Wells Fargo business loans review
If you need a loan to grow or expand your business, Wells Fargo can help.
- Best for Wells Fargo customers that need working capital or funds to grow.
- Pick something else if you don't have a Wells Fargo account.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Wells Fargo is unusually straightforward about its term loans — especially for a bank. It’s easy to find all of the information you need to understand how it works on its website. And you don’t need to provide collateral. It’s an especially good deal if you’ve had a Wells Fargo account for at least a year. Current customers can qualify for discounts and apply online.
While Wells Fargo doesn’t advertise any hard requirements, this bank tends to prefer working with less-risky borrowers. If your business isn’t profitable or is otherwise struggling to cover basic costs, this might not be the best lender for you.
How much will this loan cost me?
Wells Fargo term loans come with APRs ranging from 6.25% to 22.99%. This includes a $150 opening fee, though it’s waived for customers who already have a Wells Fargo checking account.
You can borrow between $10,000 and $100,000 with terms from 12 to 60 months. Use the calculator below to see how much a loan within these ranges might cost your business.
Business loan calculatorSee how much you'll pay
|Loan terms (in years)|
How it works
Not everyone can qualify for the lowest rate or highest amount. Generally, you need to be profitable, have an excellent credit score of at least 760, few other business debts and meet other requirements to qualify for the lowest rates. You also typically need to show that your business has the cash flow to support repayments.
What do I need to qualify?
Wells Fargo doesn’t list any specific hard requirements. But generally you must meet the following criteria to get a loan from this bank:
- Credit score of 670 or higher
- Over 18 years old
- US citizen or permanent resident
If you already have an account with Wells Fargo, you likely need to be in good standing to qualify for credit.
What information do I need to apply?
Have the following information ready before you get started on your application.
- Legal business name and contact information
- Date of business establishment
- Tax identification number
- Social Security number for all owners
- Gross annual revenue
- Gross annual income for all owners
- All personal bank account numbers and balances for all owners
All owners with a 25% stake in the company or more must guarantee the loan with their personal assets. But this is standard for unsecured business financing. In fact, most lenders require all owners with a 20% stake.
What industries does Wells Fargo work with?
Wells Fargo doesn’t specify which industries it works with. But banks tend to be risk-averse. If your business has struggled to qualify for a loan because of its industry, consider a lender that works with high-risk companies.
What other types of financing does Wells Fargo offer?
Unsecured terms are only one of several borrowing options for businesses.
|Loan||What it is||Rates||Amounts||Terms|
|Advancing term loan||Secured financing for projects that starts as a credit line that you can draw from as needed. The balance turns into a term loan after a year.||Varies||$100,000–$500,000||5 years|
|Equipment Express loan||Up to 100% financing for business vehicles or equipment — including trucks — that use the purchase as collateral.||Starting at 4.5% for vehicles and 5% for equipment||$10,000–$100,000||2–6 years|
|SBA 7(a) loans||General use business loans backed by the government.||Varies||Up to $5 million|
|SBA 504 loans||Equipment and real estate financing backed by the government.||Varies||Up to $6.5 million for the Wells Fargo portion|
|Unsecured business line of credit||Access to cash as your business needs it, without requiring collateral.||Starting at prime + 1.75%||$5,000–$100,000||Revolving|
|Secured business line of credit||Access to a cash as your business needs cash, secured by business assets for lower rates.||Starting at prime + 1%||$5,000–$100,000||Revolving|
|Prime line of credit||Access to a large amount of cash as your business needs it, secured by business assets. These come with interest-only payments on the balance.||Starting at 5%||$100,000–$500,000||Revolving|
It also has a health practice financing program that offers several types of loans and lines of credit specifically tailored to the healthcare industry. And there are several commercial loans to buy, improve or refinance property through this bank.
Pros and cons
Weigh these benefits and drawbacks before you start your application.
- Low maximum APR of 22.99%
- No fee for current customers
- Owners under 25% don’t have to guarantee the loan
- Account required for an online application
- $150 closing fee if you aren’t an existing customer
- Doesn’t disclose credit or time in business requirements
See other top business loan options
Use our table to compare even more business lenders. Just enter some basic information about your revenue and credit to start.
Is Wells Fargo legit?
Generally, yes. Wells Fargo is one of the largest banks in the United States. It’s insured by the FDIC and takes extensive measures to keep your information safe — it even has a policy dedicated to protecting your Social Security number.
But it’s gotten in trouble with regulators in the past — mostly over mortgages. It recently settled suits with the Justice Department and the State of Maryland over its mortgage lending practices. And it gets an F from the Better Business Bureau (BBB), in part because of the high volume of government actions against the business.
What do customers say about Wells Fargo business loans?
|BBB customer reviews||1 out of 5 stars, based on 376 customer reviews|
|Trustpilot Score||1.4 out of 5 stars, based on 314 customer reviews|
|Customer reviews verified as of||10 July 2020|
Like most big banks, Wells Fargo gets poor online reviews. While many reviews come from individuals rather than small business owners, most take issue with the quality of customer service. One reviewer also says they still hadn’t heard back from the bank about their Paycheck Protection Program application after three months.
How do I apply?
If you aren’t currently a Wells Fargo customer, you have to apply with your local branch either over the phone or in person. You can apply online by logging into your Wells Fargo account.
What happens after I apply?
After you fill out the application, you should find out if you’re eligible for the loan. You may need to submit additional documents to verify the information in your application. After you review and sign the terms of your loan, you can receive your funds as soon as the next business day.
How do repayments work?
Wells Fargo’s term loans come with fixed monthly repayments. You can find out how much you owe and when repayments are due by reading your loan contract. If you have any questions, reach out to customer service by calling 866-582-0039.
Before you apply, compare other business loans to find how Wells Fargo stacks up.
Have some more questions about Wells Fargo business loans?
Business loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.