Personal Loans » Personal Loan Lender Reviews » Wells Fargo Personal Loan: 2022 Review
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Wells Fargo Personal Loan: 2023 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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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

5.99% – 21.74%

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

5.99% – 21.74%

Loan Amount

$3,000 – $100,000

Term

12-60 months

Min score

660

Wells Fargo is considered one of the most recognizable banking institutions in the USA. It has been around since 1852 and offers a variety of financial services including personal loans. As one of the largest banks in America, Wells Fargo offers a variety of personal loans, both unsecured and secured.

Wells Fargo provides borrowers with flexibility to use the funds as you wish. The only exception is that you cannot use a personal loan to cover education related expenses. You can borrow $3,000 – $100,000 , making it a good fit if you need to finance a small project or need funds for a larger one.

This lender only offers fixed interest rates on all its personal loan products. This ranges from 5.99% – 21.74% . This lowest rate includes a 0.25% relationship discount. The repayment terms are influenced by the loan amount. For loans of less than $5,000, there is a term of 12 to 36 months, while for loans over $5,000, the loan term can extend up to 84 months.

Wells Fargo offers a large range of financial products and services but they are also one of the few large banks to offer personal loans as well. Wells Fargo offers secured and unsecured personal loans that can be set up as traditional loans with a term in months or as a line of credit. This review will cover the Wells Fargo personal unsecured term loan.

  • Application Options
  • Available in All States
  • Discount for Current Customers
  • More than One Loan
  • High Maximum Loan Amount
  • Multiple Payment Options
  • Joint Applicants
  • Late Fees
  • No Soft Pull
  • Poor or Limited Credit
  • Online Application Only for Current Customers
  • Unable to Use for Real Estate
  • Large Amounts on Short Terms

In this Review..

Customer Experience

The Wells Fargo phone support team will be available during business hours, Monday through Friday, with no weekend support. There are some resources on the Wells Fargo website that can help you find answers to any questions you may have. This includes resources for financial education. 

The Wells Fargo mobile app allows you to easily manage your loan, whereas the Better Business Bureau did not rate Wells Fargo due to a large number of complaints and government action against it.

Wells Fargo loan got 851 out of 1000 possible points in the JD power 2020 research, lower than industry average.

Wells Fargo
iOS App Score
4.8
Android App Score
4.8
TrustPilot Rating
1.3
WalletHub Rating
3.8
Contact Options
phone/social
Availability
24/7

Wells Fargo Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

You can apply with Wells Fargo online, by phone, or at a local branch. Many personal loan providers do not have those options.

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.

The borrower can get multiple loans at one time from Wells Fargo.

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 loans with joint borrowers. This can help improve your chances of getting approved.

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 is not the right lender for borrowers who do not have good to excellent credit. They tend not to lend to those with poor credit history.

If you are not a current Wells Fargo customer you cannot apply online. You have to go to a local branch to apply. Wells Fargo only has branches in 40 states.

Wells Fargo personal loans cannot be used for purchasing real estate.

The terms are short and the payments on higher amounts can be too large for some borrowers.

What Can a Wells Fargo Personal Loan Be Used For?

Wells Fargo personal loans has a wide range of uses including debt consolidation, home improvement, major purchases, or expenses. It cannot be used for any post-secondary education expenses or the purchase of real estate.

  • Home Improvement – Wells Fargo home improvement personal loans can be used for home repairs or projects. The advantage of using a personal home improvement loan for this is the promptness of receiving the funds. It typically takes a month or more to get an equity line of credit on your home. 

Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home. You can use a Wells Fargo personal loan to start your home improvement project quickly.

  • Debt Consolidation – Wells Fargo personal loans can be used for debt consolidation, designed to pay off debt. Wells Fargo will pay off your creditors directly. Once your other debts are paid, you make one payment to Wells Fargo instead of multiple creditors. 

Your rate and amount will be fixed for the life of the loan. Wells Fargo also has a debt consolidation calculator that you can use to see if a debt consolidation loan would be worth it in your situation.

How to Apply For a Wells Fargo Personal Loan?

You can apply for a Wells Fargo personal loan by phone at 1-888-667-5250, at a local branch, or online. You can only apply online if you are already a Wells Fargo customer. If you are not, you will need to apply at a local branch.

If applying online, you will need to provide personal information including your name, date of birth, social security, address, email, and phone number. You will need to provide details about your employment, income, and expenses.

In addition, you will choose your preferred term, the amount you want to borrow, and the reason for the loan. Once approved you still may not get the amount you requested.

If you already have a Wells Fargo account you can apply with your current account. Wells Fargo may need documentation to verify your information such as ID, paystubs, or even tax returns. You can sign documents online or at a branch. Wells Fargo will fund your loan one business day after approval. The options for funding include direct deposit in a Wells Fargo account, transfer to another bank account, cashiers check, or if you are consolidating debt you can have Wells Fargo send payments to your creditors.

Wells Fargo’s underwriters will consider your income and any other banking relationship with Wells Fargo as part of their decision. If you’re a long-term Wells Fargo customer, that could improve your chances of qualifying.

Review Personal Loan For Good Credit

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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.
7.99% – 23.43% (with discounts)
8.41%-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?

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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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The product offers that appear on this site are from companies from which this website receives compensation. 

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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.