Unlike many large banks, Wells Fargo has a number of loan options that cover a variety of needs. With competitive rates, no origination or early repayment fees and online tools to help you manage your loan, you’ll likely find a decent deal on your loan. But you’ll need good to excellent credit for most of its options, and smaller loans aren’t an option.
However, Wells Fargo has repeatedly been fined by regulators. As recently as December 2022, it was fined by regulators for $3.7 billion — the largest fine on record.
What types of loans does Wells Fargo offer?
Wells Fargo offers both secured and unsecured loans for every phase of life.
- Personal loans. Wells Fargo personal loans don’t require collateral and can be used for almost any purpose. Your APR will be based off your credit, the amount you want to borrow and the loan term you select.
- Student loans. Whether you’re studying for your undergraduate or graduate degree, you can pay for your schooling with a Wells Fargo private student loan. And once you graduate, you can consolidate multiple loans into a single one to help save on interest.
- Auto loans. You can fund a new or used car purchase with Wells Fargo, or you can refinance a loan you may already have to potentially lower your monthly payment or pay less on interest.
- Business loans. Emergency repairs, one-off expenses, expansions and remodels are all legitimate uses for a business loan with Wells Fargo. These loans can range from one- to six-year terms, and Wells Fargo offers both secured and unsecured options.
- Home loans. Wells Fargo offers mortgages and home equity lines of credit to its borrowers. You may be able to borrow up to 89.9% of your home’s value, and there are fixed- and adjustable-rate mortgage loans available.
Many of Wells Fargo’s loan options come with an APR discount of 0.25% when you sign up for automatic payments. This can sharply reduce the total cost of your loan, but you’ll want to be sure you can afford regular payments before you sign up for this program.
A quick overview of Wells Fargo’s loan options
Wells Fargo personal loans
|Varies||$3,000 to $100,000||7.49% to 23.24%||
Wells Fargo business loans
|Not stated||$5,000 to $100,000||6.25% to 22.99%|
Wells Fargo Auto Loans
Wells Fargo Student Loans
|Varies||$120,000||4.8% to 11.26%|
Wells Fargo Mortgages
A complete list of Wells Fargo’s available loans
- Personal loan
- Private student loan
- Private consolidation student loan
- Graduate student loan
- Refinance mortgage
- Home equity line
- Home improvement loan
- Auto refinance
- New car loan
- Used car loan
- Private car loan
- Leased car loan
- Unsecured business loan
- Equipment express loan
Why should I consider taking out a loan with Wells Fargo?
Although the exact benefits depend on the type of loan you borrow, Wells Fargo offers a few outstanding features for all its loans.
- Minimal fees. With some loans, you may have to pay a $25 annual fee, but there are no origination fees.
- Payment options. If you’re a Wells Fargo checking or savings account holder, you can have your payments automatically deducted from your account. You can also make payments online, in person at your local Wells Fargo branch, by phone or by mail.
- Discounts for qualifying customers. If you have a qualifying existing relationship with Wells Fargo and set up automatic payments through a Wells Fargo deposit account, you can receive multiple discounts, though the specifics will depend on your loan.
- Check your credit. You can access your FICO credit scores for free through Wells Fargo when you borrow a loan.
Where does Wells Fargo fall short?
Wells Fargo is an established name, but that doesn’t mean it doesn’t have flaws.
- Multiple government actions against business. According to the Better Business Bureau (BBB), Wells Fargo has had five government actions taken against it since 2016. The Consumer Financial Protection Bureau (CFPB) has brought up multiple charges. So if you want a lender free of problems, Wells Fargo might not be the best choice. It was recently fined $3.7 billion for widespread account mismanagement.
- Customer reviews are dismal. Nearly all of the customer reviews for Wells Fargo are negative. Customers state the bank seems to close accounts for “no reason,” multiple complain of issues resolving fraud, payments not being posted or posted multiple times, steep late fees and much more.
- Various fees. Some loans have annual fees, and some even have prepayment penalties if you choose to pay off your loan within the first year. With some research, you may be able to find a lender that doesn’t charge these.
- Excellent credit required. Though it’s not stated online, Wells Fargo tend to favor borrowers with good to excellent credit scores.
- Minimum amount. If you’re looking for a smaller loan, Wells Fargo may not be the best option. The minimum personal loan amount is $3,000. Other loans have similar minimums.
How much will it cost to borrow with Wells Fargo?
Wells Fargo offers competitive APRs that range from 1.00% to 23.99%, depending on the loan type, repayment terms and your credit. Your cost may also depend on whether you opt for a secured or unsecured loan.
There’s no origination fee, and you can prepay without incurring harsh penalties or steep fees. With some loans, you’ll pay an annual fee of $25 and late and returned payment fees of $39 if you can’t pay on time or your payment doesn’t go through.
The total cost of the loan will depend on how much you borrow and your interest rate. Before you agree to a loan contract, read it carefully to learn the final amount you’ll be paying at the end of the term.
What do borrowers say about Wells Fargo?
Wells Fargo isn’t accredited by the BBB and isn’t rated. However, borrowers have plenty to say — there are nearly 500 negative reviews and almost 3,500 complaints filed against it. The most recent reviews state problems with fees and the approval process, while the complaints stated that they had problems with their accounts and were unable to get satisfactory responses from any of the Wells Fargo representatives they spoke with.
It receives similar scores from Trustpilot. Over 75% of reviews rated it as “bad,” and it only has a 1.5 out of 10. People state that Wells Fargo is “greedy,” has closed accounts for no reason and that its team does little to help customers who have a problem.
Are Wells Fargo loans safe?
Backed by more than 160 years of reputation and service, Wells Fargo has a longstanding history within the US. Its website is easy to use and encrypted to safeguard your private personal and financial information. However, with a number of negative customer reviews pointing to the opposite, you may want to consider other lenders before you borrow from Wells Fargo.
Compare Wells Fargo with other lenders
We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision.
How do I apply for a loan with Wells Fargo?
The process will vary based on the loan you select, but in general, you can apply online or at a local branch. When you’re ready to begin, be sure you have the following information nearby:
- Personal details, such as your full name date of birth, Social Security number and a valid form of ID
- Contact details, such as your address, email and phone number
- Employment details, such as your employer’s name and the length of your employment
- Income details, such as your income and monthly expenses
You’ll need to meet the following basic criteria to apply for a loan with Wells Fargo:
- You must have a good to excellent credit
- You must be a US citizen or permanent resident
- You must be at least 18 years old
Keep in mind that each loan may have other, more specific requirements you’ll need to meet to qualify.
More about Wells Fargo
Wells Fargo was founded in 1852 and has been offering its banking services since. However, with recent government actions and numerous complaints filed against the company, its reputation has taken a dip. But since it’s one of the few banks that offers personal and student loans, you may want to weigh the pros and cons carefully when you’re ready to borrow.
Wells Fargo offers multiple of loan options for every need. Whether you’re looking to grow your business, pay for school, get a car or remodel your home, Wells Fargo may be able to help you fund your next big venture. But before you decide on a loan, be sure to compare other lenders to make sure you’re getting the best deal.
Frequently asked questions
More guides on Finder
Wells Fargo auto loans review
A Wells Fargo auto loan could provide you with the financing you need to get the car of your dreams. Learn more about the rates, terms and restrictions.
Wells Fargo personal loans review
A Wells Fargo personal loan could provide you with the financing you need to make the next big step in your life. Learn more about the rates and terms.
Ask an Expert