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Wells Fargo Personal Loan: 2018 Review

Sept. 12, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
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 APR7.24% - 24.24%
Origination feeNone
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
Click "Compare rates" to see estimated rates from multiple lenders on NerdWallet.

» 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

Citibank and Discover are two other large financial companies that also offer unsecured personal loans.


7.24% - 24.24%

Min credit score

Typically above 660

Best for

Good credit, debt consolidation


7.99% - 17.99% for a $10,000, 3-year loan

Min credit score

Typically above 680

Best for

Good credit, debt consolidation


6.99% - 24.99%

Min credit score


Best for

Good credit, debt consolidation

Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

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:

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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