Wells Fargo personal loans review

Our verdict

Our verdict

Wells Fargo offers competitive unsecured personal loans. Rates start at 7.49% to 23.24%, with relationship and autopay discount of 0.25%. There's also a 0.50% interest rate discount for select checking accounts with autopay. Wells Fargo doesn't charge origination fees or prepayment penalties on its personal loans, either. However, minimum loan amounts are higher than some competitors, requiring you to borrow at least $3,000. While Wells Fargo may be one of the largest banks, it has some major scandals noted in the last 10 years.

Best for: Existing Wells Fargo customers in need of a large personal loan.

Pros

• Competitive rates and generous rate discounts
• No origination fees or prepayment penalties
• Know if you're approved typically within the same day

Cons

• Overwhelmingly negative customer reviews
• Recently fined by regulators for record $3.7 billion
• Must borrow at least $3,000

3.65

★★★★★

Finder rating

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Max. Loan Amount

$100,000

APR

7.49% to 23.24%

Min. credit score

Varies

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Wells Fargo personal loans

Learn more and apply on Wells Fargo Bank's secure site

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What makes Wells Fargo shine

Wells Fargo is the fourth largest bank in the United States by total assets, and is considered one of the Big Four banks. It’s a full-service bank with over 170 years behind it, around 4,900 branch locations in the US and over 70 million customers globally.

Relationship discounts for existing customers

Many lenders cap rate discounts at 0.25%. Wells Fargo offers a 0.50% rate discount for having one of four consumer checking accounts and autopay. Checking accounts eligible for the 0.50% relationship rate discount are: Private bank checking, Private bank interest checking, Wells Fargo Premier Checking and Wells Fargo Prime Checking.

If those don’t apply to you, you might still be eligible for a 0.25% rate discount if you have one of nine checking accounts and sign up for autopay, which includes Wells Fargo At Work Checking, College Checking, Everyday Checking and Preferred Checking.

You can’t stack rate discounts — only one relationship discount can be applied.

Few fees and low rates

Wells Fargo doesn’t charge prepayment penalties or origination fees on its personal loans. Many lenders charge an origination fee, usually between 4% to 8% of the loan amount.

With the 0.25% rate discount applied, the lowest available rate is 7.49% APR for a Wells Fargo personal loan, or 6.74% with a 0.50% rate discount. It’s a pretty competitive starting rate, though starting rates are reserved for those with excellent credit.

For comparison, starting rates for other lenders include SoFi at 8.99% APR, PenFed Credit Union at 7.74% APR and Marcus by Goldman Sachs at 6.99% APR.

Where Wells Fargo falls short

Wells Fargo has a relatively high minimum personal loan amount at $3,000. Many lenders and lending marketplaces start minimum amounts for personal loans at $1,000 or less, such as Upgrade, Monevo and PenFed Credit Union and Stilt.

The lowest available 7.49% APR (or 7.24% without rate discount) is competitive, but Wells Fargo reports that only around 10% of applicants were approved for the lowest rate available in 2022 — so you’ll likely need excellent credit to qualify for the best rate.

Too many scandals for this review

Wells Fargo was recently fined by the Consumer Financial Protection Bureau for a record-breaking amount of $3.7 billion for widespread mismanagement. This recent fine affected around 16 million accounts, with issues like wrongfully foreclosing on homes and repeatedly misapplying loan payments.

The vast majority of customer reviews for Wells Fargo are negative, citing rude customer service, loan repayment issues, problems with fraud prevention and so much more.

Branches not available everywhere

Wells Fargo doesn’t have any branch locations in these 14 states:

Wells Fargo loan details

See the nitty gritty details of Wells Fargo’s personal loans.

How to qualify for Wells Fargo

Wells Fargo doesn’t state a specific credit score requirement, but the bank is known for preferring great to excellent credit scores. The following documents to apply for a Wells Fargo personal loan are:

• Contact information; phone number, email and address
• Social Security number or ITIN
• Date of birth
• Citizenship status
• Employment status and employment details
• Gross monthly income and other income resources
• Monthly mortgage payment or rent payment amount

You’ll also need to state the personal loan’s purpose, desired amount, term and your preferred payment due date. There are additional documents that may be requested as well, such as pay stubs, tax returns, driver’s license or utility bills.

To qualify for a relationship rate discount of 0.25% or 0.50%, you’ll need to have a qualifying Wells Fargo checking account.

How to apply

Wells Fargo has thousands of physical locations across 36 states, so if you prefer an in-person experience, you can apply at one of its locations.

