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Wells Fargo Personal Loan: 2019 Review

Jan. 22, 2019
Loans, Personal Loans, Personal Loans Reviews
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
4.0 NerdWallet rating

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 7.49% - 24.49%
Time to fundingTypically same day
RepaymentsMonthly, over 1 year to 5 years
Soft credit check?No
How to qualify
  • Become a Wells Fargo customer
  • Typically have a good credit score, above 660
Best forBorrowers with good credit, debt consolidation
Pre-qualify and receive a personalized rate from lenders that partner with NerdWallet.

Wells Fargo personal loan review

To review Wells Fargo, NerdWallet collected more than 30 data points from the lender, 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.

NerdWallet made calls to five Wells Fargo branches around the country and found that a credit score in the 600s is generally considered favorable for a personal loan. 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.

Good for debt consolidation: 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.

Existing customer discount: 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.

» MORE: Top banks offering personal loans

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

Discover and Marcus, which is owned by Goldman Sachs, are two other large financial companies that also offer unsecured personal loans.


7.49% - 24.49%

Min credit score

Typically above 660

Best for

Good credit, debt consolidation


5.99% - 28.99%

Min credit score


Best for

Flexible loan terms


6.99% - 24.99%

Min credit score


Best for

Good credit, debt consolidation

Pre-qualify and receive a personalized rate from lenders that partner with NerdWallet.

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.

Check rates from other lenders

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive personalized rates from lenders that partner with NerdWallet.

Before you shop for a personal loan:

Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to 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.

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