Wells Fargo Personal Loan Review 2021 – Forbes Advisor
The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Wells Fargo personal loans compare to other popular lenders:
Wells Fargo versus. SoFi
Similar to Wells Fargo, SoFi offers loans ranging from $ 5,000 to $ 100,000, making it a great option for a wide range of borrowing needs. APRs on SoFi personal loans start at around 6% with auto-pay – slightly higher than the lowest rate available through Wells Fargo – and go up to around 20% with auto-pay, similar to Wells Fargo. SoFi also doesn’t charge origination fees or prepayment penalties, but unlike Wells Fargo, SoFi customers don’t pay late fees.
Related: Review of SoFi Personal Loans
Wells Fargo versus. LightStream
LightStream personal loans are available from $ 5,000 to $ 100,000, depending on the purpose of your loan, which is similar to Wells Fargo’s offers. However, for some loans, LightStream APRs start below 3% with auto-pay, much lower than Wells Fargo’s lower rates.
LightStream’s loan terms are also extremely flexible, and borrowers can repay a loan over two to 12 years depending on the loan size, purpose, and creditworthiness. As with Wells Fargo, LightStream does not charge origination fees or prepayment penalties.
Related: LightStream Personal Loan Review
Wells Fargo versus. American Bank
US Bank offers a smaller range of loan amounts than other major lenders, with loans available from just $ 1,000 to $ 50,000, which is half the maximum loan amount offered by Wells Fargo. The APRs available through US Bank are similar to those offered by Wells Fargo and range from approximately 7% to 19%.
The funds can be used for any purchase or product, but loans are limited to US bank customers with a FICO credit score of 660 or higher. Like Wells Fargo, there are no origination fees or prepayment penalties.