Loans » Personal Loan Lender Reviews » Wells Fargo Personal Loan Review 2021
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Wells Fargo Personal Loan Review 2021

Wells Fargo personal loans are best for borrowers with a strong credit history and high income. Their personal loan is geared toward helping their current customers get out of debt.

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In this Review..

Wells Fargo is considered one of the most recognizable banking institutions in the USA. It has been around since 1852 and offers a variety of financial services including personal loans. As one of the largest banks in America, Wells Fargo offers a variety of personal loans, both unsecured and secured. 

Wells Fargo provides borrowers with flexibility to use the funds as you wish. The only exception is that you cannot use a personal loan to cover education related expenses. You can borrow $3,000 to $100,000, making it a good fit if you need to finance a small project or need funds for a larger one. 

This lender only offers fixed interest rates on all its personal loan products. This ranges from 5.74 to 20.24%. This lowest rate includes a 0.25% relationship discount. The repayment terms are influenced by the loan amount. For loans of less than $5,000, there is a term of 12 to 36 months, while for loans over $5,000, the loan term can extend up to 84 months. 

If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers.

APR

7.49% – 24.49%

Loan Amount

$3,000 – $100,000

Term

12-60 months

Min score

660

Wells Fargo is a larger international financial services company. It is based out of San Francisco, CA and was established in 1852. Wells Fargo currently has 2 trillion dollars in assets and over 8,000 local branches.

Wells Fargo offers a large range of financial products and services but they are also one of the few large banks to offer personal loans as well. Wells Fargo offers secured and unsecured personal loans that can be set up as traditional loans with a term in months or as a line of credit. This review will cover the Wells Fargo personal unsecured term loan.

Wells Fargo Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of Wells Fargo Personal Loan :

What Can a Wells Fargo Personal Loan Be Used For?

Wells Fargo personal loans has a wide range of uses including debt consolidation, home improvement, major purchases, or expenses. It cannot be used for any post-secondary education expenses or the purchase of real estate

Wells Fargo home improvement personal loans can be used for home repairs or projects. The advantage of using a personal home improvement loan for this is the promptness of receiving the funds. It typically takes a month or more to get an equity line of credit on your home. 

Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home. You can use a Wells Fargo personal loan to start your home improvement project quickly.

Wells Fargo personal loans can be used for debt consolidation, designed to pay off debt. Wells Fargo will pay off your creditors directly. Once your other debts are paid, you make one payment to Wells Fargo instead of multiple creditors. 

Your rate and amount will be fixed for the life of the loan. Wells Fargo also has a debt consolidation calculator that you can use to see if a debt consolidation loan would be worth it in your situation.

Application Process

You can apply for a Wells Fargo personal loan by phone at 1-888-667-5250, at a local branch, or online. You can only apply online if you are already a Wells Fargo customer. If you are not, you will need to apply at a local branch.

If applying online, you will need to provide personal information including your name, date of birth, social security, address, email, and phone number. You will need to provide details about your employment, income, and expenses.

In addition, you will choose your preferred term, the amount you want to borrow, and the reason for the loan. Once approved you still may not get the amount you requested.

If you already have a Wells Fargo account you can apply with your current account. Wells Fargo may need documentation to verify your information such as ID, paystubs, or even tax returns. You can sign documents online or at a branch. Wells Fargo will fund your loan one business day after approval. The options for funding include direct deposit in a Wells Fargo account, transfer to another bank account, cashiers check, or if you are consolidating debt you can have Wells Fargo send payments to your creditors.

Wells Fargo’s underwriters will consider your income and any other banking relationship with Wells Fargo as part of their decision. If you’re a long-term Wells Fargo customer, that could improve your chances of qualifying.

Wells Fargo Reputation

  • A+ on BBB:  BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 1.3/5 on Trustpilot ( +300 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  • 851/1000 points on J.D Power: Wells Fargo loan got 851 out of 1000 possible points in the 2020 research, lower than industry average. J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers.

APR

7.49% – 24.49%

Loan Amount

$3,000 – $100,000

Term

12-60 months

Min score

660

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Wells Fargo personal loan: 

Earnest is a subsidiary of Navient and has been around since 2013. This company offers loans to “financially responsible” applicants. The company offers competitive rates from 5.99% with no fees. You can use your Earnest personal loan for any purpose.

You can take out an Earnest personal loan for amounts between $5,000 and $75,000. However, if you’re a resident in California, the minimum loan amount is $10,000. Earnest offers fixed rates that ranges from 5.99% to 17.24% APR. However, Earnest offers no additional discounts.

Earnest offers loan terms of three, four and five years. There are some qualification requirements for an Earnest personal loan. This includes:

  • A minimum credit score of 680
  • Proof of consistent income
  • History of payments made on time
  • No open collections accounts
  • No bankruptcy declarations in the last three years.

Marcus is an online only lender offered by Goldman Sachs. It offers personal loans with no fees including late fees, prepayment fees or sign up fees. Since you’re only required to pay the principal loan sum and interest, the interest rates are a little higher than the competition. However, this can be a good option for those with a good credit score who want to avoid annoying fees.

Where Marcus personal loans are a little different is that there is the option of prequalification. If you’re not sure if you will be eligible for a loan, you can complete a basic, short form. This only involves a soft check, so you can avoid triggering a hard credit check and potentially compromising your credit score. Prequalification will allow you to check and compare your Marcus loan options.

You can also receive a 0.25% discount if you opt for autopay. This involves a larger portion of your monthly payment being applied to the loan principal, so less interest will accrue on your account. You can have a loan with a term from three to six years.

This is a unique lender created in 2012 by a group of former Google executives. They are the first lending platform to use artificial intelligence with an automated lending process. The company aims to go the extra mile for its customers.

Most lenders primarily focus on a FICO score to approve a loan. However, Upstart uses its advanced technologies to look beyond this and explore the risk of your loan. These calculations are used to assess your ability to repay your loan.

The company has a strong belief that if lenders would use its intuitive credit model, they would probably be approving more loans.

For borrowers, this means that Upstart can offer high quality loans at low interest rates. With fair terms for borrowers with bad credit, this company has a strong reputation with excellent reviews on Trustpilot and other sites.

Wells Fargo Personal Loan is Best for..

Wells Fargo personal loans are best for borrowers with a strong credit history and high income. Their personal loan is geared toward helping their current customers get out of debt. They offer one of the highest amounts for a personal loan, $100,000.

If you are a Wells Fargo customer, applying is easy and can be done online, plus you can get an interest rate discount. Borrowers who have a strong credit history may get better rates from other personal loan providers. You can search for some that have a soft credit pull to check your rate.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.