Wells Fargo Personal Loan Review

(May 2024)

In This Article

Our Verdict


Wells Fargo offers personal loan from $3,000 to $100,000 and the product favors you in terms of interest rates and repayment terms if you’re the lender’s existing customer. Depending on the amount you borrow, Wells Fargo’s repayment term is anywhere from 12 to 84 months. The lender is not transparent about its fees—so you’re not likely going to know upfront the late payment fee, for example.


  • Charges origination fee.
  • Offers relationship discounts for qualified customers.
  • Releases funds quickly.
  • Doesn’t impose prepayment penalties.
  • Allows you to use funds virtually any purpose.
  • Allows pre-qualification without harming your credit score soft enquiries.
  • Provides a variety options for repayment term.


  • Is not for a non-Wells Fargo customer—if you’re a new customer, you need to visit any Wells Fargo’s branch in order to apply in person.
  • Hides its late payment fee.
  • Doesn’t pay directly to creditors for its debt consolidation loan.

Who This Product Is Best For

Use Wells Fargo’s personal loan product for a wide range of purposes. The lender gives up to $100,000 making it a good option for you if you’re someone who:

  • Needs a large loan amount with the most competitive rate and repayment term.
  • Has a solid credit score. Guess what? You can get as low as 7.49% interest rate with excellent credit score.
  • Lives in any of the 50 states except Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.
  • Is already Wells Fargo existing customer (it doesn’t matter whether you’re a new or old customer).

Who This Product Isn't Right For

Wells Fargo personal loan may not be the best option for you if you:

  • Are the lender’s new customer who reside in any of the states where the bank has no branch, including Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.
  • Are not a Wells Fargo’s customer.

What This Product Offers

  • Debt consolidation loan. Pay off your existing debts and make a single lower payment every month with this product.
  • Purchases loan. Want to buy or improve your home’s furniture or appliances? Wells Fargo is a good option for you.
  • Home renovation loan. Use this to fund your home’s improvement (fix your water heater, beautify your bathroom) expenses.
  • General expenses loan. Apply for this loan to cover medical emergency bill, fund your car repairs, or finance your personal projects.

Product Details

Debt consolidation loan

You can combine all your high interest-rate debts into one single monthly payment with interest rates as low as 7.49% (if you get up to $10,000) plus a relationship discount up to 0.25% (provided you qualify for it). To qualify for the Wells Fargo’s customer relationship discount, open a checking account and activate automatic payments from your Wells Fargo’s deposit account.

The repayment term max at 36 months. Don’t forget that the lender doesn’t make direct payments to creditors in order to consolidate a customer’s debt.

Purchases loan

Appliances financing comes handy when the need to buy new or repair existing appliances (such as refrigerators, stovetops, dishwashers, microwave) or furniture. If you require a lower loan amount ($3,000 to $50,000, for example) in order to remodel your kitchen or fix your home’s furniture, this product is for you. Your interest rate starts at 7.49% and cap at 23.74%, depending on your credit score and the amount you apply for (the same thing applies to your repayment term, which can span up to 84 months).

Home renovation loan

Consider this loan for major home renovation expenses. Apply anything from $3,000 to $100,000 so that you can remodel your bedroom (bathroom or sitting) or do a major home upgrade. Check the lender’s options for home renovation loan and choose the one that’s best for you. You pay zero origination fee, get the best rate of 7.49%, and fund your kitchen remodeling, HVAC installation, and home repair.

General expenses loan

Have any personal project that requires financing? Or you have emergency medical bills or major car repair expenses to clear? If yea, consider Wells Fargo general expenses loan. The loan range is from $3,000 to $100,000 with interest rates between 7.49% and 23.74%.

Where This Product Stands Out

Pre-qualification check

Wells Fargo allows you to check how much you can get, how much interest rate to pay, and how long it takes to repay the amount you qualify for before you officially apply. One cool thing is that Wells Fargo conducts a soft enquiry for the pre-qualification process, meaning that your credit will not get hurt.

Multiple options for repayment

The lender offers different repayment options that are tailored to meeting your requirements. If you need up to $5,000 or more, for example, the repayment term is 84 months while the term for any amount less than $5,000 is 36 months.

Adjustable payment dates

Most lenders won’t allow you to change your payment date after you sign the loan agreement form. Not Wells Fargo! With Wells Fargo, you can decide to change your payment date once in 12 months after your loan starts—which you can justify if your monthly revenue changes.

