Wells Fargo Personal Loans Review: Everything You Need To Know

Wells Fargo, as one of the largest banks in the United States, is a likely destination if you’re looking for a personal loan.

It can be used to pay an upcoming expense, consolidate debt, purchase a car, and do other things. Find out if Wells Fargo should be your preferred lender when you require financing.

We’ll compare Wells Fargo Personal Loans rates, fees, and services to those of other national and online banks in this review.

The Wells Fargo Company

Henry Wells and William G. Fargo founded Wells Fargo in 1852, and it is headquartered in San Francisco, California.

Wells Fargo offers personal loans for a variety of purposes, with a focus on debt consolidation, home improvements, and major purchases, in addition to a full suite of banking products.

Wells Fargo customers have access to 4,900 branches and 12,000 ATMs in 38 states, and this lender offers personal loans in all 50 states.

READ ALSO: Best Personal Loans For Debt Consolidation For 2022

Wells Fargo Personal Loan

Wells Fargo offers personal loans with a relationship discount for existing checking account holders, in addition to a full range of banking products.

Non-customers, on the other hand, should be aware that they must apply for a personal loan at a Wells Fargo bank branch.

Loan amounts from Wells Fargo range from $3,000 to $100,000, with terms ranging from 12 to 84 months. Loans of less than $5,000 are limited to terms of 36 months or less.

APRs range from 5.74 percent to 19.99 percent. 1 Wells Fargo provides quick funding and does not charge origination or prepayment fees. However, the bank’s website does not disclose late fees or non-sufficient fund fees.

Personal loans from Wells Fargo are best for existing Wells Fargo checking account customers who qualify for the relationship discount.

Personal Loan Amounts and Interest Rates From Wells Fargo

The amount of a Wells Fargo personal loan ranges from $3,000 to $100,000 and can be repaid over one to seven years, depending on the terms you and the lender agree to.

Wells Fargo’s minimum APR is slightly lower than that of comparable lenders. Wells Fargo offers a rate of 5.74 percent, while Discover and Marcus by Goldman Sachs offer the lowest APR of 6.99 percent. To qualify for the lowest rates, you must have good credit.

Wells Fargo’s maximum rate is 19.99 percent. If your finances aren’t in great shape and you’re worried about being stuck with a higher interest rate, you should look for a different lender.

Lower rates are available from online lenders such as Lightstream and SoFi, which offer maximum rates of less than 19.99 percent.

SEE ALSO: Elfi vs Sofi 2022: Best Loan Refinancing Lender | Full Guide

How Does Wells Fargo Personal Loan Work?

Wells Fargo provides unsecured personal loans for a variety of purposes, including debt consolidation, home improvement, and large purchases. You do not need collateral, such as a house or a car, to obtain an unsecured personal loan.

Wells Fargo allows you to receive your funds as soon as the next business day, depending on when your application is approved.

They do not charge you any origination fees or prepayment penalties, but the lender may charge you a $39 late payment fee.

Wells Fargo provides personal loans in all 50 states but does not have branches in 14 of them. Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii are the states where branches are not available.

This could be a problem because only current customers are eligible to apply for loans via Wells Fargo’s online portal or by phone. If you are not already a customer, you must apply by visiting a branch and speaking with a banker.

To reach customer service, call the lender from 7:00 a.m. to 7:00 p.m. CT, Monday through Friday, or message the company’s chatbot on its personal loan webpage.

Wells Fargo has a popular app that has received 4.8 out of 5 stars in both the Apple and Google Play stores. After you apply and your loan is approved, you could have your money as soon as the next business day.

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Wells Fargo Personal Loan Product Lines

Wells Fargo does not provide a definitive list of loan funds that can be used for, nor does the bank specify any restrictions on its personal loans.

Personal loans from Wells Fargo can be used for the following purposes in general:

  •  Consolidation of debt
  • Home enhancements
  •  Purchases of significance
  •  Expenses such as medical bills and car repairs are covered.

What You’ll Need to Get a Wells Fargo Personal Loan

To apply for a personal loan from Wells Fargo, you’ll need a few things, including:

  • Your Social Security number and birthdate
  • Mother’s maiden name
  • Your email address, physical address, and phone number are required.
  • Job-related information, such as your employer’s name and phone number
  • Your total monthly earnings from all sources
  • The amount of your monthly mortgage or rent payment
  • You may be required to provide the bank with copies of supporting documentation, such as recent pay stubs, W2s, or tax returns.
  • Utility bills may be required to verify your address, and you should keep a copy of your driver’s license and Social Security card on hand in case the loan officer requires them.

When you apply, you must tell Wells Fargo what type of loan you want (secured or unsecured), the loan term you want, the amount you want to borrow, and your preferred due date.

If you are approved, you may change your due date once you have made your initial payment.

Remember that if you apply with a joint applicant, they will need to provide all of the same information as you.

How Do I Get Approved for a Loan?

