Wells Fargo offers several loan types, and which one you can get depends on what you need the money for and what you own
Wells Fargo makes loans for specific purposes: a personal loan for general expenses, a home equity loan if you own a house, a mortgage if you're buying property, an auto loan if you're buying a car, and a student loan through their education lending program. You cannot walk in and borrow money for any reason—each product has its own rules about what the money can be used for, how much you can borrow, and what you have to put up as security.
The process starts with deciding which loan type fits your situation, then submitting an application either online, by phone, or in a Wells Fargo branch. The bank will check your credit, verify your income, and decide whether to lend to you and at what interest rate. Approval timelines vary: personal loans often take a few days to a week, while mortgages can take 30 to 45 days.
Key Takeaways
- Personal loans from Wells Fargo range from $3,000 to $100,000 and can be used for almost any purpose except investing or paying off other Wells Fargo debts.
- Home equity loans let you borrow against the value of your house and typically have lower interest rates than personal loans, but put your home at risk if you don't repay.
- Wells Fargo will pull your credit report and verify your income before deciding whether to lend, so having a credit score of 640 or higher makes approval more likely.
- You can start an application online at wellsfargo.com, by calling 1-800-869-3557, or by visiting a branch in person.
- The interest rate you receive depends on your credit score, income, debt, and the type of loan—rates are not the same for everyone.
Personal loans: the most flexible option
A Wells Fargo personal loan is unsecured, meaning you don't have to pledge your house or car as collateral. You borrow a lump sum and repay it in fixed monthly payments over a set period, usually 24 to 84 months. Loan amounts range from $3,000 to $100,000. You can use the money for almost anything—medical bills, home repairs, debt consolidation, a vacation—except investing in securities or paying off other Wells Fargo debts.
To get a personal loan, Wells Fargo will ask for proof of income (recent pay stubs or tax returns), your Social Security number, and permission to check your credit. They typically want to see a credit score of at least 640, though approval is possible with lower scores depending on your income and debt. The interest rate you're offered depends on your creditworthiness; someone with a score of 750 will pay less than someone with a score of 650.
You can apply online, over the phone at 1-800-869-3557, or in a branch. Online applications usually get a decision within a few business days. If approved, Wells Fargo will deposit the money into your account, and you'll start making monthly payments according to the loan agreement.
Home equity loans: borrowing against your house
If you own a home and have built up equity—the difference between what your house is worth and what you owe on your mortgage—Wells Fargo will lend you money based on that equity. A home equity loan is a second mortgage: you borrow a lump sum and repay it over time, usually 5 to 20 years. A home equity line of credit (HELOC) works differently—it's more like a credit card tied to your home, where you draw money as you need it and pay interest only on what you've borrowed.
Home equity loans typically carry lower interest rates than personal loans because your home secures the debt. If you stop paying, Wells Fargo can foreclose and take your house. This makes them risky if your financial situation is unstable, but they're useful if you need a large amount of money at a lower cost—for example, to pay for a major home renovation or consolidate high-interest credit card debt.
To apply, you'll need to prove how much equity you have. Wells Fargo will order an appraisal of your home and review your mortgage documents. The process takes longer than a personal loan—typically 2 to 4 weeks—because the bank needs to verify the value of the property securing the loan.
Mortgages: borrowing to buy a home
Wells Fargo is a major mortgage lender. If you're buying a home or refinancing an existing mortgage, you can apply for a loan through them. Mortgage amounts depend on the home's price, your down payment, your income, and your credit. The bank will order a professional appraisal, verify your employment and assets, and pull your credit report before making a decision.
Mortgages take the longest to close—typically 30 to 45 days from application to funding. You'll work with a loan officer who will walk you through the process, explain the terms, and collect the documents you need: pay stubs, tax returns, bank statements, and proof of any down payment funds. Wells Fargo offers fixed-rate mortgages (where your interest rate stays the same for the life of the loan) and adjustable-rate mortgages (where the rate can change after an initial period).
You can start a mortgage application online at wellsfargo.com, by phone, or in a branch. Because mortgages are complex and involve significant money, talking to a loan officer in person or by phone often helps you understand your options and lock in a rate.
Auto loans: borrowing to buy a car
Wells Fargo finances car purchases through auto loans. You borrow money to buy a new or used vehicle, and the car itself serves as collateral—if you don't pay, Wells Fargo can repossess it. Auto loans typically run 36 to 72 months, and the interest rate depends on your credit score, the age and condition of the car, and how much you're putting down as a down payment.
