Wells Fargo Personal Loans

Wells Fargo Personal Loans Reviews

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About Wells Fargo Personal Loans

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Wells Fargo is one of the largest commercial banks in the U.S., with over 150 years in business. Among an extensive catalog of product offerings, spanning from basic checking accounts to corporate investment banking, Wells Fargo also offers several different personal loans. These loans have competitive interest rates compared to other lenders, plus there are no fees (aside from late payment fees), making them a good fit for budget-conscious borrowers.

    Pros & Cons

    • No prepayment, origination or closing fees
    • Same-day decisions on application
    • Rate discounts up to 0.50%
    • You must be a Wells Fargo customer to apply
    • Minimum credit score not disclosed
    • Associated with a few scandals

    Our editors' take

    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 personal loan products

    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.

    Personal loans
    Personal loans through Wells Fargo offer funding for almost everything from an unexpected emergency expense to your dream vacation. You have access to amounts between $3,000 and $100,000 with a repayment term of 12 to 84 months.
    Home improvement loans
    Wells Fargo home improvement loans are designed to help you fund home repairs and improvements, both big and small, with amounts ranging from $3,000 to $100,000. These loans offer a fixed interest rate and flexible terms, with no collateral needed.

    Eligible projects include home repairs, kitchen remodeling, heating, ventilating and air conditioning replacement and other home renovations.

    Debt consolidation loans
    With a Wells Fargo debt consolidation loan, you can get rid of multiple debt payments and turn them into one. Not only will this make paying back your debt easier to manage, but you may also qualify for a lower rate, possibly reducing how long it will take to pay back your debt.

    Wells Fargo personal loan rates

    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 personal loan fees

    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.

    How to apply for a Wells Fargo personal loan

    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.

    How do Wells Fargo personal loans compare?

    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:

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    Wells Fargo personal loans FAQ

    What is Wells Fargo Bank?

    Wells Fargo is an American-based bank that is so popular that it serves one in every three households in the U.S. Wells Fargo provides financial products, such as checking accounts, credit cards, mortgages and personal loans at its over 5,500 physical branches and online.

    Can I get a Wells Fargo personal loan with bad credit?

    Wells Fargo doesn’t disclose its preferred credit score range for eligible borrowers. That said, more than just your credit score is weighed when making a decision on your loan. If you’re worried your credit score won’t be enough, it’s best to reach out to a Wells Fargo representative.

    How much can you borrow with a Wells Fargo personal loan?

    With a Wells Fargo personal loan, loan amounts range from $3,000 to $100,000. However, it’s important to note that how much you qualify for depends on factors such as your creditworthiness, your income and the overall state of your financial picture.

    Is Wells Fargo legit?

    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.

    Wells Fargo Personal Loans Reviews

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      How do I know I can trust these reviews about Wells Fargo?
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      StaffLoan Process

      Reviewed Jan. 15, 2024

      I had an extremely disappointing experience at Wells Fargo branch #09329, specifically with Shirley **. The representative was, upon meeting with me, rudely hesitant to help an old account holder for over 32 years, it seems like she didn't want to do the extra work, and unwilling to assist with my account inquiries due to it being a “grandfathered” account. The representative told me “she did not have time to looking into my inquiry” because of the type of account.

      I truly have never experienced such a lack of competence and professionalism in a banking setting. Shame on Wells Fargo - absolutely embarrassing and disappointing. Only after threatening to pull all my funds from the bank did she wake up and provide the appropriate level of service, already having wasted an egregious amount of time. As a customer of over 25 years, I find this disgusting and inexcusable. For a bank with an already questionable reputation, I am truly in awe of what I experienced. Eventually she did come around which was appreciated, but again, this happened only AFTER I threatened to pull my funds. This lack of professionalism made the interaction unpleasant and left me dissatisfied overall. Do better Wells Fargo - I will be reconsidering my banking moving forward.

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      Wells Fargo Personal Loans Company Information

      Company Name:
      Wells Fargo