Editorial Review

Wells Fargo Personal Loan: 2019 Review

In some cases, Wells Fargo can fund a personal loan the same day you submit an application. Borrowers also can choose a secured loan or add a co-signer.

Annie MillerberndNovember 14, 2019

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Our Take

4.0

NerdWallet rating 

The Bottom Line: Wells Fargo personal loans come with rate discounts for some borrowers, as well as the option to add a co-signer or choose a secured personal loan.

Wells Fargo Personal Loan

Wells Fargo Personal Loan

Min. Credit Score

600

Est. APR

5.24-22.74%

Loan Amount

$3,000-$100,000

Pros & Cons

Pros
  • Offers secured loan option.

  • Offers free credit score access.

  • Offers direct payment to creditors with debt consolidation loans.

Cons
  • Borrowers without existing accounts required to apply in person.

  • No option to pre-qualify.

Compare to Other Lenders

Marcus by Goldman Sachs
Lightstream
Est. APR

6.99-28.99%

Est. APR

5.49-17.29%

Loan Term

3 to 6 years

Loan Term

2 to 7 years

Loan Amount

$3,500-$40,000

Loan Amount

$5,000-$100,000

Min. Credit Score

660

Min. Credit Score

660

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.

Wells Fargo personal loans are a good option for two types of borrowers: existing, good-credit customers and non-customers with excellent credit, a low debt-to-income ratio and high income.

Wells Fargo loans are most commonly taken out for debt consolidation, says John Miller, the company’s senior vice president for personal loans and lines of credit. “We’re here to help [borrowers] manage their debt, lower their monthly payments and reduce overall interest cost,” he says.

While the bank accepts a minimum credit score of 600, the majority of borrowers have a score above 660, Miller says. An applicant’s income, debts, length of credit history and relationship with Wells Fargo are also factors in the loan decision.

Available repayment terms on a Wells Fargo personal loans span from one to seven years.

Debt consolidation loans: Borrowers who are consolidating debt with the bank can have portions of their loan amount sent straight to creditors, ensuring that debt is successfully paid off.

Joint and co-sign loan options: Unlike many other lenders, Wells Fargo allows joint applications in which two people apply for a loan together and both have rights to what’s borrowed. The bank evaluates the combined income and debts of the two applicants.

Wells Fargo also offers co-sign loans — another rarity among lenders — in which a second person agrees to be responsible for paying a loan back if the primary borrower can’t make their payments, but the co-signer doesn’t necessarily have rights to the money from the loan.

Secured loan option: Those with existing Wells Fargo 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.

Same-day funding: Customers who apply over the phone or at a branch can get their loan funded the same day they apply, Miller says. Online applications submitted before 2 p.m. can also be funded the same day.

Available discounts: Existing customers who set up autopay are eligible for a 0.25% rate discount — a benefit that isn't available to those who don’t already have an account with Wells Fargo. The bank’s Portfolio customers get an additional 0.25% rate discount on an unsecured loan as well.

Loan example: For a borrower with good credit (a FICO score of 690 to 719), 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

American Express offers personal loans exclusively to qualified cardholders. The company’s personal loans allow borrowers to take out a maximum of $40,000, but it also has a lower maximum annual percentage rate on its unsecured loans than Wells Fargo.

Discover offers personal loans geared toward debt consolidation to everyone — not just cardholders — and has a similar APR range to Wells Fargo. Discover’s loans come with free tools to manage your budget and estimate monthly payments, but no co-sign option.

How to apply for a Wells Fargo loan

Only existing customers can apply for and receive funds on Wells Fargo’s website or over the phone. New customers can visit a branch to get the process started. (The bank has over 5,400 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. Pre-qualifying may get you personalized rates from multiple lenders that partner with us. Pre-qualifying will not impact your credit.

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.