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Wells Fargo Personal Loan

Wells Fargo Personal Loan
Daniel Cohen
UpdatedMay 13, 2019
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    6 min read
Key Takeaways:
  • Wells Fargo personal loans are aimed at borrowers with strong credit.
  • Wells Fargo has an easy to use online process and funds loans quickly.
  • Wells Fargo personal loans have competitive rates, but shop around to find the best deal.

Is a Wells Fargo Personal Loan Right for You?

The demad for personal loans is booming. A record number of personal loans were taken out in 2018. A large part of the demand has been fueled by the FinTech revolution, with online lenders using technology to improve the financial services industry. FinTech lenders have disrupted the traditional personal loan market, issuing over 38% of all personal loans.

Online lenders grabbed market share from banks and credit unions, but traditional banks are still major issuers of personal loans. Wells Fargo is the fourth largest bank in the USA. Wells Fargo is a full-service bank, offering checking and savings accounts, personal and commercial mortgages, credit cards, and personal loans. Wells Fargo has over $1.9 trillion in assets, more than 5700 branch locations in the US, and 270,000 employees.

Wells Fargo also has an easy-to-use website. They have simple online process to submit a personal loan application online, provide necessary supporting documents, and e-sign your loan documents, allowing you to receive your personal loan funds in as little as one day. You can also go into a branch, if you prefer face-to-face communication.

Wells Fargo Personal Loan Rates, Fees, and Terms

Wells Fargo offers unsecured personal loans with competitive rates, no fees, and a discount for qualified customers who make automatic payments from a Wells Fargo bank account. Wells Fargo doesn't publish minimum credit score or income requirements, but their target market is consumers with strong credit scores.

As of May 2019, Wells Fargo offers personal loans with:

  • Loan amounts from $3,000 to $100,000
  • Fixed-rate loans with interest rates of 5.49% to 22.99% APR, with a .25% discount avaialable for customers who make automatic payments from their Wells Fargo bank account
  • No origination fees
  • Repayment terms of 2 to 5 years

Wells Fargo's lowest rate offered is currently 5.24%, with the discount for making your loan payments automtically from a Wells Fargo bank account. Some lenders may publicize a low-rate without making it clear how many customers actually qualify for it. Wells Fargo states that at least 5% of applicants qualified for its lowest rate, referencing data from the 3rd quarter of 2018. This demonstrates that the lowest rate is attainable, and not some marketing gimmick, though it is reserved for borrowers with excellent credit.

The interest rate you are offered by Wells Fargo is dependent on an analysis of your credit report, the size of the loan you seek and the length of the repayment term you select.

Whatever rate you are offered by Wells Fargo, it pays to shop around. Comparison shopping is the only way to see if other lenders will offer you better terms.

You can use the Personal Loan Rate Table immediately below, and see what a number of lenders offer you. It takes about a minute to see results. All you need to do is put in your desired loan amount, estimated credit score, the reason you want a loan, and your Zip Code. This process has no effect on your credit.

Other Wells Fargo Personal Loan Requirements

In order to qualify for a Wells Fargo personal loan, you have to supply Wells Fargo with personal information, employment and income information, and details about the loan you seek.

Among the items you need to supply are your:

  • Social Security Number, date of birth, and proof you are a US Citizen or resident alien
  • Employment status
  • Gross monthly income for all income you want Wells Fargo to count towards your ability to make your monthly payment
  • Monthly mortgage or rent payment amount

While reviewing your personal loan application, you should expect Wells Fargo to ask you to submit proof of your income, address, and identity.

Wells Fargo offers loans in every state in which it has branches. As of May 2019, every qualified borrower in the USA aside can get a personal loan, unless the live in Hawaii, Illinois, Iowa, Kentucky, Louisiana, Maine, Michigan, New Hampshire, Ohio, Vermont, or West Virginia.

Avoid Common Personal Loan Mistakes

When you are shopping for a personal loan, before you decide which lender is the best choice, be sure you think about why you are taking out the loan, understand the costs, and how to avoid 6 common personal loan mistakes that can cost you money.

Debt consolidation is the most common reason people take out a Wells Fargo personal loan. With a Wells Fargo debt consolidation loan, Wells Fargo sends you the money. They don't pay off your creditors directly. That leaves open the possibility that you will use all or part of the loan funds for some other reason. Be sure to pay off your debts, then take steps to avoid running up new debt. Too many consumers take out loans to consolidate high-interest credit card debt and then run up new credit card debt, ending up with more overall debt and higher monthly payments.

Wells Fargo Personal Line of Credit

There are times when you need money, but are unsure of the total amount that you are going to need. Wells Fargo offers a personal line of credit that's worth looking at, in those circumstances. The application process, dollar amounts available, and quick funding for approved borrowers are the same as for the personal loans.

The big differences between a Wells Fargo personal loan and line of credit are:

  1. The interest rate is variable on a line of credit, not fixed. Rates currently range from 10.50% t0 22.00%, with a discount available if you make your payments automatically from a Wells Fargo account.
  2. There is a $25 annual fee.
  3. You only pay intereest on a line of credit as you use it, and you can use it as you please. With a personal loan you start to pay interest on the entire amount borrowed right away.

A good use of a line of credit is for an expense that could range, so you don't need to apply for multiple loans if the amount you borrow is not enough. For example, the costs for home remodeling projects often exceed the cost estimates. That could lead you to borrowing more than you need in a personal loan, if you build in some padding to cover overages, and paying extra interest. A line of credit, however, gives you the flexibility to pay for the higher costs, if the occur, but only pay interest on what you use.

Wells Fargo Personal Loan Pros and Cons?

Wells Fargo is a lender worth including in your personal loan comparison shopping if you have strong credit. Here are some of the pros and cons of Wells Fargo personal loans for you to weigh.


  • Loan limit range- The low dollar limit of $3,000 is lower than many online lenders, preventing you from borrowing more than you need. The high limit of $100,000 is more than most personal loan lenders offer, giving you an option if you need and can afford a high-dollar personal loan.
  • No fees- Wells Fargo charges no origination fees and no pre-payment fees.
  • Fast funding
  • Excellent customer support, including live chat.
  • Easy to retrieve an application you started, if you had to stop part way through, or check on the status of your application online.
  • Easy to apply. Wells Fargo accepts applications online, in person at a branch, or over the phone.


  • Hard credit check- Many lenders offer a preliminary rate quote with a soft credit pull. Wells Fargo doesn't use a soft pull, but takes a hard pull of your credit report that dings your credit score. 
  • Loans offered only to current Wells Fargo customers- It is not hard to open an account to be eligible for a loan, but it is one more step if you aren't already a customer.