the data you have provided:

• Receipts of domestic supplies.
• Payroll or tax payment documents (such as W2 form).
• Copy of driver's license.
• Copy of Social Security card.
• Completed and signed authorization for access to applicant's employment and income data.
• Completed and signed Form 4506C (Request for Transcript of Tax Return).

Español: Cómo solicitar un préstamo de Wells Fargo y sus requisitos