Wells Fargo Personal Loans Review 2022

Founded in 1852, Wells Fargo is one of the nation’s largest banks, serving one in three American households. It offers a wide variety of services, including banking, investments, and home loans. It also offers personal loans.

Best Features

  • Low rates: Wells Fargo offers fixed interest rates starting at 5.74% APR, which includes a relationship discount of 0.25 percentage points.
  • No application fees: You don’t need to pay origination fees up front to get a personal loan.
  • Relationship discounts: You can get an interest rate discount of 0.25 to 0.5 percentage points if you have an existing Wells Fargo checking account.


  • Online and phone applications only for existing customers: If you do not have an existing account or loan with Wells Fargo, you must visit a branch to apply for a personal loan.
  • No pre-qualification option: If you want to know what rates and terms you qualify for, there is no soft credit check option unless you are an existing customer – you must formally apply for a loan.
  • Bad reputation: Despite its reputation as a major national bank, Wells Fargo has engaged in questionable practices in recent years.

What can Wells Fargo Personal Loans be used for?

Wells Fargo offers unsecured personal loans from $3,000 to $100,000 with fixed interest rates from 5.74% to 19.99% APR (including relationship discount). These loans are ideal when you need one-time financing and can be used for a variety of purposes, including:

  • High interest rate debt consolidation.
  • Finance major purchases, such as appliances or furniture.
  • Financing home improvements and repairs.
  • Covering major expenses, such as medical care or car repairs.

How do Wells Fargo personal loans work?

There are three ways to apply for a Wells Fargo personal loan:

  • Apply online.
  • Make an appointment with a banker at your local branch.
  • Call Wells Fargo at 877-526-6332.

If you share your email address with Wells Fargo when you submit your application, you can track loan status using the yourLoanTracker tool. Once your loan application is approved and you agree to the terms of the loan, your funds will be disbursed quickly – often the next business day.

What are the terms, fees and conditions for Wells Fargo Personal Loans?

Wells Fargo offers personal loan rates between 5.74% and 19.99% APR. Rates are based on creditworthiness and other factors; At least 10% of approved applicants qualified for the lowest rate available.

Loan terms vary from 12 to 36 months for amounts of $3,000 to $4,999 and from 12 to 84 months for amounts of $5,000 to $100,000. Wells Fargo does not charge set-up fees or prepayment penalties. However, late or return payment fees may be charged.

How can you qualify for a Wells Fargo personal loan?

When applying for a Wells Fargo personal loan, you will need to help the lender get an overview of your financial situation. Be ready to provide documents proving your identity (social security number, address and contact details), your employment and income (employment status, employer contact details, gross monthly income and unpaid debts) and the loan itself (amount of the loan, purpose and duration) . After you submit your application, Wells Fargo may ask you to provide additional documentation, such as tax returns, pay stubs, or utility bills.

What credit score do you need?

Wells Fargo does not disclose the minimum credit score required to be approved for a personal loan. However, he acknowledges that consumers with a score of 700 and above are generally approved. Higher scores may be able to borrow more and earn lower interest rates.

Where does Wells Fargo operate?

Wells Fargo has approximately 4,900 retail banking branches and 12,000 ATMs across the country. However, it does not work in all states. There are no locations in Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont and West Virginia.

Is Wells Fargo reputable?

In 2016, Wells Fargo lost its accreditation with the Better Business Bureau following fines of $185 million, including a $100 million fine from the Consumer Financial Protection Bureau, for opening accounts on behalf of customers at without their knowledge or consent and charged additional fees. The bank has a BBB customer rating of 1.08 out of 5 stars.

The company also has a 1.4 out of 5 star rating on Trustpilot. Customer complaints range from high fees to poor customer service.

In 2020, the CFPB received 234 complaints about Wells Fargo personal loans. He gave a prompt response to all but three of these complaints.

How is Wells Fargo customer service?

Contact Wells Fargo customer service by calling 800-869-3557. Representatives are available 24 hours a day, seven days a week. You can also make an appointment with a banker at your local branch.

What are some of Wells Fargo’s online features?

Only existing Wells Fargo customers can apply for a loan online. Personal loan customers can log into Wells Fargo Online to make a one-time payment or set up recurring payments. The bank also offers a mobile app, which lets you set up account alerts, transfer funds, pay bills, make deposits and more.

Wells Fargo personal loans are best for:

  • People who already have an existing relationship with Wells Fargo.
  • People with good to excellent credit.
  • People who prefer the convenience of working with a national bank.

About Judith J. George

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