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Wells Fargo personal loans review
Last updated:
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 Name | Wells Fargo personal loans |
|---|---|
| Min. Loan Amount | $3,000 |
| Max. Loan Amount | $100,000 |
| APR | 5.74% to 20.24% |
| Interest Rate Type | Fixed |
| Min. Credit Score | Varies |
| Late Fee | $39 |
| Loan Term | 1 to 7 years |
| Turnaround Time | As soon as 1 business day |
Expert review
Review by
Aliyyah Camp
aliyyah.camp@finder.comAliyyah 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 $100,000 with a term of one to seven years. But while its rates start at a relatively low 5.99%, you may be charged an APR up to 24.49% — a high rate for borrowers with good to excellent credit.
Your total cost will depend on how much you borrow, what rate you qualify for and your preferred loan term. You may also qualify for an APR discount between 0.25% to 0.5% if you sign up for automatic payments from an eligible checking account.
You can use our calculator below to estimate your monthly payments and get a better idea of what you might pay for a personal loan from Wells Fargo.
Monthly repayments calculator
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$ in principal and $ in interest charged Compare personal loans nowHow 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
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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 accredited | No |
|---|---|
| BBB rating | F |
| BBB customer reviews | 1 out of 5 stars, based on 407 customer reviews |
| Trustpilot score | 2.5 out of 5 stars, based on 222 customer reviews |
| Customer reviews verified as of | 26 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:
- Visit Wells Fargo’s personal loans page and click Apply now.
- Sign in to have your application prefilled with your personal information.
- Enter any additional information about your employment, income or assets.
- 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:
| Name | Min credit score | Max loan amount | APR | |
|---|---|---|---|---|
| Wells Fargo business loans | Varies | $100,000 | 6.25% to 22.99% | Read review |
| Wells Fargo student loans | Varies | $120,000 | 4.8% to 11.26% | Read review |
| Wells Fargo auto loans | 680 | $300,000 | Varies | Read review |
Don’t have the best credit? Compare other options with our guide to personal loans.
Frequently asked questions
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.