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Wells Fargo business loans review

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If you need a loan to grow or expand your business, Wells Fargo can help.’s rating: 3.88 / 5.0


Running a business is no easy task. Whether you’re laying the groundwork or ready to upgrade equipment, Wells Fargo offers loan solutions with no annual fees and no prepayment penalties to fit your needs.


Min. Amount


Max. Amount


Product NameWells Fargo Business Loans
Min. Amount$10,000
Max. Amount$100,000
Loan Term1 to 5 years

What are Wells Fargo business loans?

Wells Fargo offers two kinds of unsecured business loans, and one for equipment purchases. All three loan types have varying APRs, loan amounts and terms. You can apply for both secured and unsecured personal loans with Wells Fargo. Secured loans require collateral, but generally attract lower interest rates than unsecured loans. Collateral can be anything from specialty equipment from your business to new or used vehicles.

If you don’t have collateral, you can still receive a discount if you have an existing relationship with Wells Fargo. All loans offer APRs based on your credit application. They take into account your credit history, the amount you request and repayment terms. In the case of the equipment loan, they also account for any collateral you provide.

What types of business financing does Wells Fargo offer?

  • Unsecured term loan. Receive a lump sum of up to $100,000 for things like planned purchases or expansion costs.
  • Line of credit (secured and unsecured). Use a revolving line of credit of to fund ongoing business expenses. Credit limits range from $5,000 to $100,000.
  • Equipment loan. Finance the purchase of business equipment for up to $100,000.
  • SBA loans. Get a fixed-term loan backed by the Small Business Administration for as much as $6.5 million.

Compare business loan offers from other lenders

Updated February 27th, 2020
Name Product Filter Values Min. Amount Max. Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Customizable loans with no origination fee for business owners in a hurry.
First Union Lending Unsecured Long-Term Business Loan
450+ credit score, 3+ months in business, $15,000+ monthly revenue, no open bankruptcies
Unsecured funding and more for all credit types.
National Business Capital Business Loans
Your company must have been in business for at least 6 months and have an annual revenue of at least $100,000.
Get a large business loan to cover your financing needs, no matter what the purpose is.
OnDeck Small Business Loans
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
BlueVine Business Loans
6+ months in business, $10,000 in monthly revenue, 600+ personal credit score.
Get approved for a business loan in as little as 5 minutes. Applications won't affect your credit score.
First Down Funding business loans
Varies by type of loan
Alternative financing up to $300K with highly competitive rates.
Kabbage Small Business Line of Credit
1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
Become Business Loan Marketplace
12+ months in business and $10,000+ monthly revenue
Compare loan offers from top lenders using this marketplace. It’s free & won’t affect your credit.
Sheer Funding Business Loans
6+ months in business, 550+ credit score, $150,000+ annual revenue, eligible industry
Multiple financing options available for business owners with less-than-perfect credit scores.
Efundex long-term business loans
2+ years in business, 620+ credit score, not a sole proprietorship or nonprofit, strong financial history
Financing for high-risk industries with transparent rates and terms.
Lendio Business Loan Marketplace
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.

Compare up to 4 providers

How can I benefit from a Wells Fargo business loan?

Wells Fargo business loans offer a number of features for your consideration.

  • Minimal fees. You’ll pay a $150 opening fee, but no annual or prepayment fees. The opening fee may be waived if you have a qualifying business account with Wells Fargo.
  • Customer discounts. If you set up automatic payments on an Equipment Express Loan, you can earn a 0.25% rate discount on your APR.
  • Multiple purchases. Any of the three loans allow you the freedom to make multiple purchases. The Equipment Express Loan has a minimum invoice amount of $5,000 and is limited to approved equipment and vehicles. Unsecured loans can be used for almost any legitimate business purpose.

What to watch out for

  • Online application limits. You must be a Wells Fargo customer who’s held a savings or checking account for at least one year to apply for any of the three business loans online. You do not need to have an existing relationship with Wells Fargo to apply in person.
  • Collateral limitations. While business equipment and vehicles can be used as collateral, new and used personal computers are not eligible. That limitation carries to software and other computer accessories.
  • Required automatic payments. You’ll need to set up automatic deductions for any FastFlex Small Business Loan. If you cancel automatic payments at any point, Wells Fargo will consider that you’ve defaulted on the loan, with any remaining amount due immediately.

Am I eligible for a business loan with Wells Fargo?

Taking out a loan in any form is a big financial decision. Once you’re sure that your business is ready, you’ll need to meet basic eligibility criteria.

  • You must have good to excellent credit.
  • You must be at least 18 years old.
  • You must be an American citizen or a permanent resident of the US.
  • You must own a business with a business tax ID or Social Security number.

What information do I need to apply?

Make sure that you have the following for your business:

  • Your legal business name, date of establishment and ownership type.
  • Your tax ID or Social Security number, address and phone number.
  • The number of business owners.
  • Your gross annual revenue.

Each applicant must also provide:

  • Percentage of ownership.
  • Name, date of birth and Social Security number.
  • Home address, email and phone number.
  • Gross annual income.
  • Personal checking and saving account numbers and balances.

Note that each owner with 25% or more interest in the business must be listed as a guarantor on the application.

I have a business loan from Wells Fargo. Now what?

Now that you’ve figured out the loan you need, keep your credit in good standing.

  • Equipment Express Loans require approval on purchases, so call Wells Fargo’s specialty line about equipment financing before you buy.
  • If you have a FastFlex Small Business Loan, make sure you have money in your account each week for automatic payments. Remember that missing payments can be considered a default on the loan.

Bottom line

A business loan from Wells Fargo can help your business, whether it’s established or just starting out. Be sure to evaluate which loan suits the needs of your business. Consider comparing other business loan lenders to make an informed decision.

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.

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