Wells Fargo Personal Loan: 2022 Review

Wells Fargo is a large bank offering personal loans. Compare personal loans and rates before borrowing.

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Wells Fargo

If you want a personal loan from a major bank, Wells Fargo may be right for you. (Keep in mind that three of the nation’s largest lenders — Bank of America, Chase, and Capital One — don’t offer personal loans.) This Wells Fargo Bank personal loan review has the quick facts, how to apply, the pros and cons, and an in-depth assessment so you can confidently choose the personal loan best suited to your needs.

What type of loan does Wells Fargo offer?

Here are the quick FAQs you should know about Wells Fargo Personal Loans:

  • Minimum loan amount of $3,000, up to a maximum of $100,000
  • APRs start at 5.49% and can go up to 24.49% – This is at the time of writing and includes a 0.25% relationship discount which is only available to customers from Wells Fargo.
  • Loan terms of 12, 24 or 36 months for loans of $5,000 or less and 12, 24, 36, 48, 60, 72 or 84 months on larger amounts
  • Wells Fargo doesn’t publish a minimum credit score – But online reviewers suggest you don’t need to apply if yours is below 600 and you’re unlikely to get an affordable rate if yours is below 660
  • The maximum DTI* is not published, but expect it to be relatively low, especially if you don’t have an existing relationship with Wells Fargo
  • No prepayment charges — So you can reduce or fully pay off your loan balance at any time without penalty
  • Co-signers are allowed
  • No Prequalification – When you apply, Wells Fargo will do a thorough credit check which should give your credit score a little boost
  • Fixed rates only
  • The lender’s fees are not deducted from the arrangements

*DTI stands for Debt to Income Ratio. It’s the percentage of your pre-tax income that you spend on rent or mortgage, plus monthly bills like car loans and credit cards. Not utilities or living expenses.

How does Wells Fargo work?

Wells Fargo is a huge bank that is over 160 years old. It is therefore a direct lender. In other words, he lends you his own money. Under the hood, that makes it very different from a peer-to-peer (P2P) lender, which introduces you to individual investors who want to lend to you.

But, in practical terms, this obviously means you could get your loan approved and the money in your bank faster. And that it doesn’t charge origination fees, which almost all P2P lenders do.

Why should I apply to Wells Fargo?

Is Wells Fargo right for your personal loan needs? Here are some highlights of its offering to help you decide:

  1. No assembly costs
  2. An annual percentage rate (APR) as low as 5.24% – but, as with all lenders, higher if you’re not exceptionally creditworthy
  3. Wide range of loan sizes – ranging from $3,000 to $100,000
  4. Fast turnaround – you can receive your money the next business day after your application is approved
  5. Special discounts for existing Wells Fargo customers
  6. You can add a co-signer to get a better deal

It looks good? So read on for more details

How do I apply to Wells Fargo?

In theory, you can apply online, by phone or in person at a branch. But a branch visit may be necessary if you do not have an existing relationship with the bank.

Wells Fargo’s documentation requirements are similar to those of most other conservative lenders. In addition to proof of your identity and address, expect to provide recent pay stubs, W2 forms or tax returns and authorize the bank to verify the information directly with your employer, bank and the IRS.

Despite this, the bank claims to be able to make decisions very quickly. But to enable it to achieve this goal, you will want this documentation ready to download when you make your request.

How long can I get my money with Wells Fargo?

A big question for many is how long does it take to get your money. Once it approves your request, Wells Fargo says it should act quickly. To quote its website, you can “Get your funds, often the next business day, if approved”.

Even a huge lender like this probably sometimes struggles to keep up with demand during peak times, like the holiday season. So you may need to be a bit more patient if you apply during these.

And you can speed up the process by having your documentation ready to download and being ready to answer any obvious questions. These can very well arise if you’ve dishonored a check or let an account become delinquent recently.

Wells Fargo BBB rating

Most of the public knows that Wells Fargo has been hit by scandals in recent years. And, as a result of these and the lack of response to complaints, the Better Business Bureau gives it an F rating. That’s its lowest.