To find out if you qualify, you must apply for a personal loan with Wells Fargo.

The bank’s website does not list any specific qualification requirements, and a quick chat with a customer service representative confirmed that each application is reviewed on its own merits.

With that in mind, here are some general guidelines that may assist you in qualifying for a personal loan:

1. Before you apply, check your credit

As part of the approval process, Wells Fargo will consider your credit report and score, among other things. Examine your credit report and score to see which factors may be helping you and which may be hurting your chances of approval.

2. Remove any errors from your credit report

Your credit score may suffer as a result of errors or inaccuracies in your credit report. If you discover an error, you can file a dispute with the credit bureau that provided the information to have it removed or corrected. (blueiceland.is)

3. Maintain good credit habits

Your payment history and credit utilization ratio are the two most important factors that influence your credit score. When trying to qualify for a loan, having a solid history of on-time payments and low balances on your other debt accounts can work in your favor.

4. Determine your debt-to-income ratio

Your debt-to-income ratio is the percentage of your monthly income that goes toward debt repayment.

If lenders are concerned about your ability to repay a new loan, a higher debt-to-income ratio may be a red flag.

If your debt-to-income ratio is too high, consider paying off some of your existing debits or looking for ways to increase your income to reduce it.

5. Double-check your collateral

Wells Fargo secured loans are available to customers who have a certificate of deposit or savings account with the bank. The loan is secured by the CD or savings you have.

If you intend to apply for a secured loan, go over your deposits to determine how much you can reasonably borrow.

Well Fargo Personal Loan Benefits

Some of the benefits of a Wells Fargo personal loan are as follows:

1. Low APRs:

Wells Fargo’s APRs are among the lowest on the market for personal loans. On unsecured loans, there are no origination fees or prepayment penalties. Furthermore, if you have a Wells Fargo account, you may be eligible for an even lower rate.

2. Co-applicants are permitted

If your credit score is low, Wells Fargo will let you apply with a co-applicant (also known as a co-borrower). If your co-applicant has better credit than you, he or she may be able to help you qualify for the loan.

You might also be able to get a better interest rate and terms. Be aware that a co-applicant is not the same as a cosigner. When it comes to spending and repaying the loan, co-applicants bear more responsibility.

Wells Fargo personal loans have a high lending limit of $100,000. This means they can be used for more expensive purchases, such as an engagement ring or home remodeling.

Current Wells Fargo customers can use a CD or savings account as collateral for a secured loan. When you have collateral to back up your loan, the lender may offer a lower interest rate or allow you to borrow more money.

When you use a Wells Fargo personal loan to consolidate debt, Wells Fargo can cut checks directly to each creditor. This service can help you save time and money. If you have high-interest debt, consolidating it at a lower interest rate with a fixed monthly payment may help you pay it off faster.

SEE ALSO: Best Personal Loans with a Cosigner for 2022

Wells Fargo Personal Loans interest rate

Do you want to know what your interest rate and the monthly payment will be? Simply enter your home state, loan amount, preferred loan term, and credit score into Wells Fargo’s handy payment calculator.

It’s only an estimate, but it gives you a good idea of whether a Wells Fargo personal loan will work for you.


The following rates are reserved for Wells Fargo banking customers: Non-customers can get good rates from Wells Fargo. Existing customers get even better deals.

Qualifying Wells Fargo customers with one of 11 checking accounts can receive a 0.25 percent reduction in their loan APR.

Customers who have some of Wells Fargo’s elite checking accounts are eligible for a 0.50 percent discount.

Non-customers must apply in person

Wells Fargo is the only lender on our “best of” list that requires non-customers to apply in person. This requirement may be a deal-breaker if you don’t have a Wells Fargo branch nearby.

Personal loans from Wells Fargo have high loan limits

Personal loans from $3,000 to $100,000 are available from Wells Fargo, with no collateral required.

If you require a larger loan, Wells Fargo provides secured loans of up to $250,000. Loans have a fixed interest rate and term, as well as fixed monthly payments.

That means you have some certainty about loan repayment, which can help you budget for your monthly payments. The repayment term can be 12, 24, 36, 48, or 60 months, depending on the loan amount.

Loans under $5,000 have terms ranging from 12 to 36 months, while loans over $5,000 have terms ranging from 12 to 60 months. Depending on how much you borrow, a secured loan can have a term of up to 120 months.

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Concerning Customer Service

To get assistance with your Wells Fargo personal loan, you can make an appointment with a banker to discuss your situation in person or call customer service.

To open a new account, call 1-877-526-6332 between the hours of 8 a.m. and 7 p.m. CT on weekdays. To get assistance with an existing account, call 1-877-269-6056 between the hours of 7 a.m. and 7 p.m. CT on weekdays.


If your credit score is high enough to qualify for low-interest rates and you are a current customer of the bank, a Wells Fargo personal loan should be on your shortlist.


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