Wells Fargo Personal Loans Review

Wells Fargo was founded in 1852 during the gold rush era in the Western United States. While the bank’s first real branch opened for business in San Francisco, new offices began to pop up in small towns and mining camps within the next few years. In 1888, Wells Fargo became the country’s first nationwide express company, expanding into 2,500 communities in 25 different states.

Since those early days, Wells Fargo has grown to be one of the most prominent banks in the nation. These days, you can turn to Wells Fargo for nearly all your banking needs from mortgage loans to auto loans, checking and savings accounts, home equity loans, and credit cards.

Wells Fargo is also well known for their personal loans and lines of credit, both of which come with competitive interest rates and low or no fees. If you need to borrow money for nearly any reason and you’re considering a personal loan from Wells Fargo, keep reading to learn about their loan products, how they work, and how they stack up to competitors.

Wells Fargo Personal Loans: Key Takeaways

  • Borrow between $3,000 and $100,000.
  • Repay your loan over 12 to 60 months.
  • Personal loans come with a fixed interest rate and fixed monthly payments.
  • Personal loans come with no origination fee or annual fee, and lines of credit come with a $25 annual fee.
  • Receive your loan funds as soon as the next business day.
  • Autopay discounts are available for existing customers.

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Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

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Wells Fargo Personal Loans: Affordable Loans for Borrowers with Good Credit

When it comes to personal loans, Wells Fargo loans have a lot going for them. Not only do they come with no origination fee and no annual fee, but you get a fixed interest rate and fixed monthly payment for the life of the loan. Beyond the predictability you get with a fixed rate, existing Wells Fargo customers can qualify for a small rate discount if they set up their loan payments on autopay.

While Wells Fargo doesn’t disclose their minimum credit score requirements, most of their personal loan customers have a credit score of at least 660. This means you may not be able to qualify for a Wells Fargo personal loan if your credit is on the poor side, but it also means the customers they do service tend to qualify for competitive interest rates.

Speaking of rates, Wells Fargo typically offers personal loans with fixed rates as low as 7.49% and as high as 24.99%. They do say they offer rates as low as 5.24% APR for some borrowers, but these low rates are typically only available to borrowers with excellent credit taking out small loan amounts.

Another huge upside of Wells Fargo is the fact they let consumers borrow up to $100,000 with a personal loan. That’s considerably higher than most personal lenders offer, although Wells Fargo doesn’t offer any specifics on the type of income you need to qualify for that amount.

Wells Fargo: What to Watch Out For

There are a few downsides to Wells Fargo personal loans, the most important of which is that they may not be available to everyone. Beyond their somewhat cryptic credit requirements, you must be an existing Wells Fargo customer to apply for one of their personal loans online or on the phone. If you’re not a customer already, you can only apply for a personal loan by visiting a branch in person.

And while Wells Fargo does offer competitive interest rates, the lowest rates they offer on the bulk of their personal loans aren’t competitive with the top lenders in the personal loan space. Borrowers with excellent credit may qualify for a personal loan with a much lower rate (even as low as 5.49% APR) with lenders like SoFi, Marcus by Goldman Sachs, and Eloan. This is one reason you should shop around among a few lenders before you settle on a personal loan. Even among borrowers with a similar credit rating and income, interest rates can vary widely.

Who Wells Fargo Personal Loans Are Best For:

  • Wells Fargo customers who can qualify for the best rates and a rate discount
  • Anyone who wants a personal loan with no origination fee or annual fee
  • People who need to borrow up to $100,000 without collateral

How We Rate Wells Fargo


At Money360, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how Wells Fargo stacks up:

Wells Fargo Personal Loans at a Glance
Overall Rating
🌕🌕🌕🌑🌑
Affordability (interest rates, fees, and terms) 🌕🌕🌕🌕🌑
Availability (credit requirements, geographic reach) 🌕🌕🌕🌑🌑
Ease of Use 🌕🌕🌑🌑🌑
Transparency 🌕🌕🌕🌑🌑

How to Apply for a Personal Loan from Wells Fargo

If you’re a Wells Fargo customer already, you can apply for a personal loan or line of credit online or on the phone. If you’re not a Wells Fargo customer, you’ll need to apply in person. Either way, plan on gathering the following information before you begin your application:

  • Social Security Number
  • Date of birth
  • Citizenship status
  • Marital status
  • Email address
  • Primary telephone number
  • Permanent address

Also plan on including your employment information, your income, and your monthly mortgage or rent payment.

Once your application is reviewed, Wells Fargo has the right to ask for additional information to complete your application. Documentation you may need to supply includes:

  • Recent pay stubs, W2s, or tax returns
  • Utility bills
  • Copy of driver’s license or Social Security card
  • Information to payoff current accounts
  • IRS Form 4506T (Request for Transcript of Tax Return)

If you’re approved for a personal loan from Wells Fargo, you may be able to receive your loan funds as soon as the next business day.

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The Bottom Line

Personal loans can be a smart option if you need to borrow money to consolidate debt or make a large purchase. They tend to come with much lower interest rates than credit cards, and the fact you get a fixed monthly payment and fixed repayment schedule makes them more predictable.

However, you shouldn’t go with the first lender you come across. Because rates are highly variable and some lenders consider different criteria when approving you for a loan, it always makes sense to shop around and compare loan quotes before you move forward.

Wells Fargo is a prominent bank that’s been in business for over a century, but they may or may not offer the lowest rates and fees for the personal loan you want. The only way to find out is to shop around and compare.

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