Wells Fargo Personal Loan Review 2020

4.1 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

Wells Fargo – About The Lender

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 Personal Loan Specification

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

FeatureWells Fargo Personal Loan
Loan Amount Range$3,000 – $100,000
Interest Rate Range7.49% – 24.49%
Term12-60 months
Origination feeNone
Late Payment Fee$39
Returned payment fee$39
Check Processing feeNone
Prepayment feeNone
Minimum Credit Score660
1st paymentTypically 1 day
Documents To Provide
  • Personal information (including address, phone number,birth, email, and SSN)
  • Proof of Monthly income
  • Employment Details
  • Expenses Details
  • ID, pay stubs, or even tax returns

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:


  • Application Options – You can apply with Wells Fargo online, by phone, or at a local branch. Many personal loan providers do not have those options.
  • Available in All States – Wells Fargo personal loans are available in all states.
  • Competitive Interest Rates –Interest rates are competitive for borrowers with good credit histories and strong cash flow.
  • Discount for Current Customers – Wells Fargo gives current customers a discount on personal loans. You can get a .25% discount on by setting up auto pay with your Wells Fargo checking account.
  • No Application, Origination, or Prepayment Fee – Wells Fargo loans have no origination or application fee. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.
  • More than One Loan – The borrower can get multiple loans at one time from Wells Fargo.
  • High Maximum Loan Amount – Wells Fargo’s highest maximum loan amount is $50,000 for personal loans.
  • Option to Change Payment Date – You can change your payment date after your first payment is made.
  • Multiple Payment Options –You can pay on your Wells Fargo personal loan online, automatically, by phone, or by mail. Many online personal loan providers only allow for online payments and in many cases will charge processing fees for payments not done online.
  • Joint Applicants – Wells Fargo allows loans with joint borrowers. This can help improve your chances of getting approved.
  • 7 Days a Week Customer Support – You can call Wells Fargo any day of the week and talk to someone who can help. You can also visit one of the many Wells Fargo branches and speak to a loan officer face to face.


  • Late Fees – Wells Fargo has a large late fee of $39 dollars. They do have a 10-day grace period. This fee is easily avoided but is higher than many other personal loan providers.
  • No Soft Pull – Many personal loan providers do an initial soft pull to see if you may qualify for a personal loan. A soft pull does not affect your credit, but Wells Fargo does a hard pull from the start, which will affect your credit.
  • Poor or Limited Credit – Wells Fargo is not the right lender for borrowers who do not have good to excellent credit. They tend not to lend to those with poor credit history.
  • Online Application Only for Current Customers – If you are not a current Wells Fargo customer you cannot apply online. You have to go to a local branch to apply. Wells Fargo only has branches in 40 states.
  • Unable to Use for Real Estate – Wells Fargo personal loans cannot be used for purchasing real estate.
  • Large Amounts on Short Terms – The terms are short and the payments on higher amounts can be too large for some borrowers.

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

  • Debt Consolidation

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.

  • Home Improvement

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 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 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.