Wells Fargo Personal Loan Review

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Updated on Tuesday, June 25, 2019

Wells Fargo Bank


Credit Req.

Not specified


12 to 84


Origination Fee



on Wells Fargo Bank’s secure website

Wells Fargo personal loan details

Fees and penalties

  • Terms: 12 to 84 months
  • APR range: 5.74% - 24.49%
  • Loan amounts: $3,000 - $100,000
  • Time to funding: Next business day
  • Credit pull: Hard Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: Not specified

Wells Fargo loan terms range from 12 to 84 months on loan amounts of $3,000 to $100,000. The APR on a personal loan can range from 5.74% to 24.49%, (0.25% discount is applied to the interest for relationship accounts). The Wells Fargo website states funds are often distributed the next business day after approval, and that there are no origination or prepayment fees for personal loans.

Eligibility requirements

Your credit report will likely show a hard pull when you apply for a personal loan with Wells Fargo; though it is not specified on Wells Fargo’s website, this is a common practice in the application process. The bank does not specify requirements for a minimum credit score or debt-to-income ratio, but these will both likely play a role in the lending decision.
Loan underwriters will also consider your income and any other banking relationship with Wells Fargo as part of their decision. If you’re a long-term Wells Fargo customer, that could improve your chances of qualifying.

Apply for a personal loan with Wells Fargo

You can apply for a Wells Fargo personal loan online, by phone or at a Wells Fargo bank branch. In each case, Wells Fargo will ask for your personal information — like your name, address and Social Security number — and employment and income verification. Finally, you will need to submit your ideal loan term and amount, although you may not receive the full amount requested.

If you already have a Wells Fargo bank account, you can log in and the application will be prefilled with information that is already on your account. Once you submit the online application, the software will tell you whether you qualify, are rejected or if they need more information. Wells Fargo may request supporting documentation such as your pay stubs, driver’s license or tax returns before making a decision.

Wells Fargo often supplies funds within one business day of approval. Funds can be received in a variety of different ways, including a direct deposit or you can opt to have the funds go directly toward outstanding debts (if you requested the loan to consolidate your other debts).

Wells Fargo has some positives — like banking with a mega financial institution — but it also has some negatives — like their history of setting up fraudulent accounts. Loan products (with any institution) will be no different.

Pros and cons of a Wells Fargo personal loan



  • Fast payment: Once your loan has been approved, you’ll likely receive your funds within one business day.
  • Competitive interest rates: Wells Fargo interest rates are competitive compared with many online lenders.
  • Relationship discount: Wells Fargo takes 0.25% off your interest rate if you have a qualifying checking account with them and make automatic payments.
  • No prepayment, origination or application fees: Wells Fargo does not charge an application fee or origination fee to set up a personal loan. There are no penalties for paying off your loan early.
  • Varied loan amounts: Wells Fargo offers loans anywhere from $3,000 to $100,000. This can be useful for people looking for a large personal loan.
  • Decision could take time: Wells Fargo does not make an instant decision on all applications. They may ask you to submit additional documents before making a decision.
  • Hard Pull: Learning whether you qualify and at what rate may require a hard pull on your credit report, which can knock a few points off your score.
  • No guaranteed approval: Although Wells Fargo does not list its eligibility requirements, expect them to be tougher than with an online lender. Large national banks use a more stringent qualification process in exchange for charging lower interest rates than some online lenders.

Who’s the best fit for a Wells Fargo personal loan?

Wells Fargo personal loans are ideal for someone with a strong credit score and high income. In this case, you have a better chance of receiving an instant decision at the lowest available interest rate.

Wells Fargo incentivizes personal loan borrowers to open a checking account with them by offering a 0.25% discount on the interest rate when you set up automatic payments. Plus, Wells Fargo can deposit the loan proceeds into your bank account often by the next business day after you’re approved.

Wells Fargo is a good fit if you want the flexibility to pay the money back earlier than expected or are looking for a large personal loan limit. Finally, if you want to meet with a banker in person to discuss your loan, Wells Fargo is one of your better options as they have roughly 5,500 branches nationwide where you can meet with a loan officer.

Wells Fargo consumer reviews

Before you consider choosing a personal loan from Wells Fargo, you should reference consumer reviews. One fast way to do this is to review the Better Business Bureau (BBB) rating for any financial institution you are considering for your personal loan.

BBB ratings represent the BBB’s opinion of how they believe the business is most likely to interact with its customers. The BBB bases their ratings on information they obtain about the business. This information includes complaints received from the public, as well as information obtained directly from businesses and public data sources. A BBB Business Profile will generally explain what significant factors that contributed to a business’s rating. These ratings do not guarantee a business’s reliability or performance.

In June 2019, Wells Fargo was not rated by the BBB, pending a response to comments that had been previously closed.

Wells Fargo FAQ

You can apply in three different ways: apply online, meet with a banker at your local Wells Fargo branch or call 1-888-667-5250.

Yes, you can apply individually or with a co-applicant.

12-36 months for loans under $5,000. 12 to 84 months for loans of $5,000 or more.

There are no annual or origination fees for personal loans.

Online, over the phone, in person at a branch location, or via mail. You can also set up automatic payments from your checking or savings account.

You can pay off your loan at any time, and there is no prepayment fee. You’re also able to pay more than the amount due, which will be applied to your principal balance, whenever you’d like. Making extra payments can reduce the overall interest you pay during the term of the loan.

You can consolidate debt in two ways: requesting your branch or phone banker pay your creditors directly when you apply for the loan, or depositing the loan proceeds your receive into your checking account so you can pay your creditors directly.

Alternative loan options




Credit Req.

Not specified


36 or 60


Origination Fee

2.00% - 6.00%


on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LendingClub is an online marketplace that uses a peer-to-peer system, which means they match you with other lenders to fund your loan. You could potentially receive a lower interest rate or qualify with a lower credit score than you would with Wells Fargo, but that depends on what kind of offers you receive. You can check rates without hurting your credit score because they use a soft pull to create offers. However, the entire process takes at least seven days to fund your loan. A personal loan with Wells Fargo is a faster process if you immediately qualify.

OneMain Financial



Credit Req.

Not specified


24 to 60


Origination Fee

1.00% - 10.00%


on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial’s application process — from application to funding — can be completed in just one day. However, one downside is that they charge significantly higher interest rates than Wells Fargo. You will be required to visit a OneMain Financial branch in person to complete the process, as it can’t be 100% completed online.




Credit Req.


Minimum Credit Score


24 to 48


Origination Fee

0.00% - 6.00%


on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint is another choice if you need money quickly and want to handle the entire process online. They are more accepting of lower credit scores and consider other factors for their lending decision, such as employment and financial history and income. Their application process is fast and you may be able to apply and receive funding as soon as the next business day. Note, however, that LendingPoint charges a loan origination fee, and may have higher interest rates than Wells Fargo.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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