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Wells Fargo personal loans review

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Loans in a large range of amounts — but only existing customers can apply online.

finder.com’s rating: 3.8 / 5.0

★★★★★

  • Best for existing Wells Fargo customers looking for money fast.
  • Pick something else if you don't have the best credit.

$100,000

Max. Loan Amount

5.74% to 20.24%

APR

Varies

Min. Credit Score

Details

Product NameWells Fargo personal loans
Min. Loan Amount$3,000
Max. Loan Amount$100,000
APR5.74% to 20.24%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Late Fee$39
Loan Term1 to 7 years
Turnaround TimeAs soon as 1 business day

Expert review

Aliyyah Camp

Review by


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.

Expert review

Wells Fargo’s personal loans are ideal for existing customers looking for large loans and quick turnaround. You can fill out an application online, and if approved, may be able to receive your funds the next business day. It offers loans up to $100,000 with low starting rates compared to other lenders out there. And you might be able to score a discount off your interest rate if you have a qualifying Wells Fargo account and sign up for autopay.

But you need to have good to excellent credit to qualify. It also might not be a good option if you don’t already have an account with the bank — you’ll have to visit a branch in person to apply. Borrowers with good credit might want to look elsewhere, as well. Because of its high maximum APR, you may be able to find a better deal with another lender.

Not sold on Wells Fargo? Compare your other options below.

How much will this loan cost me?

Wells Fargo offers loans of $3,000 to $100,000 with a term of one to seven years. But while its rates start at a relatively low 5.99%, you may be charged an APR up to 24.49% — a high rate for borrowers with good to excellent credit.

Your total cost will depend on how much you borrow, what rate you qualify for and your preferred loan term. You may also qualify for an APR discount between 0.25% to 0.5% if you sign up for automatic payments from an eligible checking account.

You can use our calculator below to estimate your monthly payments and get a better idea of what you might pay for a personal loan from Wells Fargo.

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How it works

Wells Fargo doesn’t specify how it determines credit worthiness, but like most lenders, you’re more likely to get a lower rate with excellent credit and strong finances. Its lowest rates go to borrowers with eligible Wells Fargo accounts, so if you’re after a good deal, apply for automatic payments from its list of checking accounts that knock 0.5% off your APR.

What do I need to qualify?

To qualify for a personal loan from Wells Fargo, you need to meet the following criteria:

  • Good to excellent credit
  • Ability to repay the loan
  • Wells Fargo checking account for online applicants

What information do I need to apply?

Applying for a personal loan from Wells Fargo requires that you provide some personal information, including:

  • Social Security number
  • Government-issued photo ID
  • Details about your employment
  • Details about your income and expenses

CD and savings secured loans

Wells Fargo also has a secured personal loan option that uses your CD or savings account as collateral. You can borrow between $3,000 to $250,000 for up to 10 years — APR is fixed for the entire loan term.

However, Wells Fargo doesn’t list its rates online. And unlike its unsecured personal loan option, you’ll pay a $75 origination fee.

The exact amount you can borrow will depend on the value of your collateral. Reach out to Wells Fargo to discuss the application process and what you’ll need to apply.

Pros

  • Large maximum loan amount of $100,000
  • No origination fee
  • 0.25% to 0.5% APR discounts available
  • Coapplicants accepted

Cons

  • Good to excellent credit required
  • Online applications limited to current customers
  • High maximum interest rate of 24.49%

See other personal loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi personal loans
5.99% to 16.19%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingTree Personal Loans
Starting from 3.99%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
LightStream
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
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Compare up to 4 providers

Is Wells Fargo legit?

Yes, Wells Fargo is a legit bank with a long history of lending to its customers. Despite recent issues and problems with customer service, it still maintains a secure website and has an industry-standard privacy policy that covers the collection and use of your personal information.

Does Wells Fargo get good customer reviews?

BBB accreditedNo
BBB ratingF
BBB customer reviews1 out of 5 stars, based on 407 customer reviews
Trustpilot score2.5 out of 5 stars, based on 222 customer reviews
Customer reviews verified as of26 February 2020

Wells Fargo receives all-around poor ratings from its customers. While the recent reviews don’t focus on its personal loan products, many complain about poor customer service — a problem you may encounter when you borrow.

How do I apply?

To apply for a personal loan from Wells Fargo, follow these steps:

  1. Visit Wells Fargo’s personal loans page and click Apply now.
  2. Sign in to have your application prefilled with your personal information.
  3. Enter any additional information about your employment, income or assets.
  4. Read Wells Fargo’s disclosures and submit your application.

What happens after I apply?

While turnaround time varies, it typically takes Wells Fargo anywhere from a few minutes to two hours to reach a decision. If approved, it can take as little as one business day from the time you accept your loan and when you receive your funds.

How do repayments work with Wells Fargo?

You can make repayments online and set up automatic payments through your Wells Fargo account to qualify for an APR discount. You can also make payments manually online, in person, by mail or by phone. Wells Fargo allows you to change your payment due date, but you’ll need to contact its customer service team to get the process started.

Its unsecured personal loans don’t have any set fees, but you may have to pay a late or nonsufficient funds fee if you’re unable to make a repayment. If you’re unable to make a payment, reach out to Wells Fargo as soon as possible to discuss your options.

3 more loans from Wells Fargo

There are quite a few loan options offered by Wells Fargo, including:

NameMin credit scoreMax loan amountAPR
Wells Fargo business loansVaries$100,0006.25% to 22.99%Read review
Wells Fargo student loansVaries$120,0004.8% to 11.26%Read review
Wells Fargo auto loans680$300,000VariesRead review

Don’t have the best credit? Compare other options with our guide to personal loans.

Frequently asked questions

Personal loan ratings

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Read the full methodology of how we rate personal loan providers.

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2 Comments

  1. Default Gravatar
    Doris
    October 19, 2018

    I have a loan with Wells Fargo and it will be paid off next month . I would like to know if I can get another loan same amount of money

    • Default Gravatar
      nikkiangco
      October 22, 2018

      Hi Doris,

      Thanks for your inquiry!

      Generally, you can get another loan with the same lender if you have good income and good credit score and other eligibility criteria which lender or bank will ask. Also, your previous loan must be paid off first before getting a new one.

      Speak with your current lender and ask how you could go about applying for another loan. Should you need further assistance, feel free to reach out to us again.

      Regards,

      Nikki

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