Editorial Review

Wells Fargo Personal Loan: 2019 Review

Wells Fargo customers may get a rate discount and have the option to add a co-signer or choose a secured personal loan.

Amrita JayakumarAugust 15, 2019

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Our Take


NerdWallet rating 

The Bottom Line: An option for existing Wells Fargo customers, offering rate discounts and a co-sign option.

Wells Fargo Personal Loan

Wells Fargo Personal Loan

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Pros & Cons

  • Offers secured loans.

  • Co-sign option.

  • Free credit score access.

  • Must have a Wells Fargo account.

  • Hard credit pull at application.

Compare to Other Lenders

Marcus by Goldman Sachs
Est. APR


Est. APR


Loan Term

3 to 6 years

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2 to 7 years

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Compare estimated rates from multiple lenders

Compare Rates

Full 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.

How to qualify:

  • Become a Wells Fargo customer.

  • Typically have a good credit score, above 660.

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 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 Rating 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.