Wells Fargo Personal Loan Lender Review

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ByChristopher Boston
Edited byJonathan Ramos

Updated: February 14, 2024

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Wells Fargo's personal loans offer quick funding, with the possibility of same-day decisions and zero fees for origination, closing or early repayment. Loan amounts range generously, and a rate discount is available for automatic payments. While the lack of clear credit score and income requirements might be a drawback for some, existing Wells Fargo customers and those who value digital convenience will find the most to gain.


Features of Wells Fargo

Wells Fargo personal loans offer flexibility for your financial goals, whether for debt consolidation, home improvements or a major purchase. You'll find a range of loan amounts, competitive APRs and repayment plans to fit your budget. Pay attention to fees and the repayment assistance options Wells Fargo provides, which can ease the payment process if you hit a bump in the road. Its customer service channels and online tools are also there to guide you. Assessing these features can help you decide if Wells Fargo matches your personal loan needs, ensuring you make a smart choice for your finances.

What Can You Use Your Funds For?

Understanding the versatility of a Wells Fargo personal loan is key. Knowing you can use the funds for almost any purpose gives you the freedom to plan your financial moves confidently.

  • Consolidate Debt: Simplify your finances by merging different debts into a single Wells Fargo loan. This can lead to lower rates and one manageable payment, potentially saving you money on interest.

  • Finance Purchases: Whether it’s a new laptop for school or furniture for your first apartment, Wells Fargo allows you to spread the expense over time, making large purchases more manageable.

  • Fund Renovations: Planning to upgrade your kitchen or fix the roof? A Wells Fargo loan can bridge the gap between your home improvement dreams and the cash you have on hand.

  • Cover Expenses: Life can be full of surprises, like sudden medical bills or car repairs. Wells Fargo personal loans can provide a safety net for these unplanned costs.

Choosing a Wells Fargo personal loan means opting for financial flexibility. Whether improving your home, managing unexpected bills or consolidating debt, you can tailor this loan to support your financial journey.

Loan Terms for a Wells Fargo Personal Loan

Navigating the terms of a Wells Fargo personal loan is key to using it to your financial advantage. With loan amounts ranging from a modest $3,000 to a substantial $100,000, you can cover minor emergencies or fund significant investments. The repayment terms adapt to your financial situation, offering 12 to 36 months for smaller loans (between $3,000 and $4,999) and extending up to 84 months for larger sums ($5,000 to $100,000), giving you the breathing room to manage your payments over a period that works for you.

The interest rates, or APRs, are influenced by your credit history, the loan size and the repayment timeline. But here’s a savvy tip to potentially lower that rate: if you have a Wells Fargo checking account, you can unlock a discount on your interest rate by setting up automatic loan payments.

  • Premium accounts, like Private Bank Interest Checking, qualify you for a 0.50% rate reduction.
  • Standard accounts, such as Wells Fargo Everyday Checking, give you a 0.25% discount.

Maintaining those automatic payments translates to consistent savings over the life of your loan. If those payments stop, your rate increases, so it pays to keep them in place. A Wells Fargo personal loan provides a financial lifeline and can serve as a cost-effective borrowing strategy.

Fees for a Wells Fargo Personal Loan

Knowing the fees involved when taking out a personal loan helps you understand its actual cost. With Wells Fargo, you'll enjoy a mostly fee-free experience. Here are the details:

  • No Origination Fee: Setting up your loan won't cost you extra money.
  • No Closing Fee: You won't be charged when your loan term ends.
  • No Prepayment Penalty: Pay off your loan early if you wish, with no penalties.

Although Wells Fargo doesn't specify the late fee on its website, keep in mind that late payments may cost you. Staying on top of your payments is the best way to avoid this. Sidestepping unnecessary fees with Wells Fargo is straightforward, putting you in a stronger position to manage your loan effectively.

Wells Fargo Personal Loan Repayment Assistance

Choosing a personal loan lender is about more than just money — it's also about the support you get, especially if times get tough. Wells Fargo understands this and offers a helping hand when you're struggling with your loan payments.

If you're hitting a rough patch financially, don't sweat it. Wells Fargo offers the flexibility to change your payment due date. If the original schedule no longer fits, a simple call to customer service can move your due date to a time that works better for you. It's also ready to work with you to overcome financial challenges. By signing in to your account or calling 1-800-241-0028, you can get the assistance you need.

When life throws you curveballs, Wells Fargo's repayment assistance and flexibility ensure you won't have to face them alone.

