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Wells Fargo personal loans: 2023 Review

Updated on June 14, 2023
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At a glance

Rating: 4.6 stars out of 5
Bankrate Score
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Rating: 4.7 stars out of 5
Rating: 4.9 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 3.8 stars out of 5

About Bankrate Score

A traditional banking institution with a range of personal loan options, Wells Fargo has a variety of options to serve customers where they are.

Loan amount $3,000 - $100,000
APR from 8.49% - 24.49%
Clock Wait
Term lengths 12 - 84 months
Wells Fargo is best for serving customer needs.

Best for serving customer needs

Wells Fargo has a variety of options available for personal loans, making them the best lender for serving customer needs. They can be flexible with repayment terms and customers can choose from a wide range of personal loan amounts to apply for. Additionally, customers gain peace of mind by incurring no fees when they open a personal loan with Wells Fargo.

Wells Fargo pros and cons


  • Checkmark

    Low fees

  • Checkmark

    Same day credit approvals

  • Checkmark

    Flexible repayment terms


  • Close X

    Not possible to apply online for new customers

  • Close X

    Qualification details aren’t specific

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    Branches aren’t located in every state

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Do you qualify?

Wells Fargo doesn’t provide consumers with a lot of information about the requirements for a personal loan. Generally, they suggest that applicants should have a good credit history, and that a higher credit score will result in a better interest rate.

If you want more specific details, contact the customer service team at Wells Fargo.

How this lender compares

Rating: 4.6 stars out of 5
Bankrate Score
APR from
8.49% - 24.49%
Loan Amount
$3,000 - $100,000
Term Length
12 - 84 months
Min Credit Score
Not disclosed
Rating: 4.6 stars out of 5
Bankrate Score
APR from
7.99%-25.49% *with AutoPay
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Not disclosed
Rating: 4.8 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 84 months
Min Credit Score

Wells Fargo versus LightStream

Wells Fargo and LightStream offer similar personal loan products with competitive interest rates and loan maximums of $100,000. However, Wells Fargo takes the cake as the more competitive personal loan for those with an existing relationship with the bank. It offers a lower minimum amount of $3,000 versus LightStream's $5,000 and a lower interest rate range that competes with the top lenders in the market. 

Wells Fargo versus SoFi 

SoFi has gained its reputation in the consumer lending market for its stellar perks and benefits. However, if you have a relationship with Wells Fargo, its loans may be a better choice, based on your credit score and financial health. While SoFi's loan details are highly competitive, Wells Fargo's starting interest rate of 8.49 percent is more competitive than SoFi's 8.99 percent, and its minimum amount is lower than SoFi's.

Wells Fargo: In the details

What we like and what we don’t like

What we like:

  • Low fees: Personal loans with Wells Fargo don’t have any extra origination fees or closing closets. They also don’t charge penalty fees for paying off your loan early. However, its website does state that late fees are assessed.
  • Same-day credit approvals: When you apply for a credit check or fill out your loan application, the bank will often let you know if your credit has been approved within the same day.
  • Flexible repayment terms: You can choose to repay your loan in the amount of time that works for you. This can be anywhere between 12 and 84 months.

What we don’t like

  • Not possible to apply online for new customers: If you are not currently a customer with Wells Fargo, you must visit a local branch to apply for a personal loan with them, making the process a little less convenient for new customers. 
  • Qualification details aren’t specific: The Wells Fargo website doesn’t provide much detail about what you need to qualify for a personal loan. Interested applicants have to do extra digging to find out if it’s worth applying.
  • Branches aren’t located in every state: Fourteen U.S. states don’t have a Wells Fargo branch, meaning new customers can’t apply for a personal loan in Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont and West Virginia.

How to contact Wells Fargo

You can get in touch with the customer service team at Wells Fargo by phone or by reaching out to a local branch. If you plan to visit a local branch, it’s a good idea to make an appointment. 

If you don’t already have a Wells Fargo personal loan,  you can talk to a representative by phone at  1-877-526-6332 Monday through Friday between 8 a.m. and 7 p.m. CT. If you already have an account with Wells Fargo, you can call 1-877-269-6056 Monday through Friday between 7 a.m. and 7 p.m. CT.

How to apply for a personal loan with Wells Fargo

Interested in applying for a personal loan with Wells Fargo? You can apply online, via phone or in person at a local branch. However, only pre-existing Wells Fargo account holders can apply online or by phone. Those who don't have an open account with the bank will need to apply in-person at one of its brick-and-mortar locations.  

When you apply you will need to provide some basic information, like your name, date of birth, and social security number. You will also need to give information about your employment status and income. Finally, you will be asked for details about the loan you're applying for, including the desired term, amount and reason for the loan.

Once you provide all of these details, you may need to provide additional documents. These may include:

  • Recent pay stubs, W2s, or tax returns
  • Utility bills (used to verify your address)
  • Copy of your driver’s license, Social Security card or Individual Tax Identification Number (ITIN)
  • IRS Form 4506C
  • Power of Attorney
  • Applicant employment and income authorization form

Once you apply, the lender will check your credit and applicants often get a quick credit decision within the same day they apply. Once you submit your application you can follow its progress online by providing your email address. If approved, you'll receive information on how to receive the funds. 

Features and additional perks

Pre-existing Wells Fargo customers that have a Private Bank Interest Checking account, a Wells Fargo Premier Checking account or a Wells Fargo Prime Checking account will qualify for a .50 percent interest rate reduction upon signing up for autopay.  

Other Wells Fargo consumer checking accounts, like Way2Save and the Wells Fargo Everyday Checking account will qualify customers for a 0.25 percent rate reduction after signing up for autopay.

Fees and penalties

Taking out a personal loan with Wells Fargo means skipping almost all fees. The loans don’t have any origination fees or closing fees. This bank also doesn’t charge any fees if you pay off your loan early. 

It is important to note that you may have to pay late fees if they apply. Talk to a customer service representative if you have questions.

Wells Fargo FAQs

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates Wells Fargo

Score Explanation
Overall score 4.6
Availability 4.7 Some qualifications are not disclosed.
Affordability 4.9 Low starting APR and no fees make this lender an affordable option for many.
Customer experience 5.0 Wells Fargo doesn't offer as many customer service hours as some others.
Transparency 3.8 While some rates and fees are listed, not all are.


To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • 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. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

Editorial disclosure: All reviews are prepared by 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.