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Wells Fargo Bank offers personal loans at good rates and with few fees
By
Lindsay Frankel
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A freelance writer with more than three years of researching and writing about personal loans, insurance, credit cards, and more, Lindsay's work has appeared on sites such as Insurify, Bankrate, and The Simple Dollar.
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Updated February 13, 2024
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Lars Peterson
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Fact checked byLars Peterson
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With nearly 15 years of experience as a writer and editor in personal finance and small business, Lars Peterson has written and edited for The Balance, Wise Bread, US News, and Amex OPENForum, among others. His 20+ years as an editor and writer have included roles in book publishing, marketing, technical writing, travel, and personal finance. Lars Peterson joined Investopedia in 2023 after four years as an editor with The Balance.
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We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. Investopedia’s Rating 4.5 Our Take Wells Fargo is generous when it comes to the maximum borrowing limit for a personal loan—$100,000. On top of that, the bank charges no origination fee or prepayment penalty for its personal loans, and the lowest APR is competitive. On the other hand, you can get a Wells Fargo personal loan only if you’re an existing customer. In addition, the bank’s customer reviews are mixed, and its track record with regulators isn’t ideal. Pros & Cons Pros Loan amounts up to $100,000 No origination fee Quick application decision Fast funding Cons APR as high as 23.24% Late payment fee Must be an existing customer Mixed customer reviews Regulatory problems Key Takeaways Company Overview Founded in 1852, San Francisco-based Wells Fargo ranked as the fourth-largest bank in the U.S. as of June 30, 2023, based on total assets of $16.7 trillion. It operates 4,355 branches across 36 states and the District of Columbia. Wells Fargo maintains 11,000 ATMs around the country. Aside from personal loans for purposes like debt consolidation, home improvement projects, and major purchases, Wells Fargo offers an array of financial products such as checking accounts, savings accounts, CDs, credit cards, auto loans, and mortgages. specifications APR Range 7.49% - 23.24% Loan Amount $3,000 - $100,000 Loan Terms 12 months - 84 months Recommended Minimum Credit Score N/A Average Origination Fee 0.00% Late Fee $39.00 Why Trust Us 70 Lenders reviewed 31 Loan features considered 1,680 Data points analyzed Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs. Read our Full Methodology Table of Contents Wells Fargo Personals Loans Review 2024 Pros Explained Cons Explained Types of Loans Time to Funding Borrower Requirements Loan Features Customer Service Customer Satisfaction How to Apply Other Services Alternative Lenders The Bottom Line Frequently Asked Questions (FAQs) Methodology Wells Fargo lists debt consolidation, home improvement projects, major purchases, and major expenses among the reasons to get a personal loan, but it does not point out any restrictions on how you can spend the loan proceeds. You generally can receive funds in one to three business days after approval and acceptance of your loan. Wells Fargo’s requirements for personal loan applicants include: If you have an eligible Wells Fargo checking account and use that account to make automatic payments on your personal loan, you can receive a relationship discount of up to 0.50% on your APR. To get a discount, you must have one of the following checking accounts: Aside from having a qualifying consumer banking account at Wells Fargo to get a relationship discount, you must set up automatic loan payments from a Wells Fargo deposit account (such as a checking account). Wells Fargo’s free Credit Close-Up program for online customers provides an updated FICO credit score each month, credit monitoring alerts from Experian, and access to your Experian credit report. Using Credit Close-Up won’t affect your credit score. Wells Fargo provides a highly rated mobile app that you can use to make loan payments. The app is available through the App Store and Google Play. The app includes the bank’s Fargo chatbot. Wells Fargo does not allow co-signers or co-applicants. Wells Fargo allows you to refinance your personal loan, which could be beneficial if your credit score improves and you can get a lower rate. You can also use refinancing to change your term, either to achieve a lower monthly payment or to pay off your loan faster. If you’re monitoring your credit through Wells Fargo’s free program and see significant improvement in your