8. Wells Fargo Personal Loan
Wells Fargo provides personal loans with relatively low interest rates for eligible existing customers. Approved applicants can borrow from $3,000 to $100,000 and have up to seven years for repayment, depending on the loan amount. Credit decisions are often made on the same day, and funding can be available in one to three business days.
Existing Wells Fargo customers can apply for a personal loan online, over the phone, or in person and receive an approval decision on the same day. After approval, the money is typically available within one to three business days upon signing the loan agreement. If you’re not a current customer, the application process for a personal loan may take longer, as you’ll first need to sign up for a checking account.
Pros:
- Provides a discount for automatic payments from qualifying Wells Fargo accounts.
- No origination fees or prepayment penalties.
- Option to change your payment due date.
Cons:
- You need to be an existing Wells Fargo customer to apply for a personal loan.
- There may be a late payment fee.
- No option to directly pay creditors with the loan.
