Wells Fargo Flex small personal loans: 2024 Review

Written by
Denny Ceizyk
Edited by
Rhys Subitch

Updated on Sep 30, 2024

At a glance

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Check rate with Bankrate
4.6
Bankrate Score
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Availability
5.0
Affordability
4.8
Customer Experience
5.0
Transparency
3.8

About Bankrate Score

Full methodology

Wells Fargo customers who need a little extra cash may benefit from the Wells Fargo Flex loan’s easy approval process and quick funding turnaround. For a small fee customers can get up to $500 deposited directly into their Wells Fargo account within seconds of accepting the repayment plan. The small personal loan alternative may come in handy to avoid overdraft fees or payday lending. 

Lender Details

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Loan amount

$250 or $500

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APR from

Flat fee of $12 for a $250 loan and $20 for a $500 loan

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Term lengths

4 months

Wells Fargo Flex is best for small urgent cash needs

If you're running low on cash before your next payday, the Wells Fargo Flex loan can get you money fast with a payment that can be spread out over four months. That gives you more breathing room than the standard two-week repayment period common with payday loans, and the fee is capped out at $20. The entire process can be done through your Wells Fargo mobile app. 

Wells Fargo Flex personal loan purposes

Cash from a Wells Fargo Flex loan can be used for everything from budgeting for holiday gifts to paying for an unexpected car or home repair expense. The $500 maximum amount can help bridge the gap between paychecks, and the four month payment period gives you time to budget money to pay the balance off.

Where U.S. Bank Simple personal loans stands out

  • Small loan amounts: It is rare to find loan amounts of this size. Borrowers can access as little as $100 to keep their borrowing costs low. 
  • Fixed costs: U.S. Bank charges a fixed fee of $6 per $100 borrowed — equivalent to an APR of 35.60 percent. There are no loan origination, late payment or early repayment fees.
  • Fast funding: Simple loans from U.S. Bank have rapid approval and funding timelines, which can benefit those in a pinch. Most applicants receive a quick lending decision and can access the loan proceeds in minutes. 

Where Wells Fargo Flex falls short

  • Small loan limit: If you need more than $500, you’ll need to find another funding source. 
  • Only one repayment term: This program doesn’t offer any flexibility beyond a four-month repayment option.
  • Offered only to existing Wells Fargo customers: Only Wells Fargo customers with an existing account and the mobile app are eligible for the Flex loan. 

Wells Fargo Flex customer experience

Customer support

Customers can reach Wells Fargo through a local branch during regular business hours, or seven days a week through the company’s social media care platform. Local branch hours may vary depending on where you live. 

Digital experience

Wells Fargo’s mobile app scores an impressive 4.9 stars out of 5 from over 9 million reviews on the App Store. The app allows customers to access credit, deposit and investment accounts with Touch ID and Face ID, and manage the account digitally in multiple ways. 

What people are saying about Wells Fargo Flex

A search of reviews on Trustpilot didn’t reveal any complaints or kudos specifically for the Flex loan program. Most of the reviews were negative and related to problems with standard banking products, such as checking and savings accounts, leading to an overall 1.5-star Trustpilot rating. Positive reviews consistently cited Wells Fargo’s ability to react quickly to fraud problems with customers' accounts.

How this lender compares

logo
4.6
Bankrate Score
APR from
Flat fee of $12 for a $250 loan and $20 for a $500 loan
Loan Amount
$250 or $500
Term Length
4 months
Min Credit Score
Not disclosed
logo
4.2
Bankrate Score
APR from
160.00% to 179.00%
Loan Amount
$500-$4,000
Term Length
9 to 18 months
Min Credit Score
Not disclosed
Read our reviewArrow Right Icon
on Bankrate
logo
4.5
Bankrate Score
APR from
7.89% to 24.74%
Loan Amount
$1,000 to $35,00
Term Length
6 to 60 months
Min Credit Score
Not disclosed
Read our reviewArrow Right Icon
on Bankrate

Wells Fargo Flex vs. OppLoans

Between the two, Wells Fargo is the better option for loan amounts below $500 since OppLoans doesn’t offer any that low. You’ll also save a bundle on interest, considering Wells Fargo only charges a flat fee compared to triple-digit rates to borrow from OppLoans. 

If you need more than the $500 cap offered on the Wells Fargo Flex loan, you can borrow up to $4,000 at OppLoans. You can choose repayment terms as long as 18 months with OppLoans, which could give a lower payment than the four months offered on the Flex loan. 

Wells Fargo Flex vs. PNC Bank

The Flex loan is the clear winner when you don’t need to borrow the $1,000 minimum required with a PNC Bank personal loan. Interest rates are as high as 24.74 percent at PNC Bank, making it a pricier option compared to the flat fee Wells Fargo loan. 

PNC Bank gives you much more borrowing power with a maximum loan amount of $35,000 possible if you qualify. You can also spread your payment out up to 60 months, which could help you manage your budget if Wells Fargo’s four-month repayment period squeezes your budget too much.

Do you qualify for a Wells Fargo Flex personal loan? 

If you’re eligible for a Wells Fargo Flex loan, you’ll automatically be notified in your Wells Fargo mobile banking app. You’ll need an existing Wells Fargo account to qualify, and the application process is different from a traditional personal loan.

How to apply for a Wells Fargo Flex small personal loan

  1. Check your Wells Fargo mobile app to see if you’re eligible: You’ll automatically be notified if you’re eligible. There is no application process or fees to apply. No credit check is run. 
  2. Choose the amount you want: Select an amount between $250 and $500. 
  3. Accept the repayment terms and get your funds: Once finalize your amount, accept the payment plan. Your funds are usually deposited into your account within seconds of acceptance. 

How Bankrate rates Wells Fargo Flex loans

Overall Score 4.6 Explanation
Availability 5.0 The entire process can be complete within one business day if you qualify.
Affordability 4.8 There's only a flat fee with no interest, application or other fees.
Customer Experience 5.0 Customer support is available every day of the week, and every part of the process can be completed online.
Transparency 3.8 There is no information about how to qualify aside from having a Wells Fargo account.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

48

years in business

45

lenders reviewed

20

loan features weighed

900

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.