Wells Fargo Personal Loans Review

Wells Fargo offers personal loans with competitive rates and few fees

We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

Wells Fargo Logo

Wells Fargo

Investopedia’s Rating
2.8

Wells Fargo offers personal loans with competitive rates, especially for existing customers who qualify for a relationship discount. However, Wells Fargo personal loans lack some of the features offered by other lenders. The bank also isn’t transparent about late fees, and non-customers will not be able to enjoy a digital experience.

  • Pros & Cons
  • specifications
Pros & Cons
Pros
  • Relationship discount for checking account holders

  • No origination fee

  • No prepayment penalty

  • Fast funding available

Cons
  • Non-members must apply in-person

  • Late fees not disclosed

  • Mixed customer service reviews

  • Recent regulatory action

specifications
APR Range
5.99% - 21.74%
Loan Amount
$3,000 - $100,000
Loan Terms
12 Months or 84 Months
Recommended Minimum Credit Score
N/A
Average Origination Fee
0.00% - 0.00%
Late Fee
N/A
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • Relationship discount for checking members: If you have an eligible checking account with Wells Fargo and make automatic payments from that account on your personal loan, you could receive an interest rate discount of 0.25-0.50%, depending on the type of account you have. 
  • No origination fee: Some lenders charge origination fees, which are typically taken out of the loan proceeds. Wells Fargo doesn’t charge origination fees, so the amount you see in the offer is what you’ll get if you accept. 
  • No prepayment penalty: Wells Fargo will not charge you a penalty fee if you want to make extra payments or pay off your loan early.
  • Fast funding: Wells Fargo reports that applicants typically receive loan funds on either the same day or the next business day once they’re approved.

Cons Explained

  • Non-members must apply in person: Wells Fargo will only accept online and phone applications for personal loans from existing customers. Non-members will need to visit a bank branch to apply for a loan. 
  • Late fees not disclosed: Wells Fargo does not provide a fee schedule on its website. Before accepting a loan offer, make sure to review the terms carefully. 
  • Mixed customer service reviews: Many customers report negative experiences with Wells Fargo on third-party review sites. However, there are positive reviews as well. 
  • Recent regulatory action: The Office of the Comptroller of the Currency (OCC) assessed a $250 million civil penalty against Wells Fargo in September of 2021. The penalty was related to issues with the bank’s mortgage loss mitigation program and the bank’s failure to meet the requirements of a 2018 Compliance Consent Order. Though this wasn’t directly related to personal loans, it illustrates that Wells Fargo doesn’t always abide by rules designed to protect consumers. 

Introduction

In addition to a full range of banking products, Wells Fargo offers personal loans with a relationship discount for existing checking account holders. However, non-customers should be aware that they’ll need to visit a Wells Fargo bank branch to apply for a personal loan. 

Wells Fargo loan amounts range from $3,000 to $100,000 with flexible terms from 12 to 84 months. Loans under $5,000 are restricted to terms of 36 months or less. APRs range from 5.99% (with a relationship discount) to 21.74%. Wells Fargo offers fast funding and doesn’t charge origination fees or prepayment penalties. But the bank also does not disclose late fees or non-sufficient fund fees on its website. 

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

Company Overview

Wells Fargo was founded in 1852 by Henry Wells and William G. Fargo, and it's headquartered in San Francisco, California. In addition to a full suite of banking products, Wells Fargo offers personal loans for various purposes, with a focus on debt consolidation, home improvements, and major purchases.

Customers of Wells Fargo can access 4,900 branches and 12,000 ATMs across 38 states, and this lender issues personal loans in all 50 states. 

Types of Personal Loans Offered by Wells Fargo

Wells Fargo doesn’t disclose a definitive list of what loan funds can be used for, nor does the bank specify any restrictions for its personal loans. In general, personal loans from Wells Fargo could be used for the following purposes:

  • Debt consolidation
  • Home improvements
  • Major purchases
  • Covering expenses like medical bills and auto repairs

Time to Receive Funds

The time it takes to receive your funds can vary based on your application. However, Wells Fargo reports that the loan proceeds are typically received the same day or the next business day after approval.

Wells Fargo Personal Loan Features

Relationship Discount

If you have an eligible Wells Fargo checking account and use that account to make automatic payments on your personal loan, you can receive a relationship discount of up to 0.5% on your APR. To receive a discount, you must have one of the following checking accounts:

0.25% Discount 0.5% Discount 
Clear Access Banking
Complete Advantage® Checking
Crown Banking® Checking
Custom Management® Checking
Opportunity Checking®
Premium Membership® Checking
Way2Save® Checking
Wells Fargo At WorkSM Checking
Wells Fargo College Checking®
Wells Fargo Everyday Checking
Wells Fargo Preferred Checking
Private Bank Checking
Private Bank Interest Checking
Wells Fargo Portfolio Checking
Wells Fargo Prime Checking 

Mobile App

Wells Fargo has a highly-rated mobile app you can use to make your loan payments. The app is available in the App Store and Google Play store. 

Free Credit Score

Eligible Wells Fargo customers get access to a free FICO score that’s updated once per month. Your score also comes with personalized tips and tools for maintaining good credit. Accessing your free score will not hurt your credit. 

