Who Is Wells Fargo Best For?
Wells Fargo is suitable for a wide range of uses, making it ideal for customers who want to borrow a large amount of funds with flexible loan terms. Loans are even better suited to borrowers with good to excellent credit, who will qualify for more competitive APRs closer to 6% than 20%.
That said, Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia so new customers won’t be able to get a loan in those states.
Wells Fargo Personal Loan Purposes
Wells Fargo Personal Loan Details
Loan Amounts & Terms
- Loan amounts. Wells Fargo offers personal loans from $3,000 to $100,000, making it one of the most flexible lenders in terms of available loan amounts.
- Loan terms. Wells Fargo personal loan borrowers can access flexible terms from 12 to 84 months, depending on the loan amount. Terms from 12 to 36 months are available for personal loans ranging from $3,000 to $4,999; 12- to 84-month terms are reserved for personal loans from $5,000 to $100,000.
Personal Loan Costs
- APR. APRs are based on the loan size, loan terms, and applicant creditworthiness, and range from 7.49% to 23.24%, including a 0.25% relationship discount. The most competitive rates are reserved for applicants with excellent credit. Wells Fargo reports that at least 10% of approved borrowers qualify for the lowest available rates.
- Rate discounts. Applicants with a qualifying Wells Fargo checking account can earn a 0.25% or 0.50% relationship discount by signing up to make automatic payments from their Wells Fargo deposit account. The discount amount depends on the type of account.
- Origination fees. Wells Fargo does not charge any origination fees or closing fees on personal loans. Personal loan origination fees cover the costs of processing an application and verifying the applicant’s income, as well as other expenses related to underwriting and even marketing.
- Prepayment penalties. Some lenders charge prepayment penalties if borrowers pay off their loans before the due date. Wells Fargo personal loan borrowers don’t have to pay any prepayment penalties if they choose to pay off their loan early.
- Late fees. Wells Fargo does not disclose exact fee amounts on its website. However, third-party sources report that Wells Fargo may charge a $39 late payment fee to customers who make a payment more than 10 days after it’s due.
Perks & Features
- Payment flexibility. Wells Fargo personal loan customers can change their payment due date by calling customer service.
- In-person banking. Applying for a Wells Fargo personal loan can be more difficult than borrowing through entirely online lenders. However, borrowers who like to work with local bankers may prefer Wells Fargo’s in-person application process.
How to Qualify for a Wells Fargo Personal Loan
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.
Credit Score Requirements
Wells Fargo does not publish a minimum credit score requirement on its website. Most lenders prefer borrowers to have a credit score of at least 670 to qualify for lower APRs. The lowest, most competitive rates are reserved for applicants with the highest credit scores.
Income Requirements
Wells Fargo does not disclose its minimum income requirements. In general, though, lenders are more likely to approve applicants who can establish a monthly income large enough to cover existing debt obligations and the new loan payment. This typically involves having a debt-to-income (DTI) ratio of less than 36%, though otherwise qualified applicants may get approved with a higher DTI up to around 50%.
Co-signers and Co-applicants
Wells Fargo reportedly does not allow co-signers on personal loans. However, prospective borrowers can apply for a loan with a co-applicant. This means that Wells Fargo considers both applicants’ credit scores, incomes and outstanding debts. Compared to co-signers, however, co-applicants have access to the loan funds and are responsible for making monthly payments.
How to Apply for a Wells Fargo Personal Loan
Applying for a personal loan typically involves prequalifying for a rate, submitting a formal application and awaiting loan approval. In general, existing Wells Fargo customers can apply for a personal loan online or over the phone; new customers must visit a branch to get a loan.
Follow these steps to apply for a Wells Fargo personal loan:
- See what rates you’re likely to qualify for. If you’re a current Wells Fargo customer and considering a Wells Fargo personal loan, use the online wizard to see personalized rates and payment estimates. If you’re a new customer, visit a local branch to see what rate you’ll qualify for. Checking your rate does not require a hard credit inquiry, so it won’t affect your credit score.
- Complete application. Current Wells Fargo customers can apply for a personal loan online or via telephone. To do so, click “Apply now” from the personal loans homepage and provide the necessary information. If you don’t already have an account with Wells Fargo, search for a local branch and meet with a banker to start your application.
