Our Verdict
Wells Fargo offers competitive rates and customizable repayment terms that best suit your financial situations. It offers you a personal loan amount of $3,000 to $100,000 with up to seven years repayment term. As the lender’s customer, you get more perks like interest rates discount and a more easier application process.
Check below additional information about the lender:
Wells Fargo
Corporate Headquarters
Address: 420 Montgomery Street San Francisco, CA 94104
Phone Number: +1-800-869-3557
Pros
- Quick funding as soon as one business day after approval.
- No additional fees—origination and prepayment fees for example.
- Suitable for almost any purpose you desire.
- Relationship discount on interest for qualified customers.
Cons
- No provision for joint loan or co-borrower.
- Exclusively for Wells Fargo’s customers.
- No direct payments to creditors in order to consolidate your debts
Who This Product Is Best For
Give Wells Fargo a trial if you:
- Need a large amount of money.
- Are Wells Fargo’s existing customer.
- Have a solid credit score.
Who This Product Isn't Right For
Consider other alternatives in order to source funds if you:
- Reside in any of the states where Wells Fargo doesn’t have a branch, including Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.
What This Product Offers
- Debt consolidation loan. With Wells Fargo personal loan, you combine all your high interest loans into one fixed monthly payment
- Finance purchases. Pay for new purchases like appliances or household items with this product.
- Fund renovations. Improve the standard of your home at ease with a fixed interest fund from Wells Fargo.
- Cover expenses. Have emergency needs, including medical bills, auto repairs, among others, to meet? Apply for Wells Fargo personal loan.
Product Details
Debt consolidation
If you want an easy way of paying your high-interest debts, you can consider getting a debt consolidation loan. You make a once and for all payment to your creditors and combine your debts into one lump sum with a fixed interest. Then you make a monthly installment payment (usually at a lower interest) over an agreed-upon time until you pay in full. You get anything between $5,000 and $100,000 with up to 84 months repayment term.
Finance purchases
Want to buy new furniture or appliances? If yes, opt for Wells Fargo personal loan for financing purchases. The product allows you to add the unplanned major purchases into your budget without creating a negative impact on your finances. And it comes with a flexible repayment term and rate. You get the most favorable rate with a high credit score.
Fund renovations
Remodel, upgrade, and renovate your home by getting up to $100,000 personal loan from Wells Fargo. The interest starts at 7.49% and you can get a relationship discount of 0.25% if you get a loan amount of $10,000+ with 36 months term.
Cover expenses
Have medical auto repair, or special event bills to clear? Don’t worry, apply for any amount from $3,000 to %100,000 from Wells Fargo. You don’t need any collateral, but a proof a creditworthiness. Then you get the amount you require to finance your project within one to two business days.
Where This Product Stands Out
Provision for pre-qualification
Check the loan amount you’re likely to get alongside the rate and term before you officially apply for the product. Wells Fargo conducts a soft enquiry on your credit score when you pre-qualify for a loan which has no negative impact on your credit score.
Varying repayment terms
Think of flexible repayment terms, think of Wells Fargo personal loans. For example, if you’re applying for any amount less than $5,000, you can choose a term between one to three years. If you require a larger loan amount, say $5,000+, you can choose anything from one to seven years repayment term.
Relationship discount
If you have a checking account with Wells Fargo, you can opt for autopay where you stand a chance to get a 0.25% to 0.50% rate discount.
Adjustable payment dates
You choose your preferred payment date while applying for Wells Fargo’s product. And you can reschedule your payment date once every 12 months. A change in your monthly revenue can require you readjust your payment date.
Where This Product Falls Short
No direct payments to creditors into to consolidate your debts
Wells Fargo prefers to not make payment on your behalf to your creditors in order to consolidate your debts.
No co-borrower or joint loans
The lender allows only one applicant loan. Lenders that allow co-borrowers make it easier for you to access funds with bad credit when you apply with someone with an excellent credit score. If you’re hellbent on applying with a co-borrower, you have to consider other lenders.
Stressful loan application process for new customers
If you’re an old Wells Fargo’s customer, personal loan application is simple via the lender’s website. But if you’re a new customer, you have to visit your local branch in order to submit your application.
How to Qualify for This Product
Wells Fargo uses your annual revenue and creditworthiness as factors to determine your eligibility for its products.
Credit requirement
The lender doesn’t state the actual FICO score your require to qualify for its personal loans. Ideally, you need a credit score of 650+ in order to boost your chances of getting an approval, and getting the best rate and term.
Annual revenue requirement
Wells Fargo doesn’t state the minimum annual revenue you need in order to consider you for it products. Ensure your debt-to-income ratio is less than 36% at the time of application.
How to Apply for This Product
Read to apply for Wells Fargo personal loan? Follow the steps below:
1. Pre-qualify
If you’re an existing customer, visit Wells Fargo’s website and check the amount, rate, and term you potentially qualify for before applying for a hard enquiry. Visit your local branch in order to pre-qualify provided you’re a new customer.
2. Submit your application
Submit your application online or via telephone as a current customer. To apply via telephone, call +1-877-526-6332. If you don’t have an account with the lender, visit any its nearest branch to closest to you in order to apply. Wait for a response from the lender about your application before you proceed to the next stage. If you apply online, it takes only a few minutes to get a response from Wells Fargo.
3. Sign loan agreement
Congratulations! Your application is successful. Check the loan terms and conditions. Open the “yourLoanTrackerSM” section on Wells Fargo website in order to read the loan documents and sign the agreement. Upon signing the agreement form, the lender processes the funding. Expect the funds after one or two business days of getting an approval notice.
4. Make payment
Plan your payments. Don’t forget that Wells Fargo reports your payment activities to the three major credit bureaus—Experian, Equifax, and TransUnion. Include the new payment in your monthly budget and sign up for autopay in order to be ahead of your payment.
Alternatives to This Product
SoFi
Consider SoFi is you prefer interacting with an online lender who offers higher loan amounts and competitive rates. SoFi gives personal loans up to $100,000 with APR starting at 8%. You get up to 0.5% interest discount for autopay with paying any additional fees, include late, origination, and prepayment fees.
LightStream
LightStream offers loan amounts similar to that of Wells Fargo—that is between $3,000 and $100,000. But the amount you potentially qualify for is dependent on the reason for the loan. The lender APR starts at 3% with autopay and term extending up to 12 years.
Customer Reviews
Wells Fargo receives a poor rating of 2.3 out of 5-star based on 78 customer reviews on Trust Pilot. The reviews are not centered on the lender’s personal loan products, but include Wells Fargo’s banking services. On Better Business Bureau BBB, Wells Fargo rates 1.09 star according to 347 customer feedbacks.
Methodology
We reviewed Wells Fargo personal loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Wells Fargo personal loans based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.
Finally, we evaluated Wells Fargo customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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