Apply for a Wells Fargo Personal Loan

Remember that you’ll need an existing account with Wells Fargo to apply for a personal loan online or by phone. If you don’t have an existing account, you’ll need to apply in person. Here’s what Wells Fargo customers can expect when applying for a personal loan:

  1. Check your rate: To get started, check your rate with Wells Fargo. This will only require a soft credit inquiry, which will not impact your credit score. 
  2. Fill out a formal application: Complete a formal application if you’re happy with your rate. You’ll need to provide your contact information, Social Security number, and employment and income information. When you submit your application, the lender will conduct a hard credit inquiry, which will cause a slight, temporary dip in your credit score. 
  3. Provide additional documentation: Wells Fargo may request additional documents for further review. These could include recent paystubs, utility bills, and copies of identifying documents. 
  4. Review your loan offer: Review your loan terms and make sure you’re happy with your final rate, which could vary slightly from your initial rate check. 
  5. Sign and accept: Sign the required loan documents to accept your loan offer. 
  6. Track your application: In most cases, you can check your loan application status online. 
  7. Receive your funds: Once you’re approved, you may receive your loan funds as soon as the same day. 

Once you view your rate with Wells Fargo, check with a handful of other lenders to ensure you’re getting the best possible APR.

Can You Refinance a Personal Loan with Wells Fargo? 

Wells Fargo allows you to refinance your personal loan, which could be beneficial if your credit score improves and you can get a lower rate. You can also use refinancing to change your term, either to achieve a lower monthly payment or pay off your loan faster. 

If you’re monitoring your credit score with Wells Fargo’s free FICO score and you see a significant improvement, it’s worth considering refinancing your personal loan. 

Customer Service

To get help with your personal loan from Wells Fargo, you can make an appointment with a banker to discuss your situation in person or contact customer service by phone. 

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

Customer Satisfaction

Wells Fargo receives poor customer service reviews on Trustpilot, with a 2.2 out of 5-star average rating from 102 customers. Most customer complaints are around fraud claims denied by Wells Fargo or poor communication from customer service. One reviewer commenting on the loan application process had a positive experience. 

Wells Fargo fared slightly better on ConsumerAffairs, with a 3.6 out of 5-star average rating across 1,590 customer reviews. Common complaints included unknowledgeable customer service representatives, particularly in the fraud department, and long hold times with frequent transfers. However, some people also commented that Wells Fargo’s customer service representatives are friendly and helpful, and that the institution occasionally forgives overdrafts and late fees. 

Account Management

The yourLoanTracker tool lets you check your loan application status and provide additional documentation as needed. Some borrowers won’t be eligible for the tool, though. Once you have an account with Wells Fargo, you’ll also be able to access its highly-rated mobile app. From there, you can make your loan payments with just a click. 

How Wells Fargo Compares to Other Personal Loan Companies

Compared to many other personal loan lenders, Wells Fargo offers larger loans. This lender also offers competitive rates, although they’re not the lowest we’ve seen. An important distinction is that Wells Fargo only offers existing customers the option to apply for a loan online. Non-customers will need to apply in person, and thus, may find the application process too restrictive. 

Wells Fargo vs. LightStream Personal Loans

Like Wells Fargo, LightStream offers personal loans in amounts up to $100,000. Both lenders offer fast funding and allow you to use the loan proceeds for almost anything. But there are a few differences between these lenders:

  • LightStream offers home improvement loans with up to 12-year terms. Wells Fargo only offers up to a seven-year term. 
  • LightStream offers a 0.5% Autopay discount, which is generous compared to other lenders. Wells Fargo only offers a relationship discount. 
  • LightStream doesn’t charge any fees, even late fees. Wells Fargo assesses late fees but does not disclose what they are. 
  • Anyone can apply for a LightStream personal loan online, while only existing Wells Fargo customers can apply for a Wells Fargo personal loan online. 
Lender Loan Amounts  APR Range  Terms 
Wells Fargo  $3,000 to $100,000 5.99% to 21.74% with relationship discount  1 to 7 years
LightStream  $5,000 to $100,000  5.99% to 22.49% with Autopay discount  1 to 12 years, depending on loan purpose 

LightStream wins here due to lower potential APRs, longer-term options, and less restrictive application processes. But existing Wells Fargo customers may want to check their rate with both lenders before deciding. 

Read our full LightStream review for more details. 

Final Verdict

Since non-customers of Wells Fargo will need to visit a physical branch to discuss their credit needs, this bank may not be the most convenient option for a loan. But existing Wells Fargo customers can enjoy competitive rates with a relationship discount, few fees, and fast funding. 

Still, prospective borrowers should consider the mixed customer service reviews and recent enforcement actions against Wells Fargo. There are plenty of personal loan lenders available, so compare your options and check your rates with multiple lenders before applying.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Wells Fargo. "Personal Loan FAQs." Accessed Nov. 22, 2021.

  2. Wells Fargo. "Personal Loans Application Checklist." Accessed Nov. 22, 2021.

  3. Office of the Comptroller of the Currency. "OCC Assesses $250 Million Civil Money Penalty, Issues Cease and Desist Order Against Wells Fargo." Accessed Nov. 22, 2021.

  4. Wells Fargo. "ATM and Bank Locations." Accessed Nov. 22, 2021.

  5. Wells Fargo. "FICO Credit Score." Accessed Nov. 22, 2021.

  6. Trustpilot. "Wells Fargo." Accessed Nov. 22, 2021.

  7. ConsumerAffairs. "Wells Fargo." Accessed Nov. 22, 2021.

  8. LightStream. "LightStream." Accessed Nov. 22, 2021.

  9. LightStream. "Kitchen Remodel Financing."  Accessed Nov. 22, 2021.

  10. LightStream. "FAQs." Accessed Nov. 22, 2021.