If you’re looking for a personal loan, both American Express and Wells Fargo are established options. American Express has been providing financial products to customers since 1850, and Wells Fargo started in 1852 to help customers manage their money well.
In terms of personal loans, American Express is the best option for low APRs, while Wells Fargo offers larger loan amounts.
American Express vs. Wells Fargo at a glance
Wells Fargo and American Express both offer personal loans, but they differ in APRs, loan terms and loan amounts.
| American Express | Wells Fargo | |
|---|---|---|
| Bank rate score | 4.4 | 4.4 |
| Better for | April lowest | Large loan amounts |
| Loan amounts | $3,500 – $40,000 | $3,000 – $100,000 |
| APRs | From 5.98% | 8.49%-24.49% |
| Length of the loan | Not specified | 12-84 months |
| Cost | Late payment fees | Late payment fees |
| Minimum credit score | Not specified | Not specified |
| Time for financing | Normally 3-5 working days | Normally 1-3 business days |
Personal loans from American Express
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in our bank interest overview
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American Express provides personal loans to American Express cardholders. The loans come with a competitive starting APR, but relatively low loan amounts – capped at $40,000. American Express does not specify a minimum credit score for its personal loans, but you can expect a score between 610 and 640 will be required.
Although the American Express personal loan is a good option for American Express cardholders, it is quite difficult to get a personal loan from it if you do not already have one of the credit cards. Additionally, American Express personal loans have some restrictions on how you can use the money, including a ban on purchasing vehicles. Other personal loans give more freedom in how you can use loan funds.
Wells Fargo Personal Loans
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in our bank interest overview
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If you’re looking for a personal loan, you might also consider Wells Fargo. Similar to American Express, Wells Fargo only offers personal loans to current customers, but you can visit a local branch to see how you can become a customer and apply for a personal loan. If you are a current customer, you can apply for a personal loan with Wells Fargo online, by phone, or in person.
Wells Fargo personal loans have a few features that stand out. First of all, it offers loan amounts up to $100,000. Many personal loan lenders have a maximum amount closer to $50,000. Additionally, Wells Fargo offers a special military benefit in the form of loan relief during active duty. A rate discount between 0.25 percent and 0.50 percent is also available for borrowers who set up automatic payment from a qualifying Wells Fargo account.
How to Choose Between American Express and Wells Fargo
Both American Express and Wells Fargo offer personal loan options to existing customers. This may limit your eligibility, but if you want to open an account with one or the other, both lenders have different strengths. Choose Wells Fargo for larger loans, but stick with American Express if you want to score the lowest APR possible.
Choose Wells Fargo for large loan amounts
Wells Fargo beats American Express for the highest loan amount. American Express offers loans up to $40,000, while Wells Fargo has loans up to $100,000. This is higher than American Express and higher than many other lenders offer. If you’re looking for a large personal loan, Wells Fargo is the best option.
Choose American Express for the most competitive APR
On the other hand, American Express offers the lowest APR between the two lenders. American Express APRs start as low as 5.89 percent. Rates for a Wells Fargo personal loan start at 7.49 percent. That’s a difference of almost two full percentage points. If you want to save the most money on your loan in the long term, choose American Express.
Compare lenders before applying
Taking out a personal loan costs money. The interest, loan costs and repayment terms all together make up the cost of the loan. Make sure you get the best deal by comparing multiple lenders. Look at both traditional lending options and online lending options. You may be able to get the best deal from a lender you already bank with.