FICO score, it’s worth looking at refinancing your personal loan. Some consumers beat up on Wells Fargo. On the Trustpilot review website, for instance, Wells Fargo receives a score of 1.8 stars out of 5. And in the J.D. Power 2022 U.S. National Banking Satisfaction Study, Wells Fargo picks up a below-average score of 625 out of 1,000. However, Wells Fargo earns high marks in the J.D. Power 2023 U.S. Consumer Lending Satisfaction Study among lenders that offer personal loans. In this category, Well Fargo boasts an above-average score of 756 out of 1,000. Wells Fargo has had several well-publicized run-ins with federal regulators. For example, the Consumer Financial Protection Bureau, a watchdog agency, ordered Wells Fargo to pay $3.7 billion in Dec. 2022 as punishment for “widespread mismanagement” of auto loans, mortgages, and bank accounts. Once you view your APR from Wells Fargo, check with a handful of other lenders to ensure you’re getting the best possible rate. Wells Fargo’s lineup of service and loan offerings includes: Wells Fargo may be the right lender for a personal loan if you’re looking to borrow a hefty amount (up to $100,000) and want to do business with an established bank that charges few fees. However, you might think twice about Wells Fargo if you’re put off by its mixed customer reviews and its spotty regulatory track record. Whatever you do, be sure to consider several lenders so you can score the best APR and other favorable terms. In most cases, it takes one business day for Wells Fargo to make a decision about your personal loan application. APRs on Wells Fargo personal loans range from 7.49% to 23.24%. These rates include a relationship discount of 0.25%. Wells Fargo allows personal loans ranging from $3,000 to $100,000. Wells Fargo’s personal loan calculator shows that monthly payments for an $8,000 personal loan would be $286 to $296 a month, assuming you have a 36-month term, a good credit score (700 to 759), and an APR of 16.98% to 19.23%. Checking accounts, savings accounts, and CDs are among the types of Wells Fargo accounts protected by FDIC insurance. For a personal loan, Wells Fargo lets you borrow as much as $100,000. To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas: Learn more about how we evaluated personal loans in our complete methodology. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Federal Reserve. “Large Commercial Banks.” Wells Fargo. "Personal Loan FAQs." J.D. Power. “Largest National Banks See Declining Satisfaction Among Younger Customers, J.D. Power Finds.” Trustpilot. “Wells Fargo.” Wells Fargo. “How Do I Qualify for an Interest Rate (Relationship) Discount?” Wells Fargo. “When Should I Refinance?” J.D. Power. "Fintech Lenders Gain Traction as Consumer Loan Satisfaction Increases, J.D. Power Finds." Wells Fargo. “Personal Loan Application Checklist.” Wells Fargo. “Personal Rate and Payment Calculator.” Investopedia is part of the Dotdash Meredith publishingfamily. Please review our updated Terms of Service.:fill(white):max_bytes(150000):strip_icc()/Wells_Fargo-e5027d3338434079a998d01691b5c6d9.jpg "Wells Fargo Personals Loans Review 2024 (3)")
Top Rated For
Pros Explained
Cons Explained
Types of Personal Loans Offered by Wells Fargo
Time to Receive Funds
Borrower Requirements
Wells Fargo Personal Loan Features
Relationship Discount
0.25% APR Discount 0.50% APR Discount Complete Advantage Checking
Crown Banking Checking
Premium Membership Checking
Wells Fargo At Work Checking
Wells Fargo Everyday Checking
Wells Fargo Preferred CheckingPrivate Bank Interest Checking
Wells Fargo Premier Checking
Wells Fargo Prime Checking Credit Monitoring
Mobile App
Co-Signers and Co-Applicants
Can You Refinance a Personal Loan With Wells Fargo?
Customer Service
Medium Contact When Telephone 877-526-6332 for personal loan applicants Weekdays, 8 a.m. to 7 p.m. CT Telephone 877-269-6056 for personal loan customers Weekdays, 7 a.m. to 7 p.m. CT Text 93557 24/7 Chat Fargo chatbot in smartphone versions of mobile app 24/7 X (Formerly Twitter) @Ask_WellsFargo 24/7 Customer Satisfaction
How to Qualify For and Apply For a Wells Fargo Personal Loan
Other Banking Services and Loans Offered by Wells Fargo
Compare Wells Fargo With Other Personal Loan Lenders
Wells Fargo U.S. Bank SoFi APR Range 7.49%–23.24% 8.74%–24.99% 8.99%–25.81% Loan Amounts $3,000–$100,000 $1,000–$50,000 $5,000–$100,000 Loan Terms 12–84 months 12–84 months 24–84 months Recommended Minimum Credit Score Not disclosed 660 Not disclosed Origination Fee None None None Time to Receive Funds Same day 1 day Same day The Bottom Line
How Long Does Wells Fargo Take to Approve a Personal Loan?
What Is the Interest Rate on Wells Fargo Personal Loans?
Does Wells Fargo Allow Personal Loans?
How Much Would a $8,000 Loan Cost Per Month?
Is Well Fargo FDIC Insured?
How Much Will Wells Fargo Let Me Borrow?
Methodology
