Personal Loans » Personal Loan Lender Reviews » Wells Fargo Personal Loan: 2024 Review
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Wells Fargo Personal Loan: 2024 Review

Wells Fargo personal loans are best for borrowers with a strong credit history and high income. Their personal loan is geared toward helping their current customers get out of debt.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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.

Wells_Fargo-Logo

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.

While Wells Fargo provides quick funding, often approving loans the same day and disbursing funds within one to three business days, it's important to note that new customers may face limitations as they are required to 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 customers.

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

Repaying a Wells Fargo personal loan comes with various options and considerations to ensure borrowers can manage their payments effectively.

  • Payment Options: Borrowers can make payments online, set up automatic payments from their Wells Fargo deposit account, or make payments in person at a branch or by phone.
  • Missed Payments: If a payment is missed, Wells Fargo may assess a late fee. It's essential to contact the bank promptly to discuss options and avoid further penalties.
  • Rescheduling Payments: Wells Fargo offers flexibility by allowing borrowers to change their payment due date. This can be done by contacting customer service.
  • Difficulties: In case of financial difficulties, borrowers can reach out to Wells Fargo for assistance. The bank may offer repayment assistance programs or modify payment terms to accommodate the borrower's situation.

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

Wells Fargo personal loans are available in all states.

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.

Borrowers can save money as Wells Fargo does not charge origination fees for personal loans.

The Wells Fargo mobile app and online tools offer convenient ways to manage loans and access resources for financial planning.

Wells Fargo’s highest maximum loan amount is $50,000 for personal loans.

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.

Wells Fargo allows applicants to apply with a co-applicant, potentially improving approval chances and loan terms.

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.

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.

Wells Fargo does not disclose specific credit score and income requirements, making it challenging for applicants to assess their eligibility.

Only existing Wells Fargo customers can apply for personal loans, potentially limiting access for new customers.

Wells Fargo does not have branches in some states, making it difficult for residents in those areas to apply for loans in person.

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 vary significantly.

Customer reviews for Wells Fargo personal loans are mixed. While some borrowers praise the quick funding, flexible repayment terms, and convenient online resources, others express dissatisfaction with customer service and loan approval processes.

Some negative reviews highlight issues such as high APRs for borrowers with lower credit scores, late payment fees, and limited transparency regarding eligibility requirements.

On Trustpilot, the bank has a rating of 1.8 out of 5 stars, indicating a generally negative sentiment among reviewers.

Wells Fargo
iOS App Score
4.8
Android App Score
4.8
TrustPilot Rating
1.8
Contact Options
phone/social
Availability
24/7

You can reach Wells Fargo's customer service for personal loans by calling 877-526-6332 for loan applicants and 877-269-6056 for existing customers. Representatives are available weekdays from 8 a.m. to 7 p.m. CT.

Additionally, you can text 93557 or use the Fargo chatbot in the mobile app for assistance. For online inquiries, you can reach out via X (formerly Twitter) by tweeting @Ask_WellsFargo.

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:

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.

Common uses include debt consolidation, home improvements, financing major purchases, and covering large expenses like medical bills or unexpected emergencies. Borrowers can also use the funds to finance renovations, consolidate debts for easier management, or even cover vacation expenses.

However, there are certain purposes that Wells Fargo does not allow for personal loans. These typically include using the loan for education-related expenses, such as tuition or student loans, and for home purchases. Additionally, while personal loans can be versatile, they are not intended for speculative investments or illegal activities.

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

sofi logo
Rocket Loans
Marcus logo
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%
6.99% – 24.99%
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
36-72 months
Loan Amount
$5,000 – $100,000
$2,000 -$45,000
$3,500 – $40,000
Minimum Score
680
640
660 (FICO)
Funding Time
Up to 7 days
As soon as same day
1 to 4 days

Review Personal Loan Top Lenders

Compare Alternative Lenders

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?

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Compare Personal Loans

Best Rate Guarantee – $200 giftcard if you find and close with a better rate elsewhere (terms apply)

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Table of Contents

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.