When these scandals emerged, the bank changed direction, changed its structures and processes, and set about restoring its reputation. Some may think this means he is now less likely to scam his customers than some other lenders.

Consumer Financial Protection Bureau and Wells Fargo

The federal regulator, the CFPB, maintains a database of consumer complaints it receives. In 2019, 27 such complaints were filed against Wells Fargo under the “installment loan” category, which covers personal loans. That seems relatively small for such a big lender.

The biggest problem was that customers felt they had been charged fees or interest that they did not expect. So be sure to read your loan agreement carefully so that you are not surprised in the same way.

Editorial MoneyRates Rating Wells Fargo

Star rating — 4 stars

Some readers won’t be able to overlook the scandals that rocked Wells Fargo a few years ago. And only you can decide if that remains a problem for you today.

But apart from that, the bank has a lot to gain. For starters, it has 7,400 locations, which is great for those who don’t like to apply online. And it’s big, with $1.9 trillion in assets and 260,000 employees at the end of 2019, which could prove valuable in a downturn.

As for its personal loan offerings, they compare reasonably well to the competition, with low rates, large loans, no fees, and flexibility on terms — at least for good borrowers.

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What are the alternatives to Wells Fargo?

Whether or not you go further with Wells Fargo, you should compare personal loans from several other lenders. This is the only way to find the best deal. But which others might suit you? Here are some ideas:


Unlike Wells Fargo, your credit rating will not be affected when you request a quote from LendingClub. And this lender is especially useful to those who wish to consolidate their debts. It even offers to settle directly with your creditors if you prefer to avoid the temptation to have a lump sum in your current account. Other benefits include the ability to have a co-signer and decent customer satisfaction scores.

To pay

Payoff specializes in credit card debt consolidation. It offers competitive rates and online help to help you achieve your goal of being debt free. It doesn’t charge late fees and has a reputation for being friendly to those in financial trouble later on. And you can get an initial quote without affecting your credit score. However, you will not be able to apply with a co-signer.

best egg

Best Egg is known for its fast personal loans. And your initial quote shouldn’t impact your credit score. Even better, some say its interest rates are lower than most of its competitors.

To improve

Upgrade is another lender that allows co-signers. And it has a hardship program that might help you if you’re having financial trouble down the line. Loans of up to $50,000, which is higher than many – but not like Wells Fargo, which lets you have up to $100,000. Interest rates are competitive.


The same high loan limits as Upgrade. And you can get a co-signer on your request. It’s worth getting a quote as it shouldn’t hurt your credit score.


SoFi is more like Wells Fargo and LightStream than the others on this list. This is because it offers high-value loans with no fees at very low APRs. But, as you’d expect, it takes good credit to get approved and outstanding credit to get its lowest interest rates.


As the last entry implied, LightStream is for creditworthy borrowers with sound finances. But he offers them exceptional offers. Indeed, its interest rates start at 3.49% APR. No fees and co-signers welcome. The only downside is that – like Wells Fargo but unlike most others on this list – asking for a quote will give your credit score a small hit.

How to find your best personal loan

Never apply for a personal loan from just one lender, even if it’s your own bank or credit union. This is an exceptionally competitive market and you may well find better quotes if you shop around. This is especially important because different lenders specialize in borrowers with different profiles. Thus, one may give you a lower grade than another, not because you have something wrong, but because he prefers working with people who are different from you.

If possible, plan ahead and improve your credit score and finances before applying. Lending decisions are made by computers, and a score a point or two higher can move you into a more creditworthy category. And it could get you a lower rate.

Finally, try to match the term of your loan to the purpose of your loan. You could make your last payment to Wells Fargo in eight years. And you don’t want to do that if you’ve used the money to buy gaming hardware that you’ve had to replace two or three times by then. On the other hand, you can do just fine if you used the money to invest in home improvements or a classic car. So try to align how long you’ll be making payments with how long your spending will bring you joy, satisfaction, or peace of mind.

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