Customer relationship discount

You can qualify for the lender’s relationship discount where you get between 0.25% and 0.50% discount on your interest rate. To qualify, have an active Wells Fargo checking account and opt for automatic payments. Note that the exact discount you get depends on the type of checking account you run.

Where This Product Falls Short

Doesn’t offer joint or co-sign loans

Wells Fargo only honors individual applied personal loans. If you think of getting a larger sum with a co-signer (maybe you have bad credit), the lender is not a good alternative to consider.

Doesn’t make a direct payment to creditors

If you want to consolidate your debts with Wells Fargo personal loan, you have to get the fund first and pay your creditors by yourself. The lender doesn’t make a direct deposit to your creditors on your behalf in order to clear your high interest-rate loans.

Application is not flexible for new customers

Wells Fargo personal loan application process is easier for existing customers than new customer. If you just open an account with the lender with little transaction history, you have to visit the bank’s branch closest to you in order to apply for the personal loan product you require.

And if you’re a new customer who lives in any of the states where Wells Fargo has no branch, including Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia, you may not be able to apply for the product.


Wells Fargo Personal Loans


Wells Fargo personal loans

Loan amounts

 $3,000 – $100,000

Approximate rates

7.49% – 23.74% plus 0.25% – 0.50% customer relationship discount (for qualified customers)

Loan terms

12 – 84 months in all

For loan amounts between $3,000 – $4,999, up to 36 months

For loan amounts over $5,000 – $100,000, up to 84 months


Undisclosed late fees

How to Qualify for This Product

Wells Fargo (and other lenders) approves your application once you meet its qualification requirements. Mostly important, the lender considers your income in order to know whether you can repay the loan amount you apply for. Then the bank also checks your creditworthiness.

The higher your credit score, the more your chances of getting an approval on your personal loan application. Here are a few things to keep in place before you submit your application:

  • Have good credit. Your credit score reveals whether you use credit or other credit facilities responsibly. Have a credit score of 670+ on FICO scale in order to boost your likelihood of receiving a positive response from Wells Fargo and getting the best possible rates and terms.
  • Maintain a consistent income. If you get a personal loan from Wells Fargo, how do you intend to pay back considering other debts you’re paying (if any)? Answer that! The lender also wants to know whether you can repay every single dollar you borrow plus interest. Generally, you debt-to-income ratio shouldn’t be less than 35% at the point of application in order to qualify for Wells Fargo personal loan product.

How to Apply for This Product

First check the rate, term, and amount you pre-qualify for and submit your application online or by phone. Remember, if you’re a new, visiting the bank in person in order to apply for Wells Fargo personal loan is mandatory. Master the application process in detail below:

  1. Pre-qualify. Wells Fargo conducts a soft enquiry on your credit history in order to estimate the personal loan amount, rate, and term you can get.
  2. Fill the application form. Visit Wells Fargo‘s website and submit your application.
  3. Wait for the lender’s decision. Wells Fargo uses the data you provide in making lending decision which doesn’t take up to 5 minutes (unless your application is incomplete).
  4. Agree to the loan terms. Approved? Congratulations. Sign the loan agreement in order for you to receive the cash as soon as possible. Review the loan agreement form and understand the conditions before you sign.
  5. Receive funds. The lender is quick to release funds and you get the money the next business day of the loan approval.
  6. Make consistent monthly repayments. You start making paying once your loan starts. To make the repayment seamless, sign up for automatic repayment via your savings or checking account. Avoid late payments so that you don’t incur any additional late payment fees, thereby hurting your credit score.

Alternatives to This Product


SoFi gives anything between $5,000-$100,000 for it personal loan products with interest rate starting at 8.99% up to 23.43%. You need a credit score of 680+ to qualify for this product with the repayment term capping at 84 months. You pay not origination fee and get the money the same day you get an approval notice.


LightStream doesn’t state it credit score eligibility requirement but offers personal loans up to $100,000 with the APR of 5.99%-23.99%. The lender offers more flexible repayment term up to 144 months. You get funds the same day LightStream approves your application. You don’t pay any origination fees.

Customer Reviews

On Trust Pilot, Wells Fargo gets 2.3 out of 5 stars rating according to 78 customer reviews. The rating, however, is not limited only to the lender’s personal loan products, but include its banking services and other loan products, home loans for example.

 Wells Fargo customer review goes lower  on Better Business Bureau (BBB). It has 1.09 out of 5 stars rating from 347 customer reviews.


We reviewed Wells Fargo personal loan  based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Well Fargo personal loan  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 personal loan  customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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