Wells Fargo Personal Loans Review

This lender offers low interest rates and limited fees for well-qualified people

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Wells Fargo logo
overall rating
3.4

Wells Fargo, founded in 1852, is one of the most recognizable banks in the United States. The bank offers a variety of financial services to consumers and businesses alike, including personal loans. Well-qualified applicants may be able to secure rates as low as 5.74% (with relationship discount) on personal loans ranging from $3,000–$100,000. The lender has secured and unsecured options for personal loans and charges limited fees. 

Our Wells Fargo personal loan review gives you the details you need to determine if the lender is a good fit for your financing needs.

  • Product Specifications
  • Pros & Cons
  • Fees
Product Specifications
  • APR Range 5.74% to 24.49%
  • Loan Amounts $3,000 and $100,000
  • Loan Terms 12-84 months (12-36 months for loans under $5,000) 12-84 months (12-36 months for loans under $5,000)
  • Recommended Minimum Credit Score 670
Pros & Cons
Pros
  • No origination fees or prepayment penalties for personal loans

  • Attractive interest rates available for well qualified applicants 

  • Customer relationship discount available

Cons
  • Only existing Wells Fargo customers can apply online or over the phone

  • Potentially lengthy application process if bank requests more documents

  • Only a small percent of applicants qualify for the lowest rate

Fees
  • Origination fee: None
  • Prepayment penalty: None
  • Late fee: $39

Pros Explained

  • No origination fees or prepayment penalties for personal loans: Wells Fargo doesn’t tack on some of the common fees you may encounter with other lenders, such as origination fees or prepayment penalties.
  • Attractive interest rates for well-qualified applicants: Interest rates on personal loans start as low as 5.74%. Your actual rate is based on factors like your credit history, income verification, and the size of the loan you request. If you hope to secure the lowest rate, you’ll also need to qualify for a customer relationship discount.
  • Customer relationship discount available: Wells Fargo offers a relationship discount that can reduce the interest rate on your personal loan by 0.25%. To receive the discount you need a qualifying Wells Fargo checking account (personal) and you must also make automatic payments from a Wells Fargo account.

Cons Explained

  • Only existing Wells Fargo customers can apply online or over the phone: Applicants who don’t already have a relationship with the bank can only apply for personal loans in person at a Wells Fargo branch. In-person applications can potentially be time-consuming, and an advance appointment is recommended.
  • Potentially lengthy application process if the bank requests more documents: After the lender reviews your application, it may request additional documentation. For example, you might need to provide recent pay stubs, W-2s, tax returns, utility bills, copies of your driver’s license, or Social Security card. You may also need to give Wells Fargo permission to verify your employment and income. 
  • Only a small percentage of applications qualify for the lowest rate: As with all lenders, not everyone who applies for a loan qualifies for the best deal. Wells Fargo reveals that around 85% of applicants don’t qualify for the lowest rate on a personal loan. 

COVID-19 Assistance

Wells Fargo is offering fee waivers, payment deferrals, and other expanded assistance for personal loan borrowers on a case-by-case basis. All borrowers can defer monthly payments for three consecutive billing cycles.

Types of Personal Loans Offered by Wells Fargo

As one of the biggest banks in the country, it’s no surprise that Wells Fargo offers a wide variety of personal loan products—both secured and unsecured. You can use personal loans from the lender to consolidate debt, finance home improvement projects, or pay for major purchases or expenses. 

Wells Fargo gives borrowers a lot of flexibility when it comes to how they use the funds they borrow. However, the lender won’t allow you to use personal loans to cover any education-related costs. 

Time to Receive Funds

Another perk that comes with borrowing money from Wells Fargo is the possibility of receiving your loan funds as soon as the next business day. But if the lender requests additional documentation when it reviews your application, the loan process might be drawn out. 

Other Wells Fargo Personal Loan Features

There are several other personal loan features to consider:

  • Hard Credit Pull: Wells Fargo does not advertise an initial soft credit inquiry to check your interest rate. As a result, you may be required to agree to a hard inquiry that has the potential to lower your credit score (typically, only slightly) if you want to discover your APR and whether you qualify for a loan. 
  • Free FICO Score: As a Wells Fargo customer, you may qualify for a free copy of your FICO score each month. 
  • Joint Applications Available: Wells Fargo allows you to apply for a personal loan jointly with another person. However, you should think carefully before you co-sign for any credit obligation. There are risks to both parties when you co-borrow.
  • Mobile App: Wells Fargo makes a mobile app available to both Apple (4.8-star rating) and Android users (4.7-star rating). You can use the app to manage multiple Wells Fargo accounts and conveniently make loan payments with a click. 
  • Citizenship Requirements: If you want to qualify for an unsecured personal loan, you must be a U.S. citizen or permanent resident. However, secured loan options are available to applicants who may not meet these requirements. 

Apply for a Wells Fargo Personal Loan

There are three ways to apply for a personal loan from Wells Fargo—online, over the phone, or in person. If you don’t already have an existing account with the bank, you will need to visit a Wells Fargo branch in person to apply. It’s wise to schedule an appointment in advance if you plan to fill out an application with a banker. 

Before you begin, gather the following information to complete your application:

  • Personal Contact Information: Social Security number or individual taxpayer identification number (ITIN), date of birth, citizenship status, marital status (if you live in Wisconsin), address, email address, and phone number
  • Employment and Income Details: Employment status, the name and phone number of your employer, your gross monthly income, any additional income sources you wish to include on the application, and your monthly rent or mortgage payment
  • Loan Information: The type of loan you are seeking, your desired loan term, the loan amount, and your ideal payment due date

Additionally, the lender may ask you for documents to verify the information on your application. Verification documents may include recent pay stubs, W-2s, tax returns, utility bills, driver’s license, Social Security card, payoff information for current debts, and more. 

If you’re applying for a loan online, you should receive a response to your application quickly. There is even a chance your loan could be funded as soon as the next business day. 

But if the bank requires additional documentation from you or wants to verify your employment and income, the process may take longer. You might also need to complete the loan closing at a physical bank branch. Depending upon how you apply, you may be able to track your application online using the Wells Fargo yourLoanTracker. 

Can I Refinance a Personal Loan with Wells Fargo? 

Wells Fargo does allow qualified applicants to refinance certain loans with new Wells Fargo personal loans. Yet it’s unclear whether the bank will let you refinance one of its own loan products or strictly loans that were initially issued by other lenders. 

Verdict

It’s wise to do your homework before you apply for a personal loan from any lender, Wells Fargo included. First, you should determine if a personal loan is a good financial move. A personal loan might be useful if you can consolidate high-interest debts or to cover large expenses you can’t afford to pay out of pocket. But make sure that a new loan won’t strain your budget and that you won’t use the funds to support an overspending habit before you apply. 

If you’re confident that a personal loan is the right financial move for you, a Wells Fargo loan is certainly worth considering. Its low interest rates and limited fees make it an attractive option. However, you should still compare offers from several personal loan lenders upfront, especially if you don't think you can meet Wells Fargo's minmum score requirements. Comparing loan offers can help you find the best deal available for your specific needs. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders including interest rates, fees, loan amounts and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.

Article Sources

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  2. Well Fargo. “Personal Loan and Line of Credit Rates.” Accessed May 18, 2020.

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  6. Well Fargo. “FICO Credit Score.” Accessed May 18, 2020.

  7. Well Fargo. “Consider Refinancing.” Accessed May 18, 2020.