Wells Fargo Personal Loans: 2021 Review

Wells Fargo personal loans stand out thanks to a wide range of loan amounts and flexible terms, but borrowers can't pre-qualify.
Jackie VelingOct 5, 2021

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Our Take

4.5

NerdWallet rating 

The bottom line:

Wells Fargo’s personal loan is a good choice for borrowers looking for large loans with flexibility, but existing customers will reap the most benefits.

Wells Fargo Personal Loan

Wells Fargo Personal Loan

Min. Credit Score

None

Est. APR

5.74-19.99%

Loan Amount

$3,000-$100,000

Pros & Cons

Pros

  • No origination or prepayment fee.
  • Joint loan option.
  • Offers wide range of loan amounts and repayment terms.
  • Rate discount for autopay.
  • Able to fund loans the same or next business day.

Cons

  • No option to pre-qualify.
  • Some features available only to existing customers.

Compare to Other Lenders

Marcus by Goldman Sachs
Lightstream
NerdWallet rating 
NerdWallet rating 
Est. APR

6.99-19.99%

Est. APR

4.49-20.49%

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

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Full Review

Wells Fargo offers personal loans with plenty of benefits for qualified borrowers. Not only do the loans have minimal fees, but they also come in a wide range of amounts and repayment terms, so borrowers can customize the loan to fit their needs.

Existing customers will see the most perks, though. Borrowers who make payments from a Wells Fargo account may qualify for a rate discount.

Wells Fargo doesn't offer pre-qualification, which is a drawback for borrowers who want to see rates and loan amounts they may qualify for before formally applying.

Wells Fargo is best for borrowers who:

  • Have fair or good credit (630 to 719 FICO score).

  • Are existing Wells Fargo customers.

  • Want to add a co-borrower to their application.

  • Want to fund a home improvement project.

Wells Fargo at a glance

Affordability

  • APRs are low among lenders targeting similar borrowers.

  • No origination or prepayment fees.

  • Rate discount for autopayments available only to account holders.

Loan flexibility

  • Offers multiple loan types.

  • Allows changes to payment date.

  • Offers direct payment to creditors for debt consolidation loans.

  • Funds loans within one business day.

  • Available in all 50 states.

Transparency

  • No pre-qualify option.

  • Discloses rates, fees and terms on website.

  • Offers FAQ that answers key borrower questions.

Customer experience

  • Offers multiple customer contact channels and extended hours.

  • Offers mobile app to manage loan.

  • Provides financial education.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

Where Wells Fargo stands out

Autopay discount: Customers who make automatic payments from a Wells Fargo account can qualify for a customer relationship discount on their annual percentage rate, ranging from 0.25 to 0.5 percentage points. The discount amount depends on the type of checking account you have with the lender.

Offers joint loans: Borrowers can add a co-borrower to their application, which could lead to a lower rate or a higher loan amount.

Fast funding: Wells Fargo can fund loans on the same or next business day upon loan approval. According to the lender, almost all borrowers are funded within this time period, with very few exceptions.

Direct payment to creditors: Wells Fargo will send your loan proceeds to your creditors when you get a debt consolidation loan. This means you don’t have to worry about sending the money yourself, though you should follow up with creditors to confirm all debts have been paid in full.

Wide range of repayment terms: Borrowers can choose from a number of repayment term options. For loans under $5,000, one- to three-year terms are available. For loans of $5,000 or more, borrowers can make payments for up to seven years.

Combined with the lender’s large loan amounts, these extended repayment terms make Wells Fargo one of the best banks for a home improvement loan.

Where Wells Fargo falls short

No soft credit check: Wells Fargo doesn't offer the option to pre-qualify, which lets you see potential loan amounts, rates and terms without affecting your credit score. Though not all banks offer soft credit checks, some do, as do most online lenders.

Noncustomers must apply at a branch: If you’re not a customer at Wells Fargo but want to apply for a personal loan, you must visit a local branch. Current customers can apply online or by phone.

Regulatory action and customer complaints: Wells Fargo has recently experienced a series of hefty regulatory fines. In February 2020, the lender agreed to pay a $3 billion fine after it was found guilty of creating millions of fake savings and checking accounts in the names of real customers. In September 2021, the lender was fined $250 million by the Office of the Comptroller of the Currency after it failed to implement a mortgage loss mitigation program. Though these instances do not directly affect its personal loan business, borrowers should keep them in mind.

In August 2021, the bank closed its personal line of credit, before reversing course after an outcry from existing customers.

How to qualify for a Wells Fargo loan

Wells Fargo doesn't publicly disclose many of its borrower requirements. Borrowers with good and excellent credit scores (690 or higher FICO) will likely qualify for the lowest rates. To apply, you’ll need to provide:

  • Personal and contact information.

  • Employment and income information; documentation may be required to verify this information.

  • Desired term and amount to borrow.

Loan example: A four-year, $12,000 loan with a 15.5% APR would cost $337 in monthly payments. You would pay $4,176 in total interest on that loan.

How to get a Wells Fargo loan

Apply on Wells Fargo

Existing customers can fill out an application on Wells Fargo’s website or call customer service. New customers must visit a branch to apply.

Pre-qualify on NerdWallet

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Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.