Wells Fargo Personal Loans Reviews

Wells Fargo personal loans are a solid choice if you’re searching for a tried-and-true lender. With no fees (besides late fees), term options as long as 84 months and quick credit decisions, Wells Fargo meets many of the requirements most borrowers are looking for.

However, borrowers who need a personal loan smaller than Wells Fargo’s $3,000 minimum should seek lenders with a lower minimum loan amount. Also, since you need to be a Wells Fargo customer, borrowers who don’t want to open a Wells Fargo checking account will want to search for an alternative lender.

Wells Fargo offers three different types of personal loans, one you can use to cover most expenses and two that are designed with specific uses in mind.

Wells Fargo personal loans come with a fixed interest rate, ranging from 7.49% to 23.24% annual percentage rate (APR) as of publishing.

To get the best rate, you must be a Wells Fargo account holder and make your loan payments from that account on autopay. Depending on the type of checking account you have, you receive either a 0.25% or 0.50% interest rate discount.

Wells Fargo doesn’t charge an origination fee, closing fees or prepayment penalties. That said, it does require you to pay a late fee should you miss a payment.

If you aren’t one already, you’ll need to become a Wells Fargo customer in order to apply for a loan. To do so, you should sign up for a Wells Fargo account online or visit one of its many branches. Once you’re a customer, you can pre-qualify for a loan on Wells Fargo’s website, which won’t affect your credit score, or head straight for the application process if you're confident you’ll be approved.

To apply, you’ll need to complete a personal loan application online or in person. This will require you to provide information about yourself and the loan you need, including your:

• Social Security number
• Driver’s license number
• Date of birth
• Citizenship status
• Employment status
• Gross monthly income
• Mortgage or rent payment amount
• Desired loan amount and term
• Proof of income (pay stubs, W2s or tax returns)
• Proof of address (recent utility bills)

After submitting your application, you’ll likely hear back from Wells Fargo with a decision on the same day you apply. If approved, you can get your money in as little as a business day or two.

When compared to other lenders, such as Best Egg, Wells Fargo is a clear winner for most borrowers. It offers customers a wider range of loan amounts, fewer fees, lower APRs and wider term lengths. Here is how the two companies compare side-by-side:

As one of the leading banks in the U.S., there is no doubt Wells Fargo is a legitimate lender. For borrowers who already have a Wells Fargo bank account and need to finance an expense, it’s a convenient choice.

The only air of illegitimacy Wells Fargo has faced is the fake account scandals that rocked the company in 2022 and 2023. The scandals involved the revelation that Wells Fargo employees had engaged in widespread fraudulent activities to meet aggressive sales targets and earn bonuses. Wells Fargo has since taken steps to address the issue, including restructuring its management and implementing reforms to prevent similar misconduct in the future.