If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers.
APR
8.49% – 24.49%
Loan Amount
$3,000 – $100,000
Term
12-60 months
Min score
660
If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers.
APR
8.49% – 24.49%
Loan Amount
$3,000 – $100,000
Term
12-60 months
Min score
660
Our Verdict
Wells Fargo personal loans offer a quick and convenient way to borrow money for various needs, such as consolidating debt, making home improvements, or covering unexpected expenses. With loan amounts ranging from $3,000 to $100,000 and repayment terms of 12 to 84 months, borrowers have flexibility in choosing a loan that fits their budget.
One of the standout features of Wells Fargo's personal loans is the absence of origination, closing, or prepayment fees, helping borrowers save money on the overall cost of the loan. Additionally, borrowers with eligible Wells Fargo checking accounts can qualify for rate discounts by setting up automatic payments, making the loans even more affordable.
Wells Fargo offers fast funding, typically approving loans the same day and disbursing funds within one to three business days. However, new customers should be aware that they must have an existing Wells Fargo account for at least 12 months to apply online or by phone. Additionally, Wells Fargo does not have branches in 14 states, which could be inconvenient for some potential borrowers.
Meeting Wells Fargo Personal Loan Requirements
To qualify for a Wells Fargo personal loan, applicants must meet certain criteria:
- Credit Score Requirements: While Wells Fargo does not disclose a minimum credit score requirement, applicants with higher credit scores typically qualify for better interest rates.
- Income Requirements: Although specific income requirements are not disclosed, applicants should have a steady income to demonstrate their ability to repay the loan.
- Co-signers and Co-applicants: Wells Fargo does not allow co-signers on personal loans, but applicants can apply with a co-applicant. Both applicants' financial information will be considered.
- Wells Fargo Account: Applicants must have an active Wells Fargo account, which needs to have been open for at least 12 months.
- Personal Information: Applicants will need to provide personal information such as their Social Security number, contact information, employment details, and income verification documents.
- Additional Documentation: Depending on the applicant's circumstances, additional documentation such as pay stubs, tax returns, and proof of address may be required.
By meeting these requirements and providing the necessary documentation, applicants can streamline the application process for a Wells Fargo personal loan.
Navigating Wells Fargo Repayment Options
Wells Fargo Personal Loan Pros & Cons
Like all lenders, Wells Fargo has its own set of advantages and drawbacks that potential borrowers should consider:
Pros | Cons |
|---|---|
Available in All States | Late Fees |
Discount for Current Customers | No Soft Pull |
No Origination Fee | Lack of Transparency |
High Maximum Loan Amount | Existing Customer Requirement |
Multiple Payment Options | Limited Branch Locations |
Co-applicant Option | |
Online Resources |
- Available in All States
Wells Fargo personal loans are available in all states.
- Discount for Current Customers
Wells Fargo gives current customers a discount on personal loans. You can get a .25% discount on by setting up auto pay with your Wells Fargo checking account.
- No Origination Fees
Borrowers can save money as Wells Fargo does not charge origination fees for personal loans.
- Online Resources
The Wells Fargo mobile app and online tools offer convenient ways to manage loans and access resources for financial planning.
- High Maximum Loan Amount
Wells Fargo’s highest maximum loan amount is $50,000 for personal loans.
- Multiple Payment Options
You can pay on your Wells Fargo personal loan online, automatically, by phone, or by mail. Many online personal loan providers only allow for online payments and in many cases will charge processing fees for payments not done online.
- Co-applicant Option
Wells Fargo allows applicants to apply with a co-applicant, potentially improving approval chances and loan terms.
- Late Fees
Wells Fargo has a large late fee of $39 dollars. They do have a 10-day grace period. This fee is easily avoided but is higher than many other personal loan providers.
- No Soft Pull
Many personal loan providers do an initial soft pull to see if you may qualify for a personal loan. A soft pull does not affect your credit, but Wells Fargo does a hard pull from the start, which will affect your credit.
- Lack of Transparency
Wells Fargo does not disclose specific credit score and income requirements, making it challenging for applicants to assess their eligibility.
- Existing Customer Requirement
Only existing Wells Fargo customers can apply for personal loans, potentially limiting access for new customers.
- Limited Branch Locations
Wells Fargo does not have branches in some states, making it difficult for residents in those areas to apply for loans in person.
- Large Amounts on Short Terms
The terms are short and the payments on higher amounts can be too large for some borrowers.
Wells Fargo Customer Experience
Customer reviews for Wells Fargo personal loans are mixed. Some borrowers appreciate the fast funding, flexible repayment options, and easy-to-use online tools, while others have expressed dissatisfaction with customer service and the loan approval process.
Common complaints include high APRs for those with lower credit scores, late payment fees, and a lack of clarity around eligibility requirements.
On Trustpilot, Wells Fargo has a rating of 1.8 out of 5 stars, reflecting a generally negative sentiment from reviewers.
Wells Fargo | |
|---|---|
iOS App Score | 4.8 |
Android App Score | 4.8 |
TrustPilot Rating | 1.8 |
Contact Options | phone/social |
Availability | 24/7
|
Additional Insights to Keep in Mind
Before applying for a personal loan with Wells Fargo, it's important to understand additional factors that could impact your borrowing experience:
-
What is the funding time?
The funding time for Wells Fargo personal loans typically ranges from one to three business days after approval and acceptance of the loan terms.
This means that once your loan application is approved and you agree to the terms, you can expect to receive the funds in your designated account within this timeframe.
-
What Can a Wells Fargo Personal Loan Be Used For??
Is Wells Fargo Loan Right for You?
If you're considering applying for a Wells Fargo personal loan, here are some types of individuals who may find it beneficial:
- Existing Wells Fargo Customers: Current account holders may find the streamlined application process and potential rate discounts advantageous, making it easier to access funds quickly.
- Borrowers with Good to Excellent Credit: Those with strong credit scores can qualify for more competitive APRs, potentially saving money on interest over the life of the loan.
- Homeowners Planning Renovations: If you're looking to make home improvements, a Wells Fargo personal loan offers flexible financing options and may help increase the value of your property.
Review Personal Loan For Good Credit
 |  |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 29.99%
| 9.11% – 29.99%
| 10.49% – 19.49% APR
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 months
| 12-60 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
| $2,000 – $30,000
|
Minimum Score | 680
| 640
| 680
|
Funding Time | Up to 7 days
| As soon as same day
| Up to 5 days
|
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Wells Fargo vs Citi vs Discover
Discover is an online lender with a good reputation that does not charge origination fees. It also provides same-day funding and a variety of excellent repayment options. Citibank is one of the largest financial service providers in the United States today. For many years, the New York-based company has provided personal loans.
It is an excellent choice for those looking for no-fee personal loans as well as access to autopay discounts. Finally, Wells Fargo, like Citi, is a well-established financial services powerhouse in the United States. It is an excellent choice for those seeking large loans with a high degree of flexibility.
Read Full Comparison: Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?
