Personal Loan Application Checklist | Wells Fargo (2024)

FAQs

How hard is it to get a personal loan with Wells Fargo? ›

You'll likely need good to excellent credit for loan approval. Offers loans from $3,000 up to $100,000 with terms up to 84 months. The lender charges no upfront origination fee or prepayment penalty. Qualified customers can earn an interest rate discount of 0.25% or 0.50%.

This could require more documents, like W-2s, pay stubs and bank statements to confirm the information you gave during pre-qualification. Wells Fargo will also do a hard credit check when you apply, so your credit score could temporarily dip.

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.

When you apply for a loan a lender will carry out a credit check to assess the level of risk they're taking on by lending to you. Lenders will look at your credit score along with other information to decide whether you're eligible for the line of credit you're applying for.

While some personal loan lenders allow you to apply with a very low credit score, many require a minimum credit score of 660 or 700 to be considered for a $3,000 personal loan. Generally, the higher your credit score, the less interest you will pay.

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.

Personal Loan Uses. If you're ready to take on what's next in life, a Wells Fargo personal loan of $3,000 to $100,000 can help you cover a wide range of needs.

If you are traditionally employed, you can verify your income with a few documents, including: Pay stubs. Tax returns. W-2s and 1099s.

Do I need collateral for a personal loan with Wells Fargo? ›

Wells Fargo does not offer secured personal loans, but they do offer unsecured personal loans and other types of secured loans including auto loans and mortgages. Secured loans require collateral, such as a car, home or money in a bank account, whereas unsecured loans do not.

Wells Fargo credit cards generally require a credit score of 700 or higher (at least good credit) and enough income to afford the monthly bill payments. You also need an SSN or ITIN, and you need to be 18+ years old to qualify.

Lenders look at factors like your credit score, income, debt-to-income (DTI) ratio, and collateral to determine your eligibility for a personal loan. Different lenders have different requirements for approving personal loans. Some lenders may be willing to work with applicants who have lower credit scores.

Most personal loan lenders review your credit score, credit history, income and DTI ratio to determine your eligibility. While the minimum requirements for each of these factors vary for each lender, our recommendations include: Minimum credit score of 670.

Your bank account information may be required either to verify revenues or to facilitate ACH payments. It is essential that when you are asked to provide personal information make sure you are dealing with a reputable company and using a secure website. (See tips below.) Loan approval regardless of credit.

If you submit an application, it will result in a hard credit inquiry that may affect your credit score.

It is hard to get a Wells Fargo credit card unless you have a credit score of 700 or higher. For example, the Wells Fargo Active Cash® Card requires at least good credit or better for approval, like most Wells Fargo cards, making it difficult for many people to qualify.

If you're ready to take on what's next in life, a Wells Fargo personal loan of $3,000 to $100,000 can help you cover a wide range of needs.

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 they consider people with scores below 640, so even people with bad credit may be able to qualify.