How can we help?

Popular FAQs

Personal loans basics

Personal loan fundamentals

Personal loans let you borrow a lump sum and make fixed monthly payments. Learn about loan types, rates, and repayment terms to make an informed decision.

What are the different types of loans?
Learn how different types of loans work and what to consider when choosing one.

8 min read >

What is personal loan underwriting?
Underwriting involves several factors. Find out how to prepare before applying.

7 min read >

What is a loan maturity date?
See how a loan maturity date works and why it matters when planning your payments.

6 min read >

Get the funds you need with a personal loan

Check your rate and explore loan options with no impact to your credit score.

Check my loan options

Reach your goals with a personal loan

Explore personal loans from $3,000 to $100,000
  • Fixed-rate personal loans with terms from 12 to 84 months can help cover large expenses, consolidate eligible high-interest debt , or pay for emergency expenses 
  • Same-day credit decisions for some applicants, no origination fee, no closing fee, and no prepayment penalty
  • Rate discounts with AutoPay from qualifying Wells Fargo accounts
  • Most customers receive funds the same day they're approved
Check my loan options
How to put your personal loan to work

What you need to apply

Start with the checklist

Start with the checklist

Check out the personal loan rate calculator

Get an estimate

Get an estimate

Try our debt consolidation calculator

Run the numbers

Run the numbers

Get FICO® Score savvy with Credit Close-Up®

View score

View score

FAQs about personal loan basics

A personal loan is a lending product in which you borrow a lump sum of money from a bank or other lender and pay it back with interest in equal installment payments for a set amount of time. Personal loans can be used for a variety of reasons, but lender terms and conditions can vary. When seeking a personal loan, it’s always best practice to review the terms and conditions carefully.

To get a personal loan, you must submit an application, which includes details about your finances and credit history. The lender then reviews your application to determine if you are eligible for loan approval. If you are approved, you will receive a loan offer, which details your interest rate, any applicable fees, and the repayment terms. If you sign the agreement, funding is typically provided after the loan is finalized, although timing varies by lender. You are then responsible for repaying the loan in monthly installments per the terms.

A secured personal loan is backed by a personal asset or collateral, such as your car. This means that when you agree to the loan, you understand that your asset ownership may transfer to the lender if you do not fulfill your loan obligations. Because the asset provides something of value to the lender if you do not follow through with your payments, it decreases their risk. 

An unsecured personal loan is not backed by collateral. Instead, the lender evaluates your creditworthiness based on past behavior and your capacity to repay the loan. Secured loans reduce the lender’s risk and therefore may offer lower interest rates, but you’re putting your property on the line. Unsecured loans don’t require collateral, but the best rates are generally reserved for borrowers with stronger credit profiles.

Personal loans and credit cards are both lending products, but they are structured differently. A personal loan is a lump sum that is borrowed and then paid back in fixed installments each month until the payoff is completed at a specific end date. A credit card is a revolving credit line that can be used over and over as needed as long as the account remains open and in good standing.

APR stands for annual percentage rate. It represents the annual cost of borrowing and may include the interest rate and certain applicable fees, depending on the loan. While a lender’s APR range is set based on economic factors, the APR offer you personally qualify for is determined by your creditworthiness and other aspects of your application. Borrowers with stronger credit will typically qualify for a lower APR.

Most personal loan rates are fixed, but there may be some lenders that offer variable-rate personal loans. Fixed-rate loans offer more predictable payments since the interest rate is the same for the duration of the loan.

More personal loan FAQs

How can we help?

Representative example of repayment terms for an unsecured personal loan: For $15,000 borrowed over 48 months at 14.99% Annual Percentage Rate (APR), the monthly payment is $417. This example is an estimate only and assumes all payments are made on time.

Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple debts means you will have a single payment monthly, but it may not reduce or pay your debt off sooner. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term, you may pay more in interest over the life of the loan. By understanding how consolidating your debt benefits you, you will be in a better position to decide if it is the right option for you. New credit accounts are subject to application, credit qualification, and income verification.

Late fees may still be assessed.

To qualify for a customer relationship discount, you must have a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account. To learn which accounts qualify for the discount, please consult with a Wells Fargo banker or consult our FAQs. If automatic payments are canceled, for any reason at any time, after account opening, the interest rate and the corresponding monthly payment may increase. Only one relationship discount may be applied per application.

On average, 97% of customers received their funds the day they signed for their personal loan. (Based on data from July – September 2026).

You must be a Wells Fargo account holder of an eligible Wells Fargo consumer account with a FICO® Score available, and enrolled in Wells Fargo Online®. Eligible Wells Fargo consumer accounts include deposit, loan, and credit accounts, but other consumer accounts may also be eligible. Contact Wells Fargo for details. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply. 

Please note that the score provided under this service is for educational purposes and may not be the score used by Wells Fargo to make credit decisions. Wells Fargo looks at many factors to determine your credit options; therefore, a specific FICO® Score or Wells Fargo credit rating does not guarantee a specific loan rate, approval of a loan, or an upgrade on a credit card.

Wells Fargo and Fair Isaac are not credit repair organizations as defined under federal and state law, including the Credit Repair Organizations Act. Wells Fargo and Fair Isaac don’t provide credit repair services or advice or assistance with rebuilding or improving your credit record, credit history, or credit rating.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

DT1-10142027-12-9194489-1.1