Wells Fargo Customer Service

Good customer service means having support when you have questions or issues, and Wells Fargo makes reaching out easy. If you're considering getting a loan, call Wells Fargo at 1-877-526-6332, available Monday to Friday, 8 a.m. to 7 p.m. CT. Existing borrowers have a dedicated line at 1-877-269-6056, which is open during the same hours.

If you prefer face-to-face help, you can visit your local branch. It's smart to book an appointment to make sure someone is available to assist you. Choosing Wells Fargo means you've got a team ready to help you, whether over the phone or in person, ensuring you're never left with unanswered questions about your loan.

Wells Fargo Personal Loan Online Resources

When selecting a personal loan lender, it's not just about acquiring funds; it's also about the tools and assistance they provide to manage your loan effectively. Wells Fargo delivers a range of handy online resources.

With the Wells Fargo mobile app, you can make payments on the go; it's free on the App Store and Google Play. It also offers eligible customers a free monthly FICO score, helping you track your credit health without damaging your credit standing.

YourLoanTracker is an online tool that keeps you updated on your loan application and lets you submit the required documents. Not everyone can use this feature, but if you can, it's a real time saver.

With these resources, Wells Fargo makes it easy to stay on top of your loan anytime, anywhere.

Qualifying for a Wells Fargo Personal Loan

Understanding Wells Fargo's eligibility criteria for a personal loan can help you gauge your chances of approval and the potential terms of your loan. Let's break down the requirements:

  • Wells Fargo Account: A must-have is an active Wells Fargo account, but it needs to have been open for at least 12 months.

  • Credit Score: Wells Fargo doesn't disclose the exact score you need, but in the lending world, a score above 670 often unlocks better interest rates. The best rates go to those with the highest credit scores.

  • Income: Even though Wells Fargo doesn't publish the required income level, you'll need enough per month to manage your current debts plus the new loan payment. A debt-to-income ratio under 36% is your target, but you might stretch to around 50% in some instances and still get the thumbs up.

Wells Fargo doesn't permit a co-signer — someone who pledges to pay if you can't but doesn't get access to the loan funds. However, it does allow co-applicants. That means if you apply with someone else, both of you are equally on the hook for paying back the loan, and both get access to the funds. Applying with a co-applicant can be a smart move if you're looking to strengthen your application, as Wells Fargo will consider both of your financial information. Make sure you both understand the commitment because if one can't pay, the other must cover the full payment.

Is a Wells Fargo Personal Loan Right for You?

Choosing the right personal loan lender is a significant decision. You need a reliable company that meets your needs. By assessing if Wells Fargo is the right fit, you're making a smart move toward a healthy financial future. This evaluation can prevent surprises and ensure your comfort with loan terms, fees and repayment options. It can save you time and money, instilling confidence in your choice.

Who Can Benefit From a Personal Loan From Wells Fargo?

Wells Fargo might be an ideal choice if you prioritize speed, digital management and are already a customer.

If you're already banking with Wells Fargo, you're in an excellent position to benefit. As a customer for at least a year, you're eligible to apply online or by phone, which is super convenient. Plus, there's a potential rate discount when you set up automatic payments from your Wells Fargo account.

If you need money fast, Wells Fargo's quick decision-making process means you could apply for a loan in the morning and have an answer by the end of the day. Its rapid service is ideal for those unexpected expenses when time is tight.

Borrowers looking for a larger amount can also find Wells Fargo attractive, with loans as high as $100,000. That's more than many other lenders offer, making it a solid choice for big projects or significant purchases. For the tech-savvy, Wells Fargo's digital tools are a real plus. With a highly-rated mobile app and online services, managing your loan is easy, giving you control right from your smartphone.

Who Shouldn’t Secure a Personal Loan From Wells Fargo?

Wells Fargo might be less appealing if you're new to its system, prefer in-person services, need detailed pre-qualification information or require a co-signer to get that personal loan approval.

For those who haven't been with Wells Fargo for at least a year, the door to easy online and phone applications remains closed. It can be a hurdle if you're looking for the convenience of managing your loan application and account digitally without delay. If you live in a state where Wells Fargo doesn't have a physical presence, you might miss out on the face-to-face interactions that can be crucial for understanding your loan options and getting immediate assistance.

Wells Fargo's approach might leave you wanting more if you're the type of borrower who likes to have all the facts upfront. It doesn't disclose specific credit score and income requirements on its website, which can be frustrating if you're trying to determine your approval chances.