To apply, you'll need to know the vehicle you're buying (or at least the make, model, and year), your down payment amount, and have proof of income and insurance. Wells Fargo can often pre-approve you before you shop, which tells you how much you can borrow and locks in an interest rate for a set period. You can apply online, by phone at 1-800-869-3557, or in a branch.
What Wells Fargo checks before lending
Every loan application goes through the same basic review. Wells Fargo pulls your credit report from one or more of the three major credit bureaus (Equifax, Experian, TransUnion) and looks at your credit score, payment history, and how much debt you already carry. They verify your income by asking for recent pay stubs, W-2 forms, or tax returns. They may also verify your employment by contacting your employer directly.
The bank calculates your debt-to-income ratio—the percentage of your monthly income that goes to debt payments. If you already owe a lot relative to what you earn, Wells Fargo may deny your application or offer you a smaller loan at a higher rate. They also check for recent late payments, collections accounts, or bankruptcies, all of which make approval less likely.
If you're denied, you have the right to know why. Wells Fargo will send you a notice explaining the reason. You can also request a free copy of your credit report from annualcreditreport.com to see if there are errors that hurt your chances.
Interest rates and what affects yours
Wells Fargo does not publish a single interest rate for each loan type. Instead, rates vary based on your individual situation. Someone with a credit score of 780 and stable income will get a much lower rate than someone with a score of 620 and recent job changes. The type of loan also matters: personal loans carry higher rates than mortgages or auto loans because they're unsecured.
When you apply, Wells Fargo will give you a rate quote based on the information you provide. If you're approved, that rate is locked in for a set period—usually 30 to 60 days for mortgages, a few days for personal loans. If you don't close the loan within that window, you may need to re-apply and accept a new rate.
You can shop around. Other banks and credit unions may offer better rates. Getting quotes from multiple lenders does not hurt your credit score as long as you do it within a short window (typically 14 to 45 days, depending on the loan type)—multiple inquiries in a short time count as one inquiry.
How to start your application
The easiest way to begin is online at wellsfargo.com. Navigate to the loan type you need, click "Apply Now," and fill in basic information: your name, address, income, and what you're borrowing for. The online form takes 10 to 15 minutes. Wells Fargo will give you a preliminary decision within minutes to a few hours.
If you prefer to talk to someone, call 1-800-869-3557 to speak with a loan officer. They can answer questions about which loan type fits your needs, explain the terms, and take your application over the phone. You can also visit a Wells Fargo branch in person—a loan officer there can walk you through the process and collect documents on the spot.
After you submit your application, Wells Fargo will contact you if they need more information. Be ready to provide pay stubs, tax returns, bank statements, or proof of assets. Responding quickly speeds up the process. Once approved, you'll sign loan documents (either electronically or in person) and the money will be deposited into your account or used to pay the seller, depending on the loan type.
Frequently Asked Questions
What credit score do I need to get a Wells Fargo loan?
Wells Fargo typically prefers a credit score of 640 or higher, but approval is possible with lower scores depending on your income and debt. Personal loans are easier to get with a lower score than mortgages. The lower your score, the higher your interest rate will be.
Can I get a Wells Fargo loan if I have bad credit or no credit history?
It's harder but not impossible. If you have no credit history, you may need a co-signer with established credit. If you have bad credit, a larger down payment or a co-signer can improve your chances. You can also apply for a secured personal loan, where you put money in a savings account as collateral.
How long does it take to get approved and receive the money?
Personal loans usually take 3 to 7 business days from application to funding. Auto loans take 1 to 3 days. Mortgages take 30 to 45 days. Home equity loans take 2 to 4 weeks. Speed depends on how quickly you provide documents and how busy the bank is.
Can I pay off my loan early without a penalty?
Wells Fargo personal loans have no prepayment penalty, so you can pay off the balance early without extra fees. Mortgages and auto loans also typically have no prepayment penalty. Check your loan agreement to confirm, as terms can vary.
What if Wells Fargo denies my application?
You'll receive a notice explaining why. Common reasons are low credit score, high debt-to-income ratio, or insufficient income. You can reapply after improving your credit or reducing your debt, or you can try a different lender. You also have the right to a free copy of your credit report to check for errors.