You can also apply online:

1. Prequalify online and submit required documents.
2. Review loan offer, then formally apply with hard credit check.
3. Accept loan terms.
4. Follow repayment plan.

Wells Fargo states that most customers have an approval decision within the same day as they apply, and loan funding time varies.

How Wells Fargo compares to other lenders

Compare loan amounts, APRs and more below. To go to a lender’s site, select Learn more, or to read a review, select More Info.

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Name	Product	Filter Values	APR	Min. credit score	Loan amount
Best Egg personal loans Finder Rating: 3.8 / 5: ★★★★★ Best Egg personal loans Finder Rating: 3.8 / 5: ★★★★★			8.99% to 35.99%	640	$2,000 to $50,000	Fast and easy personal loan application process. See options first without affecting your credit score.	Go to site View details	Compare	loading Fetching your data...
Upstart personal loans Finder Rating: 4.15 / 5: ★★★★★ Upstart personal loans Finder Rating: 4.15 / 5: ★★★★★			5.20% to 35.99%	300	$1,000 to $50,000	This service looks beyond your credit score to get you a competitive-rate personal loan.	Go to site View details	Compare	loading Fetching your data...
SoFi personal loans Finder Rating: 4.45 / 5: ★★★★★ SoFi personal loans Finder Rating: 4.45 / 5: ★★★★★			8.99% to 25.81%	680	$5,000 to $100,000	A highly-rated lender with competitive rates, high loan amounts and no required fees.	Go to site View details	Compare	loading Fetching your data...
First Premier Lending Not rated yet First Premier Lending Not rated yet			5.99% to 35.99%	All credit types	$100 to $20,000	Short-Term Loans to Fit Your Needs	Go to site View details	Compare	loading Fetching your data...
Smart Advances Not rated yet Smart Advances Not rated yet			5.99% to 35.99%	All credit types	$100 to $20,000	Smart Advances was designed to help you request the loan you need, for any reason.	Go to site View details	Compare	loading Fetching your data...
Credible personal loans Finder Rating: 4.3 / 5: ★★★★★ Credible personal loans Finder Rating: 4.3 / 5: ★★★★★			4.60% to 35.99%	Fair to excellent credit	$600 to $100,000	Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.	Go to site View details	Compare	loading Fetching your data...

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Wells Fargo reviews and complaints

Wells Fargo may be one of the Big Four, but it’s had a rocky history. It has an F rating with the Better Business Bureau (BBB), thousands of complaints and the majority of customer reviews are poor. Many customers cite bad customer service at branches, complaints of high overdraft fees and steep late fees. Other reviews cite issues with handling fraud, inconsistent policies and rude phone representatives.

Positive reviews are few and far between. Many happy, long-term customers even go out of their way to acknowledge the poor reputation of the bank before stating that they’ve had good experiences.

Multiple scandals and fines

Wells Fargo was recently called a “repeat offender” by Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), as reported by CNN.

On December 20, 2022, Wells Fargo was fined $3.7 billion for widespread mismanagement — which just so happens to be the largest fine on record. This mismanagement affected over 16 million accounts, revolving around issues such as wrongfully foreclosing on homes, misapplying loan payments, illegally repossessing vehicles and more. Wells Fargo agreed to pay the $1.7 billion civil penalty and an additional $2 billion for other illegal activity.

In 2021, The Office of the Comptroller of Currency (OCC) issued a $250 million penalty against Wells Fargo for violations around failing to establish a home lending loss mitigation program.

In 2013, a major scandal with Wells Fargo surfaced. At least 3.5 million fake Wells Fargo accounts had been created for unwilling customers. There were multiple factors in this scandal, one of the largest being unrealistic sales goals and pressure on Wells Fargo employees from 2002 to 2016. In 2020, Wells Fargo entered into a settlement agreement with United States Attorney’s Offices for the Central District of California and the Western District of North Carolina, and Wells Fargo agreed to pay a $3 billion penalty.

And those aren’t even all the issues that have surfaced with Wells Fargo. Chopra told CNN, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families.”

Frequently asked questions

What credit score do I need to get a personal loan with Wells Fargo?

Wells Fargo doesn’t have a published minimum credit score, but online sources suggest that it may accept applicants with scores in the mid- to high- 600s.

Do I need to be a customer to get a personal loan with Wells Fargo?

Yes, you need to be a current customer to apply for a Wells Fargo personal loan. To open a new account, go to the Wells Fargo website or visit a local branch.

How long does it take to get loan funds with Wells Fargo?

If approved, loan funds could be available as soon as the same day that you’re approved.

Does Wells Fargo offer online prequalification?

Yes, you can check your potential rates and payments online with no impact to your credit score.