It may not be the best choice if you require the support of a co-signer to qualify. Unfortunately, Wells Fargo doesn't permit co-signers, so you can only enhance your application with the creditworthiness of a friend or family member if they agree to be a co-applicant.

How to Apply for a Wells Fargo Personal Loan

Applying for a Wells Fargo personal loan can lead you to the funds you need. Understanding the process beforehand ensures you're prepared, contributing to a smoother application experience.


Check Your Rates

Begin at Wells Fargo's website to get an idea of your potential rates. The initial check is a soft pull on your credit, meaning it won't affect your credit score. It's a quick peek to see what your loan could look like.


Complete the Application

If you're already banking with Wells Fargo, you can conveniently apply online or give them a call. If you’re new to Wells Fargo, you'll need to visit a branch. When applying, you'll provide personal details (like your Social Security number and address), employment information and how much money you're looking to borrow.


Document Submission

Be prepared to provide documentation that verifies your income and identity. These could include recent pay stubs, W-2s or tax returns and a form of ID such as your driver’s license or Social Security card.


Await the Credit Decision

Wells Fargo is known for its quick decision-making. Often, you'll hear back on the same day you apply. However, the timeline can vary depending on the complexity of your application.


Loan Acceptance

Once approved, you'll get loan documents to review. Read these carefully, as they outline the terms of your loan. Once you understand and agree to these terms, sign the documents to finalize the loan.


Receiving Your Funds

After everything is signed and approved, Wells Fargo will deposit the loan amount into your account. It often happens within one to three business days, so you won't have to wait long to access your funds.

Understanding each step allows you to gather all the necessary information and documents in advance. Plus, with the Wells Fargo online application tracker, you can watch your progress and stay informed every step of the way.

What to Do if You’re Denied

Being turned down for a personal loan from Wells Fargo can be a setback, but it's not the end of your financial journey. It's just a sign to pause and review your approach. Here's what you can do in this situation:

  • Understand the Reasons for Denial: Wells Fargo will send you an explanation for the denial. It could be due to your credit score, income or debt-to-income ratio. Knowing exactly why can help you address the issue directly.

  • Boost Your Financial Profile: Work on improving your credit score by paying bills on time and reducing debt. A better financial profile can increase your chances of approval in the future.

  • Look for Alternative Financing Options: Other lenders may have different criteria that could work in your favor. Credit unions, online lenders and peer-to-peer lending platforms are worth exploring.

  • Seek Professional Financial Advice: A financial advisor can offer personalized strategies to improve your creditworthiness and guide you towards the right type of loan for your situation.

While Wells Fargo might not have worked out this time, taking these steps can lead you toward a successful loan application in the future. Stay proactive and keep your financial goals in sight.

Frequently Asked Questions About Wells Fargo as a Personal Loan Lender

Navigating the details of obtaining a personal loan from Wells Fargo can raise numerous questions. We've addressed some frequently asked questions to enhance your understanding of Wells Fargo's personal loan offerings.

Wells Fargo allows you to use your personal loan funds for a variety of purposes, including debt consolidation, home improvements and significant purchases. However, it expects you to use the funds responsibly and not for speculative investments like stocks or cryptocurrency.

Wells Fargo doesn't publish a minimum credit score requirement. However, having a higher credit score improves your chances of approval and securing a lower interest rate.

Approval times can vary, but Wells Fargo offers quick decisions on personal loan applications, sometimes on the same day of applying.

Yes, Wells Fargo offers a highly-rated mobile app in both the App Store and Google Play store, which can be used for various banking services, including managing your personal loan.

Wells Fargo personal loans are unsecured, meaning they do not require collateral like a house or a car.

You can borrow between $3,000 and $100,000 with a Wells Fargo personal loan, subject to approval and your creditworthiness.

Wells Fargo does not charge origination fees, closing fees or prepayment penalties. Late payment fees may apply, but the specific amount is not disclosed on its website.

Initially, Wells Fargo will perform a soft credit check to provide rate quotes, which does not affect your credit score. A hard credit inquiry will occur during the formal application process, which can temporarily lower your credit score.

Yes, the bank offers a relationship discount if you set up automatic payments from a Wells Fargo checking account.

No, Wells Fargo does not allow co-signers on personal loans, but you can apply with a co-applicant. Both parties will have access to the funds and are responsible for repaying the loan.


About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.