NerdWallet rating: 3.5 / 5.0
Good for: Good credit, debt consolidation
Wells Fargo is one of the few big banks to offer unsecured personal loans.
A Wells Fargo personal loan is a good fit for those who:
- Live near a Wells Fargo branch. Existing customers can apply for and receive funds online; new customers must apply in person.
- Have good to excellent credit scores. Wells Fargo doesn’t disclose minimum credit requirements, but more than half of its unsecured personal loan borrowers have a credit score between 660 and 749, the bank says.
- Have a Wells Fargo checking account or certificate of deposit account; the bank may offer small rate discounts for it.
- Want to stay disciplined while paying off debt. Wells Fargo gives borrowers the option to pay creditors directly and offers them free access to FICO credit scores.
Wells Fargo loan rates and terms
|Loan amounts||$3,000 - $100,000|
|Typical APR||7.24% - 24.24%|
|Time to funding||Typically same day|
|Repayments||Monthly, over 1 year to 5 years|
|Soft credit check?||No|
|How to qualify||
|Best for||Borrowers with good credit, debt consolidation|
» MORE: Best loans for good credit
Wells Fargo personal loan review
To review Wells Fargo, NerdWallet collected more than 30 data points from the lender, interviewed company executives, viewed the online loan application process, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
Wells Fargo didn’t provide NerdWallet its minimum requirements for credit score, annual income, debt-to-income ratio or other underwriting factors.
NerdWallet made calls to five Wells Fargo branches around the country and found that a credit score in the 600s is generally considered favorable, but a loan decision isn’t contingent on those factors. An applicant’s income, debts, length of credit history and relationship with Wells Fargo are also factors in the loan decision.
The bank considers a customer’s whole picture, according to Sarah Kennedy, vice president of product management at Wells Fargo’s Personal Lines & Loans division.
Those who are borrowing for debt consolidation can ask the bank to send portions of their loan amount straight to creditors, ensuring that debt is successfully paid off. Wells Fargo allows joint applications, which only a handful of other lenders do. The bank evaluates the combined income and debts of the two applicants.
Wells Fargo gives checking account holders and Portfolio account holders a discount on personal loans. Those with savings or CD accounts can apply for a secured loan for a lower interest rate. The secured loan option includes a $75 origination fee, and the funds used as collateral cannot be accessed during the loan repayment period.
Loan example: For a borrower with good credit, a $20,000 personal loan with a repayment term of 48 months at 18% APR would carry monthly payments of $587, according to NerdWallet’s personal loan calculator.
How Wells Fargo compares
How to apply for a Wells Fargo loan
Only existing customers can apply for and receive funds on Wells Fargo’s website. New customers can visit a branch to get the process started. (The bank has more than 5,800 branches.) Wells Fargo conducts a hard credit check when you apply, which can affect your credit score. It pulls information from all three credit bureaus and reports timely payments to them.
NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.
Before you shop for a personal loan
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
Personal Loans Ratings Methodology
NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution