Wells Fargo personal loans review
Loans in a large range of amounts — but only existing customers can apply online.
finder.com’s rating: 3.8 / 5.0
Bottom line: Current Wells Fargo customers can benefit from loyalty discounts and an online application. Otherwise, you’ll have to speak to a representative about your options — and won’t get as good a deal.
Max. Loan Amount
5.99% to 24.49%
Min. Credit Score
- Large maximum loan amount of $100,000
- No origination fee
- 0.25% to 0.5% APR discounts available
- Coapplicants accepted
- Good to excellent credit required
- Online applications limited to current customers
- High maximum interest rate of 24.49%
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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? You can compare your other options before signing up.
Wells Fargo personal loan rates, fees and terms
Wells Fargo offers loans of $3,000 to $100,000 with a term of 1 to 7 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 to estimate your monthly payments and get a better idea of what you might pay for a personal loan from Wells Fargo.
Monthly repayments calculator
Calculate how much you could expect to pay each month
|Loan terms (in years)|
Wells Fargo relationship discounts
How much of a relationship discount you get depends on the type of Wells Fargo account you already have. To qualify for a relationship discount, you must sign up for automatic payments from that account. But unlike some other banks, there’s no minimum amount of time the account must be open before the discount can apply.
Accounts eligible for a 0.5% discount
- Wells Fargo Prime Checking
- Wells Fargo Portfolio Checking
- Private Bank Checking account
- Private Bank Interest Checking Account
Accounts eligible for a 0.25% discount
- Wells Fargo Everyday Checking
- Wells Fargo Preferred Checking
- Clear Access Banking
- Complete Advantage Checking
- Crown Banking Checking
- Custom Management Checking
- Opportunity Checking
- Premium Membership Checking
- Way2Save Checking
- Wells Fargo at Work Checking
- Wells Fargo College Checking
How Wells Fargo compares to other lenders
Here’s how Wells Fargo compares to two other lenders that offer a suite of services to meet most financial needs — and have online applications for all borrowers. LightStream is the online lending arm of Truist Bank. And SoFi is one of the first online lenders to apply for a bank charter.
Compare even more personal loans
How 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
Wells Fargo reviews and complaints
|BBB customer reviews||1.09 out of 5 stars, based on 366 customer reviews|
|Trustpilot Score||1.4 out of 5 stars, based on 354 customer reviews|
|Customer reviews verified as of||12 October 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 the application works
You can apply for a personal loan by filling out a quick form online if you already have an account. Otherwise, call a Wells Fargo representative to discuss your options at 877-526-6332.
While turnaround times vary, 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.
After you sign your loan documents, remember to sign up for automatic payments from an eligible Wells Fargo account — if you have one. Otherwise you won’t receive the rate discount.
What sets it apart
The main draw of Wells Fargo personal loans is the convenience of applying for a loan through your own bank. While the relationship discount can be a bonus, most lenders offer a 0.25% discount to anyone who signs up for automatic payments, regardless of where they bank.
If you don’t have a Wells Fargo account or aren’t interested in using yours for repayments, another lender might be a better choice.
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.
3 more loans from Wells Fargo
There are quite a few loan options offered by Wells Fargo, including:
Wells Fargo business loans
6.25% to 22.99%
Wells Fargo student loans
4.8% to 11.26%
Wells Fargo auto loans
Don’t have the best credit? Compare other options with our guide to personal loans.
Frequently asked questions
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