- Await approval. Prospective borrowers who submit an application online can receive an approval response in just a few minutes. However, the approval may take longer under certain circumstances, like if your application is incomplete. Applicants can check the status of their application using the online yourLoanTrackerSM.
- Sign loan agreement. If you’re approved and agree to the loan terms offered, review the loan documents in yourLoanTrackerSM. Then, sign and accept the documents so Wells Fargo can initiate the funding process.
- Receive funds. Wells Fargo borrowers typically receive loan funds the next business day after they are approved and accept the loan terms.
- Make payments. Once your loan funds are disbursed, you can make payments by signing in online. You can also set up automatic payments from your checking or savings account by visiting the Wells Fargo online platform. Alternatively, payments may be made in person at a local Wells Fargo branch, by phone or by mailing a personal check, cashier’s check or money order. Loan payments are due monthly.
Time to Receive Funds
According to Wells Fargo, approved borrowers who have accepted their loan terms can receive funds as soon as the next business day. Overall, the application, approval and funding processes are more abbreviated for existing Wells Fargo customers.
Customer Reviews
Wells Fargo has poor ratings on Trustpilot, where it has been rated 2.3 stars based on 78 reviews. Satisfied customers report a helpful customer support team, but these reviews are predominantly focused on Wells Fargo banking services. Negative reviews detail issues with customer support and getting approval for various financial products. That said, many of the negative reviews also are for other Wells Fargo services, like savings accounts and home loans.
Ratings on the Better Business Bureau (BBB) are also overwhelmingly negative, and Wells Fargo has a 1.09-star rating based on 347 customer reviews. Reviews reveal issues with loan and credit card approval as well as trouble with customer service response times and behavior.
Note: In addition to negative reviews, Wells Fargo recently entered into settlement agreements—one in 2019 and one in 2020. The former pertained to the use of improper sales practices in the company’s insurance referral program. The latter was related to the enforcement of unrealistic sales goals that led to falsification of customer records and misuse of customer identities.
How Wells Fargo Personal Loans Stack Up
The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how Wells Fargo personal loans stack up against other popular lenders:
Wells Fargo Vs. SoFi®
Similar to Wells Fargo, SoFi offers loan amounts from $5,000 to $100,000, making it an excellent option for a wide range of borrowing needs. SoFi personal loan APRs start at 8.99% with autopay—slightly higher than the lowest rate available through Wells Fargo—and go up to 29.99% with autopay, similar to Wells Fargo. SoFi also does not charge any origination fees or prepayment penalties, but—unlike Wells Fargo—SoFi customers aren’t charged late fees.
Related: SoFi Personal Loans Review
Wells Fargo Vs. LightStream
LightStream personal loans are available from $5,000 to $100,000, depending on the purpose of your loan, which is similar to Wells Fargo’s offerings. However, for some loan purposes, LightStream APRs start below 3% with autopay—much lower than Wells Fargo’s lowest rates.
LightStream loan terms are also extremely flexible, and borrowers can repay a loan over two to 12 years depending on loan size, purpose and creditworthiness. As with Wells Fargo, LightStream does not charge origination fees or prepayment penalties.
Related: LightStream Personal Loans Review
Wells Fargo Vs. U.S. Bank
U.S. Bank offers a smaller range of loan amounts than other top lenders, with loans available from just $1,000 to $50,000—half the maximum loan amount offered by Wells Fargo. APRs available through U.S. Bank are similar to those offered by Wells Fargo and range from around 7% to 19%.
Funds can be used for any purchase or product but loans are limited to U.S. Bank customers with a FICO credit score of 660 or above. Like Wells Fargo, there are no origination fees or prepayment penalties.
Featured Partners
1
SoFi®
650
8.99% to 29.99%
$5,000 to $100,000
2
LightStream
660
7.49% - 25.49%
$5,000 to $100,000
3
U.S. Bank
680
8.24% to 21.49%
$1,000 to $50,000
Methodology
We reviewed Wells Fargo based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Wells Fargo based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated Wells Fargo’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
