Personal Loans from Wells Fargo, Capital One, and Discover: Who They Actually Approve

Wells Fargo, Discover, and LendingClub all offer personal loans for $5,000. Capital One does not — the bank quietly discontinued its personal loan product in 2023 and has not relaunched it. If you are searching for a “Capital One personal loan,” the answer is that it no longer exists, and you need to look elsewhere. That elsewhere, for borrowers whose credit profile aligns with bank lending standards, is most likely Wells Fargo or Discover.

How Do Wells Fargo, Discover, and LendingClub Compare on Rate and Requirements?

Who Does Wells Fargo Actually Approve?

Wells Fargo’s personal loan is restricted to existing customers — you must have a Wells Fargo checking or savings account to apply. This is not a soft requirement; non-customers cannot apply online or in a branch. If you have been a Wells Fargo customer, the APR range of 7.49%–23.24% with no origination fee is among the most competitive offered by any major bank. The combination of no origination fee and a $100,000 maximum makes it suitable for larger consolidation needs, but for a $5,000 loan, the benefit relative to other lenders narrows.

The credit score threshold of approximately 660 is a published minimum; most borrowers receiving Wells Fargo’s lowest APR offers are in the 720+ range. The bank does not offer pre-qualification with a soft pull — any formal application triggers a hard inquiry on your credit report.

Does Discover Have Any Restrictions on How You Use the Loan?

Discover’s personal loan cannot be used to fund post-secondary education expenses. This restriction appears in the loan agreement and Discover monitors compliance. Beyond that limitation, Discover places no restrictions on use — debt consolidation, home improvement, emergency expenses, and medical costs all qualify. There is no origination fee, no prepayment penalty, and terms extend to 84 months, which produces a lower monthly payment than most competitors on the same loan amount.

Discover’s best APR rates (below 12%) target borrowers with scores above 720 and clean payment histories. At 660–700, expect offers in the 17%–22% range. Discover also offers a 30-day money-back guarantee — if you change your mind within 30 days of funding, you can return the full loan amount with no interest charged.

What Happened to the Capital One Personal Loan?

Capital One exited the personal loan market in 2023. The bank’s consumer lending focus shifted entirely to credit cards and auto loans. Borrowers who had Capital One personal loans during that period were grandfathered into existing terms; no new applications are being accepted. For Capital One customers who wanted a personal loan from their primary bank relationship, the closest alternatives are Discover (no origination fee, competitive APR, no existing-customer requirement) or Wells Fargo if you hold accounts there.

How Does LendingClub Compare to the Bank Options?

LendingClub operates as a bank-licensed marketplace lender rather than a traditional bank, though it now holds an FDIC-insured banking charter. Its minimum credit score of 600 is meaningfully lower than Wells Fargo or Discover, making it accessible to borrowers in the fair credit range who would be declined at traditional banks. The cost of that accessibility is the origination fee: 3%–8% on every loan. On a $5,000 loan with a 6% origination fee, the fee is $300 — deducted from the disbursed amount, so you receive $4,700 while repaying $5,000.

At 600–660 credit score, LendingClub APR will typically land in the 18%–30% range with the origination fee adding to effective cost. Compare that to Avant — covered in the Avant vs. NetCredit vs. OneMain comparison — which accepts similar credit scores at overlapping rates. For borrowers with a 600–660 score, comparing both LendingClub and Avant directly before accepting an offer is worthwhile.

For borrowers who qualify for Wells Fargo or Discover rates, those lenders produce lower total cost than any of the fintech options at the same score tier. The no-fee structure at both banks removes a cost that compounds over the loan term. Borrowers who are members of a federal credit union should also compare rates there before accepting any offer from these banks or fintech lenders — the NCUA 18% rate cap at federal credit unions sets a hard ceiling that is below what LendingClub charges on average. The income and documentation requirements at bank lenders are similar to other personal loan lenders, with bank relationship history adding weight to the application.