Wells Fargo Personal Loans: 2021 Review

Wells Fargo personal loans stand out among bank lenders thanks to low rates and flexible terms, but borrowers can't pre-qualify.
Jackie VelingDec 17, 2020

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Our Take


NerdWallet rating 

The bottom line: Wells Fargo’s personal loan is a good choice for borrowers looking for large loans at low rates, but existing customers will reap the most benefits.

Wells Fargo Personal Loan

Wells Fargo Personal Loan

Min. Credit Score


Est. APR

5.74 - 24.24%

Loan Amount

$3,000 - $100,000

Pros & Cons


  • Competitive rates among similar lenders.

  • No origination fee.

  • Joint loan option.

  • Offers wide range of loan amounts and repayment terms.

  • Existing customers can get a .25% rate discount for setting up autopay.


  • No option to pre-qualify.

  • Charges $39 late fee.

  • Some features available only to existing customers.

Compare to Other Lenders

Marcus by Goldman Sachs
NerdWallet rating 
NerdWallet rating 
Est. APR

6.74 - 19.74%

Est. APR

2.49 - 19.99%

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


Min. Credit Score


Compare estimated rates from multiple lenders

Compare Rates

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Full Review

To review Wells Fargo personal loans, NerdWallet collected data from the lender’s website, confirmed details with several customer service representatives 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 offers personal loans with plenty of benefits for qualified borrowers. Not only do the loans have competitive rates and minimal fees, but they also come in a wide range of amounts and repayment terms, so borrowers can better 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.

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.

  • Are looking to fund a home improvement project.

Wells Fargo at a glance

Credit building

  • No pre-qualify option.

  • Reports payments to three credit bureaus.


  • APRs are low compared to other bank lenders.

  • 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 and Washington, D.C.


  • 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.

» COMPARE: Best bank loans

Where Wells Fargo stands out

Competitive rates: Wells Fargo’s annual percentage rates are lower on average than many of its competitors'. If you have good credit and are an existing customer, you could get an especially attractive rate.

Customers who make automatic payments from a Wells Fargo account can qualify for a customer relationship discount on their APR, ranging from 0.25%-0.50%. The discount amount depends on the type of 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.

Direct payment to creditors: Wells Fargo will send your loan proceeds directly 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 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 to do so. Current customers can apply online or by phone.

Charges late fee: Wells Fargo charges a $39 late fee for missed payments. That's the only fee the lender charges, but it’s steep compared with other lenders.

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 need:

  • Your Social Security number.

  • Contact details, including a permanent address, email and phone number.

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

  • Monthly mortgage or rent payment amount.

Loan example: A four-year, $12,000 loan with a 23.4% APR would cost $387 in monthly payments. You would pay $6,576 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.

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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.