Business Insider's personal finance experts compared Wells Fargo Personal Loan to the best personal loans and found them to be a standard offering.
Wells Fargo personal loans could be a good choice if you need a significant amount of cash, as you can borrow up to $100,000 with the lender. However, if you're not a current customer, you can't apply for a personal loan without visiting a branch.
Wells Fargo Personal Loan Overview
Wells Fargo Personal Loan are best for borrowers who already have an account with the bank, as they offer discounts to current customers who pay their loans through their consumer checking accounts.
It earned spots in our guides to the best debt consolidation loans and the best home improvement loans thanks to the variety of loan options on offer. Additionally, borrowers who want in-person service at a brick-and-mortar lender might find Wells Fargo is their best choice.
Wells Fargo Personal Loan Types
Wells Fargo offers several types of personal loans, including debt consolidation and home improvement loans. You can also use Wells Fargo's loans to cover major expenses.
Loan Amounts Available
Wells Fargo personal loan amounts range from $3,000 to $100,000. You can get your money as soon as the next business day with Wells Fargo depending on when your application is approved.
Wells Fargo Personal Loan Interest Rates and Fees
Your interest rate will depend on your credit score, loan amount, and other personal financial details. Generally, though, here's what you need to know about the costs of Wells Fargo personal loans.
Current Interest Rates
Interest rates on Wells Fargo Personal Loan currently range from 6.99% (if you have an existing relationship with Wells Fargo) to 24.49%. Some lenders offer lower rates, but in general this range is pretty typical.
Additional Fees and Charges
Wells Fargo doesn't charge origination fees, closing fees, or prepayment penalties, but the lender may stick you with a $39 late fee if you don't make your payment on time.
Wells Fargo Personal Loan Terms and Conditions
You can get a Wells Fargo loan with a term between 12 months to 84 months. You must have had a Wells Fargo account for at least 12 months to qualify.
Wells Fargo Personal Loan Eligibility and Application Process
While Wells Fargo Personal Loan are offered in all 50 states, it doesn't have branches in 14 states. These states are Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii.
This may pose a problem, as only current customers qualify to apply for loans through Wells Fargo's online portal or by phone. If you aren't a customer, you have to apply by visiting a branch and talking with a banker.
See below for more info on applying for a Wells Fargo personal loan.
Eligibility Requirements
You'll need to meet the following requirements to apply for a personal loan with Wells Fargo:
- Meet the legal adult age requirement for your state
- Provide a valid Social Security number or Individual Taxpayer Identification number
- Have a physical U.S. address
You will also need to have at least a 660 credit score and have had an account with Wells Fargo for at least 12 months before applying.
Application Process Step-by-Step
After verifying you qualify, here are the next steps to follow:
- Check your rate. Wells Fargo allows borrowers to prequalify for loans by applying through its website — though you'll have to be an existing customer to apply online. If you're not a customer, you'll need to visit a branch and talk with a banker to apply. You'll be able to get your rate without impacting your credit score. You'll need to input your name, email address, state of residence, desired loan amount and purpose, and other information.
- Look over your loan offerings and choose the one that makes sense. After you submit your initial information, Wells Fargo will send you potential loan terms. A shorter term length means bigger monthly payments — but you'll save more in interest. You'll need to send in a formal application, which may also require additional documents, like W-2s, pay stubs, or bank statements.
- Confirm your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've added your loan payments into your budget.
Wells Fargo Personal Loans Pros and Cons
Advantages
- Established brick-and-mortar lender. If having a well-established lender is important to you, Wells Fargo is one of the oldest and largest institutions you can use. Other large banks like Chase and Bank of America don't offer personal loans.
- Relationship discounts. Instead of the more common autopay discounts offered by lenders to anyone who sets up automatic payments on their loans, Wells Fargo offers discounts to current customers who pay their loans through their consumer Wells Fargo checking accounts.
- Large loan amounts. You can borrow up to $100,000 with Wells Fargo, which is significantly higher than many other comparable lenders. For example, you can only borrow up to $35,000 with Discover.
- No origination fee or prepayment penalty. You won't have to worry about origination fees with Wells Fargo. Origination fees are taken out of your overall loan proceeds. Additionally, you can pay off your loan early if needed.
Disadvantages
- A history of mismanaging customer information. Wells Fargo has been at the heart of numerous scandals over the past several years, with allegations including creating fake bank accounts to meet sales goals, predatory lending practices to minorities, and overcharging customers on home and auto loans.
- No online applications for non-customers. Only current customers are eligible to apply for loans through Wells Fargo's online portal or by phone. Non-customers must apply by visiting a branch and talking with a banker.
- Hefty late fees. Wells Fargo will charge up to $39 late payment fee. Other personal loan lenders don't charge any late fees.
Wells Fargo Personal Loan Customer Reviews and Ratings
The Better Business Bureau, a nonprofit organization focused on consumer protection and trust, gives Wells Fargo an F grade, and based on customer reviews with the BBB, it has 1.06/5 stars. More than 6,400 BBB complaints have been filed against Wells Fargo in the last three years.
Wells Fargo also has 1.3 stars out of 5 on Trustpilot. Nearly 90% of customers give their experience just one star.
There have been several government actions against the company, too. Most recently, the Consumer Financial Protection Bureau in December 2022 ordered Wells Fargo to return $2 billion to customers and pay a $1.7 billion penalty for legal violations involving auto loans, mortgages, and deposit accounts. The bank illegally charged fees and interest penalties on auto and mortgage loans. Additionally, the CFPB said that Wells Fargo misapplied payments to those loans for many customers.
If Wells Fargo's history bothers you, you may want to consider other options on Insider's list of the best personal loans.
Wells Fargo Personal Loan Alternatives
Wells Fargo Personal Loan vs. Discover Personal Loan
You can borrow up to $100,000 with Wells Fargo, which is a much higher maximum loan amount than a Discover personal loan, which maxes out at $35,000. If you need a larger personal loan, Wells Fargo may be a better option.
Wells Fargo's repayment terms range from one to seven years, while Discover's terms range from three to seven years. If you want a shorter term length — and to save money on overall interest in the process — Wells Fargo may be the choice for you.
A distinguishing feature of Discover is its 30-day money-back guarantee on its personal loans. If you decide within 30 days of receiving your loan that you no longer want it — perhaps you found a better rate elsewhere — you can return the funds via check and won't be charged any interest. Wells Fargo doesn't have a similar unique perk.
Read our Discover personal loan review.
Wells Fargo Personal Loan vs. Upstart Personal Loan
Getting approved for an Upstart personal loan isn't dependent solely on credit scores. For people who have struggled with credit in the past, Upstart will factor in a few other pieces of information for a better shot at approval.
Upstart also can charge origination fees up to 8%, while Wells Fargo doesn't charge any origination fees. See the best lenders offering personal loans with no origination fee.
Read our Upstart personal loan review.
Why You Should Trust Us: How We Rated Wells Fargo Personal Loans
We rated Wells Fargo Personal Loan by following our methodology for reviewing personal loans.
Our methodology involves rating a personal loan across seven different categories some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily.
Wells Fargo Personal Loan Frequently Asked Questions
Wells Fargo typically requires a credit score of at least 660 for personal loan approval, though higher scores may qualify for better rates.
Approval time can vary, but many applicants receive a decision within a few business days.
Yes, Wells Fargo personal loans can be used for debt consolidation, allowing you to combine multiple debts into one manageable payment.
