Wells Fargo Personal Loan December 2024 Review

Wells Fargo offers unsecured personal loans with consumer-friendly features to cover large personal expenses, purchases, home renovations, or to consolidate debt.

Wells Fargo Personal Loan Top Features

High loan values: Wells Fargo offers loan amounts of up to $100,000. This is higher than many other personal loans. 

Long loan terms: The repayment termscan go up to 84 months for loans above $5,000. 

Competitive rates: The bank offers APRs of 6.99% - 23.24%. 

Discounts: Wells Fargo gives rate discounts of 0.25% and 0.50% for customers with qualifying consumer checking accounts who make automatic loan repayments from a deposit account with the bank.  

Fee advantages: There are no origination, prepayment, or closing fees. Wells Fargo doesn’t specify their late fees. But you may get charged fees for late payments. 

Unsecured loan: You don’t need to give any collateral to the bank.  

Speedy decisions and funding: You may get an approval decision within the same day you apply. Once approved, you may get the money within one to three business days. 

Due date adjustments: You can change your payment due date by calling the bank. 

Where Wells Fargo could improve

Only available for Wells Fargo customers: If you’re not a Wells Fargo customer, you can become one by visiting a branch. 

No prequalification with a soft inquiry: The bank offers a rate check that doesn’t affect your credit score. But it is not a prequalification. 

Not nationwide: Only available in 37 states. 

Qualifying for a Wells Fargo loan

The bank doesn’t specify a qualifying credit score or income level. There’s also no prequalification process except a rate check. 

But Wells Fargo discloses their credit score standards, so you can decide whether you might qualify. Here are their top three groups:  

• 760 or more (Excellent): You may get their lowest rates.
• 700-759 (Good): You’ll probably qualify for a loan, but you might not get the lowest interest rate.   
• 621-699 (Fair): You might find it harder to get a loan. And if you get a loan, your rate will be higher.i

Your loan approval and rates also depend on other factors, like your debt-to-income (DTI) ratio. Like most lenders, Wells Fargo sees a DTI below 35% favorably.

Once you apply for a loan, the bank typically makes a hard inquiry on your credit. This can temporarily lower your credit score.  

Consider improving your chances for qualifying if you’re not in a hurry for financing:

• If your credit score is not within Wells Fargo’s good to excellent range, take steps to improve your credit score.
• Review your DTI, income, and any personal responsibilities that might affect your repayment capacity.

Getting approved is only the first step. Make sure you can also pay your installments on time. That way, you can avoid hurting your credit and paying any late fees.  

How to apply for a Wells Fargo loan

1. Check your rates. 

You can do a rate check online if you’re a Wells Fargo customer. If not, you’ll need to visit the bank to become a customer. 

You may get a 0.25% or 0.50% rate discount with a qualifying consumer checking account if you make automatic loan payments from a deposit account with Wells Fargo.  

2. Apply for the loan 

After the rate check, you can apply for the loan online. You can also apply over the phone or at a bank. 

You’ll need to submit:

• Personal data, including contact information
• Income details
• Employment information  
• Loan details 

The bank may ask for more information, like utility bills, tax returns, or a power of attorney.

3. Review and sign the loan agreement 

After Wells Fargo approves your loan, you can check the loan documents. Go through all the terms and conditions before signing. Ask the bank to clarify anything that’s not clear. 

Once you sign the agreement, the bank can release your funds. 

Loan approval and loan funding from Wells Fargo

You might get the approval on the same business day that you apply. Sometimes, the bank may ask for extra information to process your application. 

Wells Fargo says most applicants can track the application status online if they’ve given an email address when applying.

Once you’ve signed the loan agreement, you might get the funds within one to three business days.

Wells Fargo: Customer service and customer satisfaction

Wells Fargo has a detailed website with clear information about its personal loans. You can also call the bank during business hours to learn more.   

Wells Fargo doesn’t have great ratings. The Better Business Bureau (BBB) gives the bank an F rating and says it “is not BBB accredited”. According to BBB, Wells Fargo hasn’t responded to 10 filed complaints and has faced multiple government actions around marketplace conduct. 

Online user ratings average 3 out of 5 stars.

Despite the overall lender ratings, Wells Fargo’s personal loan might be a good option if you can qualify for a low rate and need a high loan amount or a long repayment term. But, compare a few other personal loan offers so you can select the best option. Many lenders offer prequalifications with soft inquiries, making this process easier. 

When a Wells Fargo personal loan might be the best choice

When you need a large personal loan. Especially if you can qualify for a low APR, this loan might be a great option to fund a big expense like a home renovation or an unplanned medical bill. As discussed, the bank offers loans of up to $100,000 and one- to seven-year repayment terms for loans over $5,000. 

Debt consolidation. A Wells Fargo personal loan might also be a good fit if you’re looking to consolidate your credit card debt and can get a lower rate than your credit cards offer.