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Minimum Credit Score For Wells Fargo Personal Loan
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Wells Fargo personal loans have the lowest APRs, but they are only available to current customers of the bank. If you're looking for a personal loan and have a Wells Fargo bank account (or are willing to open one), read this in-depth review to see if Wells Fargo's attractive loan terms are right for you, even if you need a co-applicant to get Best loan terms.
Wells Fargo offers secured and unsecured personal loans of up to $100,000. The interest rate is one of the lowest you'll find, and Wells Fargo checking account holders can get discounted interest rates and save even more.
Low APR: Wells Fargo's APR is one of the lowest personal loan rates on the market. It does not charge origination fees or prepayment penalties on unsecured loans. Plus, if you're a Wells Fargo checking account customer, you may be eligible for a lower interest rate.
Co-Applicants Allowed: Wells Fargo allows you to apply with a co-applicant (also called a co-borrower) if you have a low credit score. Assuming your co-applicant has stronger credit than you, this can help you qualify for the loan. You can also get better prices and terms. Note that a co-applicant is slightly different from a co-signer. Co-applicants assume more responsibility for consumption and repayment of loans.
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High loan limits: Up to $100,000 in Wells Fargo personal loans. This means they can be used for more expensive things, from buying an engagement ring to remodeling a home.
Offer secured loans: Wells Fargo customers can use a time deposit or savings account as collateral for secured loans. When a loan is secured, the lender may offer a lower interest rate or allow you to borrow a higher amount.
Consolidated funds paid directly to creditors: When you use a Wells Fargo personal loan to consolidate debt, Wells Fargo can issue checks directly to each creditor. This service saves you time and trouble. If you have high-interest debt, consolidating to a lower interest rate through fixed monthly payments can help you pay off your debt.
Check Interest Rates Easily: Wells Fargo makes it easy to review your personal loan offers online without affecting your credit score. Since the bank only offers personal loans to its existing bank customers, all you have to do is enter your Wells Fargo login information, answer a few simple questions such as how much you need to borrow and accept a soft line of credit.
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Prime rate reserved for Wells Fargo Checking customers: Wells Fargo offers a prime rate to all bank customers. This gives better prices to existing customers. Eligible Wells Fargo customers (with one of 11 checking accounts) can take advantage of a 0.25% APR discount on their loans. Wells Fargo is announcing an additional 0.50% discount for customers with select elite checking accounts.
Non-customers must apply in person: Wells Fargo is the only lender on our "Best of" list that requires non-customers to apply for a loan in person (essentially by becoming a customer) .
Eligibility for a Wells Fargo personal loan depends on several factors. But if you plan to borrow a solid amount and you have a good credit score, you don't need to worry. Here's what you need to get the best prices and repayment terms:
If credit is holding you back: Upstart accepts credit scores as low as 580. It offers a variety of loans. Regardless of whether you need a small loan to repaint your home or a large loan to buy an engagement ring, you can find a loan for the right amount right here. Reasonable interest rates are also usually required on these loans.
Wells Fargo Personal Loan Review
If you have good credit: check out LightStream. This lender offers surprisingly low interest rates to customers with good credit. This can save you hundreds of dollars over the life of the loan. The loan amounts are also unusually high. Consider this lender if you have a large bill to pay.
The full range of available rates varies by state. The average 3-year loan offered by all lenders using the Upstart platform has an APR of 21.97% and 36-month repayments of $35 per month. $1,000 borrowed. For example, the total cost of a $10,000 loan is $12,646, which includes an origination fee of $626. APR is calculated based on the offered 3-year rate for the last 1 month. No payout and no prepayment penalty. Your APR will be determined based on your credit, income and certain other information in your loan application.
The stated price is subject to automatic payment. The terms of your loan are not guaranteed and may vary depending on the purpose of the loan, the loan period, the loan amount, credit history and payment method (automatic payment or invoice). Discounts are only available if you choose automatic payment before loan financing. Prices without automatic payments will be 0.50% higher. To get a loan, you must fill out an application at LightStream.com, which can affect your credit score. You may be asked to verify income, identity and other necessary application information. Payment Example: A monthly payment of $10,000 on an 8.49% APR loan for a term of 5 years would result in 60 monthly payments of $205.12. Some additional conditions and restrictions apply. Advertised prices and terms are subject to change without notice. Truist Bank is an equal home lender. © 2023 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks belong to their respective owners. Loan services provided by Truist Bank.
Making a personal loan decision is a very personal decision. The trick is to evaluate the store, consider several competitors and choose the loan that best suits your needs.
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Dana George holds a BA in Management and Organizational Development from Spring Arbor University. She has written and reported on business and finance for 25 years and continues to be passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Illini Combat Team. Although she finds orange unflattering to most people, she thinks they will really like champagne.
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He has written personal finance and investment advice for The Ascent and its parent company, The Motley, with over 4,500 publications and won the 2017 SABEW Best of Business Award. Matt writes a weekly investment column ("Ask One") and is published in USA TODAY, and his work appears regularly on CNBC, Fox Business, MSN Money and many other major outlets. He is a graduate of the University of South Carolina and Nova Southeastern University and holds a Graduate Certificate in Financial Planning from Florida State University.
Nathan Alderman has been with The Motley Fool since 2005 and has worked in various roles, including six years as a dedicated fact-checker for The Motley Fool's premium newsletter service. As The Ascent's Compliance Officer, he ensures that all information on the website is accurate and up-to-date, which ensures that we always guide our readers on the right path and keep our various financial partners satisfied. A graduate of Northwestern University's Medill School of Journalism, Nathan volunteers for civic causes in his spare time, writes and podcasts for fun, adores his wife, and wrangles two young children.
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We are firm believers in the Golden Rule, which is why editorial opinions are solely ours and have not previously been reviewed, endorsed or approved by the advertisers included. Ascent does not cover all offers on the marketplace. Editorial content for The Ascent is separate from content for The Motley and is created by a different team of analysts.
Wells Fargo is an advertising partner of The Ascent, a motley company. Citigroup is an advertising partner for The Ascent, a motley company. Dana George works for Target. Matthew Frankel, CFP® has worked at Truist Financial, Upstart and Wells Fargo. Motley has jobs and recommends
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