Wells Fargo Personal Loan Review
Personal loan rating: 4.0/5
- Accessibility: 2.9/5
- Rates and terms: 4.6/5
- Repayment experience: 4.8/5
Personal loan details
- APR range: 7.49% – 23.24% (with relationship discount)
- Loan terms: 12 to 84 months
- Loan amount: $3,000 – $100,000
- Minimum credit score: Not specified
Our verdict: Wells Fargo Bank is a solid option for personal loans because of its few fees, competitive interest rates and flexibility to fit a variety of financial needs. To qualify, you must be an existing banking customer with Wells Fargo.
Read more about how we rated Wells Fargo.
Established in 1852, Wells Fargo offers personal loans with a variety of perks such as no origination fees, fast funding and flexibility when it comes to loan amounts and terms.
- Must be a current Wells Fargo customer: Wells Fargo only offers personal loans to current customers of the bank.
- APR discount: Wells Fargo offers a 0.25% to 0.50% annual percentage rate (APR) discount if you have a Wells Fargo personal checking account and sign up for autopay.
- Flexible loan amounts: Consumers can borrow anywhere from $3,000 to $100,000 from Wells Fargo, one of the most flexible loan ranges on the market.
- No origination fee: Wells Fargo personal loan customers can skip origination fees. These are administrative fees commonly associated with personal loans that can run up to 12% of your total loan amount.
- Best for large loans: Because of its flexible loan amounts and repayment terms, this lender may be a good fit for current Wells Fargo customers looking to cover large expenses, such as a home improvement project.
Wells Fargo pros and cons
Like with all lenders, Wells Fargo comes with both benefits and downsides to those who choose to get a loan with the bank. Before agreeing to a loan, it’s important to weigh both pros and cons.
| Pros | Cons |
|---|---|
No origination fees Discount for having Wells Fargo checking account and autopay Same-day credit decisions | Only serves Wells Fargo customers No option for joint application Late payment fees |
Though it does charge late fees, Wells Fargo customers won’t have to worry about having to budget any origination fees that would come out of the loan’s total balance. If you have a Wells Fargo personal checking account and sign up for autopay, you may receive a 0.25% to 0.50% APR discount. Wells Fargo’s quick credit decisions also may make this ideal for those looking to get a quick loan.
You’ll need to be an existing Wells Fargo customer before you can get a personal loan with this lender. And if you don’t have great credit, you may not qualify for a Wells Fargo personal loan as the bank doesn’t offer the option to submit a joint application.
Wells Fargo requirements
Wells Fargo doesn’t offer a lot of information about its personal loan eligibility requirements; however, if you want to get a Wells Fargo personal loan, you’ll need to provide the following criteria:
| Required information |
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| Requested documents |
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| Other requirements | Must be a current Wells Fargo customer with an open account with the bank for at least 12 months |
If Wells Fargo’s loan options won’t work for your borrowing needs, shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Wells Fargo
To get a Wells Fargo personal loan, you’ll need to go through the following application process.
Check if you prequalify
Wells Fargo allows you to prequalify for personal loans, meaning you can check what kind of rates, terms and amounts you may qualify for without any impact to your credit score.
To do this, you’ll need to provide your contact information, your income, your employment status and information around your desired personal loan. This includes how much you want to borrow, your preferred terms and how you plan to use the loan.
Verify your information
If you prequalify for a loan and want to proceed with Wells Fargo as your lender, you’ll need to verify the information you provided. In particular, Wells Fargo will want you to provide documents verifying your identity, address and income. The bank may require you to submit documents such as pay stubs, W2s, tax returns, utility bills and a copy of a government-issued identification.
Once you’ve verified your information, Wells Fargo will run a hard credit inquiry on your credit background. This will allow Wells Fargo access to your credit report and may make your credit score drop by up to five points.
Close on your loan
If Wells Fargo officially approves you, you’ll need to sign your personal loan contract and officially close on the loan. Once you’ve closed on your loan, your funds will be deposited into your Wells Fargo account as soon as the same day.
If you’re denied a personal loan, you may want to look into ways to increase your odds for approval. In particular, this involves increasing your credit score and building your credit profile to show creditors you are a reliable borrower and will repay your debts on time and in full.
How Wells Fargo compares to other personal loan companies
Even if you believe Wells Fargo aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Wells Fargo stacks up against similar personal loan lenders.
| Wells Fargo | LightStream | Alliant Credit Union | |
|---|---|---|---|
| LendingTree’s rating | 4.0/5 | 4.4/5 | N/A |
| Minimum credit score | Not specified | Not specified | Not specified |
| APRs | 7.49% - 23.24% (with relationship discount) | 6.99% - 25.49% (with autopay) | Starting at 10.49% (with autopay) |
| Loan amount | $3,000 - $100,000 | $5,000 - $100,000 | $1,000 - $100,000 |
| Repayment term | 12 to 84 months | 24 to 84 months | 12 to 60 months |
| Origination fee | None | None | None |
| Funding timeline | Receive funding in one to three business days | Receive same-day funding | Receive same-day funding |
| Bottom line | Wells Fargo offers flexible repayment terms and competitive interest rates However, the bank charges late fees while LightStream does not. | LightStream has a higher minimum borrowing amount than Wells Fargo, which may not work for consumers looking for small loans. Unlike Wells Fargo, it also doesn’t allow consumers to prequalify for loans. | While Alliant Credit Union doesn't offer as flexible terms as Wells Fargo or LightStream, it offers both large and small loan amounts. It also doesn’t charge origination or prepayment fees |
How we rated Wells Fargo
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Wells Fargo offers a quick personal loan application process for consumers. Most consumers receive same-day credit decisions. If you’re approved for a loan, you will receive your funds as soon as the same day.
Most personal loans’ funding timelines range between one to 10 business days.
Because Wells Fargo allows you to prequalify for a personal loan, the application process will not initially impact your credit score and you can see your potential rates, terms and amounts.
However, if you choose to move forward with the personal loan, you will have to submit to a hard credit pull, which can cause your credit score to go down by a few points.
If you meet certain requirements, you may qualify for a relationship discount on your APR. These discounts can range anywhere from 0.25% to 0.50% and you’ll need to meet these requirements:
To qualify for the 0.25% discount, you’ll need one of the following:
- Clear Access Banking account
- Complete Advantage Checking account
- Crown Banking Checking account
- Custom Management Checking account
- Premium Membership Checking account
- Wells Fargo At Work Checking account
- Wells Fargo Everyday Checking account
- Wells Fargo Preferred Checking account
To qualify for the 0.50% discount, you’ll need one of the following:
- Personal bank checking account
- Personal bank interest checking account
- Wells Fargo Premier Checking account
- Wells Fargo Prime Checking account
- Team Member Checking account