MoneyGeek’s Take: Wells Fargo Personal Loan Review

Wells Fargo offers flexible personal loans to its existing customers without even requiring a minimum credit score. Its loans are perfect for people who need money quickly with a competitive interest rate and no fees. Some Wells Fargo clients can also benefit from a discount on their interest rate.

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Last Updated: 11/1/2022
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A Wells Fargo personal loan is a solid choice for borrowers with fair, good or excellent credit scores who want to consolidate high interest debt, pay for expenses like car repairs or home improvement, or finance a large purchase. It has relatively lower interest rates than other lenders and does not charge origination, closing or prepayment fees. However, you must have a Wells Fargo account to get a personal loan — opening, for example, a checking or savings account before applying should make you eligible.

At a Glance: Wells Fargo Personal Loans


  • Wells Fargo

    • 5.74% to 19.99%APR Range
    • NoneMinimum Credit Score
    • $3,000 to $100,000Loan Amount Range
    • 12 to 84 monthsRepayment Terms
    • Two DaysTime to Receive Funds

MoneyGeek Breakdown - Wells Fargo Personal Loan Details

  • APR

    Wells Fargo’s personal loans have an annual percentage rate (APR) of 5.74%–19.99% (with a 0.25% relationship discount).

  • Credit Score Requirements

    Wells Fargo’s website doesn’t disclose its minimum credit score requirement. However, MoneyGeek’s research revealed that borrowers don’t need a minimum credit score to qualify.

  • Income Requirements

    Wells Fargo’s income requirements are not publicized on its website, but you may need to provide proof of income with your application.

  • Loan Amounts

    Wells Fargo offers personal loans from $3,000 to $100,000.

  • Loan Terms

    Wells Fargo’s personal loans are payable in 12 to 84 months.

  • Permitted Uses

    Borrowers can use their Wells Fargo personal loans to consolidate debt, finance special occasions, make large purchases, and more.

  • Prohibited Uses

    Wells Fargo does not disclose any limitations on personal loan funds usage.

  • Time to Receive Funds

    According to Wells Fargo, personal loan funds are usually available within two business days after loan application approval.

  • Origination Fees

    Wells Fargo doesn’t charge origination fees on personal loans.

  • Late Fees

    Missing a Wells Fargo personal loan payment due date may result in a late payment fee.

  • Prepayment Penalty Fees

    Borrowers can pay their loans early with no prepayment fees.

  • Co-signers and Co-applicants

    Wells Fargo doesn’t publicize its policies about co-signers and co-applicants. MoneyGeek’s research found the lender allows joint loans but prohibits co-signers.

  • Perks

    Wells Fargo checking account holders who sign-up for autopay receive a discount on their interest rate of 0.25% or 0.50%.

  • Mobile Application

    Borrowers can use the Wells Fargo mobile app to manage their loans and view their credit scores.

Is Wells Fargo Right for You?

Personal loan lenders have different requirements and loan terms, and you might find certain offerings more suitable for your needs. MoneyGeek’s Wells Fargo personal loan review analyzes the borrowers who benefit from this lender.

Who Wells Fargo Is Perfect For

Wells Fargo’s personal loans are perfect for existing account holders with fair, good or excellent credit. They can view their interest rate online through a soft inquiry of their credit score before completing the application and access an interest rate discount if they enroll in autopay.

A Wells Fargo personal loan can range from $3,000 to $100,000, payable for up to 84 months, making the terms very flexible if you need to keep monthly payments low. Wells Fargo is also good for borrowers who want to avoid origination and prepayment fees. Funding is also quick — often within two days.

A potential downside is Wells Fargo requires you to have an account to apply for a personal loan.

Who Should Not Choose Wells Fargo

If you’re not interested in opening a checking account with Wells Fargo, it’s not the lender for your personal loan. Plus, you don’t get an interest rate discount unless you have a specific type of checking account with Wells Fargo and schedule automatic payments from it. Other lenders provide a discount regardless of what bank you use to make automatic payments.

Additionally, consumers who want high-quality service have to look elsewhere when getting a personal loan since Wells Fargo’s customer support has mixed reviews. It also requires a minimum loan amount of $3,000, which may be more than some borrowers need.

How to Apply for a Wells Fargo Personal Loan

MoneyGeek broke down the necessary steps when applying for a Wells Fargo personal loan. Remember, this process is only available to existing account holders. If you’re not a current customer, you must open an account first at a Wells Fargo branch.

1

Prequalify

Start by checking your interest rate with Wells Fargo. The website tool asks you to sign in to your account or continue without. You enter the desired loan amount, purpose, your full name and address, phone number and email, Social Security number and date of birth. It then performs a soft credit inquiry that doesn’t affect your credit score but gives you the estimated interest rate on your personal loan.

2

Fill Out Application Form

If you’re satisfied with your rate, you proceed with the application form. That will likely involve more personal details and income verification.

3

Wait for Approval

Wells Fargo conducts a hard credit inquiry to verify your credit score and history. It claims to issue an approval in a few minutes, but this varies depending on your employment situation.

4

Review Loan Agreement

Wells Fargo provides a loan agreement. Check its details as sometimes the approved loan amount and term are different from the initial request. You also want to check the interest rate, see if a discount applies, and review the fine print to make sure you agree with everything.

5

Sign Loan Agreement

Sign the document once you feel confident about the loan’s terms and conditions.

6

Receive or Direct Funds

Wells Fargo sends the funds of your loan to your bank account. They are usually available within two business days.

7

Make Payments

Once you receive your money, you have to make monthly payments to Wells Fargo for the loan’s duration. Wells Fargo allows you to change your due date by calling its customer service hotline.

What to Do if You Are Rejected From Wells Fargo

Wells Fargo can decline your personal loan application despite your submission of all the necessary documents and requirements. A low credit score, insufficient income, high debt-to-income ratio and incomplete paperwork are just some of the reasons why they deny applications.

Don’t be disheartened if that happens. You can reach out to Wells Fargo to know why it rejected your personal loan and understand the reasoning. It’s advisable to do this since the issue can come up again if you apply with a different lender. Plus, you may be able to find a solution with Wells Fargo that makes your loan approved in the end. For example, you could lower your loan amount.

If Wells Fargo is not willing to change its mind, MoneyGeek recommends that you improve your creditworthiness or address the issue for a denial from Wells Fargo before getting a loan from another lender. That could mean paying off some of your existing debts or finding a way to increase your income. You can also consider getting a joint loan or finding a lender that allows a co-signer on your application to increase your chances of approval.

Frequently Asked Questions About Wells Fargo Personal Loans

MoneyGeek’s Wells Fargo personal loan review studied the lender’s pros and cons for various borrower profiles. But, your personal and financial situation determine the best lender for your needs. We answered some frequently asked questions below to help you further understand Wells Fargo’s personal loans.

Read More on Personal Loans

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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.