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Wells Fargo personal loans: 2024 Review

Updated on May 3, 2024

At a glance

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Check rate with Bankrate
Rating: 4.5 stars out of 5
Bankrate Score
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Rating: 4.5 stars out of 5
Rating: 4.9 stars out of 5
Customer Experience
Rating: 4.4 stars out of 5
Rating: 4.2 stars out of 5

About Bankrate Score

Bankrate's take: Wells Fargo is one of the largest banks in the nation. It offers a competitive loan with one of the lowest APR ranges on the market. However, the bank’s history of consumer protection violations may make it hard for borrowers to trust.

Lender Details


Loan amount



APR from


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Term lengths

12-84 months

Wells Fargo is best for flexibility

With loan amounts between $3,000 and $100,000 and repayment terms ranging from just a year up to seven years, Wells Fargo’s personal loans are unusually customizable. As a bonus, the lender does not charge an origination fee. That means you can borrow only the amount you need, instead of tacking on extra to cover the fee.

Wells Fargo personal loan purposes 

You can use a Wells Fargo personal loan for typical personal loan purposes, such as home improvement projects, major expenses, debt consolidation and medical expenses. Wells Fargo’s low personal loan interest rates, large maximum amounts and terms up to seven years make them especially well-suited for covering large expenses. 

The lender doesn't list any prohibited uses. However, it's important to check before applying to make sure you can use the loan funds exactly how you need to. Many don't allow personal loan funds to be used for investing, gambling or funding post-secondary education.

Where Wells Fargo personal loans stands out 

  • Low fees: Unlike most lenders in the marketplace, Wells Fargo doesn't charge any origination fees, closing fees or prepayment penalties. However, it does charge late fees.
  • Low interest rates: Wells Fargo’s starting rate of 7.49 percent is one of the lowest among lenders we’ve reviewed. It is well under the average personal loan rate of about 12 percent. And their maximum rate is far lower than the 36 percent or more other lenders may charge.
  • Same-day credit approvals: When you apply to prequalify or fill out a full application, the bank often lets 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. However, the terms available depend on your loan size. Personal loans between $3,000 and $4,999 have repayment periods between 12 and 36 months, while loans ranging from $5,000 to $100,000 have periods between 12 and 84 months.

Where Wells Fargo personal loans fall short 

  • New customers cannot apply: If you are not currently a customer with Wells Fargo, you won't qualify. You need an open Wells Fargo account that’s at least 12 months to be eligible for a personal loan. 
  • Qualification details aren’t specific: The Wells Fargo website doesn’t list its minimum requirements for approval. Interested applicants must prequalify to see if it’s worth filling out a full application.
  • Branches aren’t located in every state: Fourteen U.S. states and Washington  D.C. don’t have a Wells Fargo branch. You cannot apply for or manage your loan in person in Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont and West Virginia.

Wells Fargo customer experience 

Customer support 

You can contact the the personal loans customer service team at Wells Fargo by phone or by visiting a local branch. If you plan to visit a local branch, it’s a good idea to make an appointment.

The customer support phone numbers and hours differ depending on the product you're asking about.

Product Phone number Hours of operation
To apply for a new personal loan 877-526-6332 Monday-Friday 8 a.m. to 7 p.m. CT
Existing personal loans 877-269-6056 Monday-Friday 7 a.m to 7 p.m CT
Flex Loans 877-269-6056 Monday- Friday 7 a.m to 7 p.m CT

Digital experience 

Existing members can apply and check their rates online. Wells Fargo also provides a mobile app — the Wells Fargo app. The Google Play store gives the app a 4.8 of 5 rating and the Apple store boasts a similar 4.9 of 5 rating. 

However, Wells Fargo’s website doesn’t offer as many resources or as much information about its products as some online lenders’ sites do. The bank’s strength is in its extensive network of branches where those who want in-person support can receive it.

What people are saying about Wells Fargo

Wells Fargo has a poor reputation among the national banks due to repeated violations of consumer financial protection laws. 

In 2016, the Consumer Financial Protection Bureau (CFPB) fined the bank $100 million after discovering the bank's employees had opened fraudulent accounts on behalf of customers, often to meet a sales quota. Since then, the CFPB has reported additional unethical or fraudulent practices from the bank and has required redress to millions of harmed customers. 

The overwhelming majority of online Wells Fargo reviews are negative. Current and previous customers often cite customer service difficulties and distrust due to the multiple lawsuits. While review website Trustpilot doesn’t have a separate page for Wells Fargo’s personal loans, the bank as a whole has a rating of just 1.3 out of 5 stars after 1,125 reviews.

There are a few positive anecdotes sprinkled across the internet. "I've had WF [Wells Fargo] for checking for 15 years and I honestly have no complaints," reads a 2023 Reddit comment. "The mobile app is really good and one of my favorite things about using them. They also have ATM kiosks everywhere."

How Wells Fargo compares 

Rating: 4.5 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
12-84 months
Min Credit Score
Not disclosed
Rating: 4.7 stars out of 5
Bankrate Score
APR from
7.49%-25.49% *with AutoPay
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
Term Length
24 to 84 months
Min Credit Score

Wells Fargo vs. 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 minimum. Additionally, those with certain Wells Fargo checking accounts who sign up for automatic payments may qualify for an interest rate discount.

Wells Fargo vs. 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 7.49 percent is more competitive than SoFi's 8.99 percent, and its minimum amount is lower than SoFi's $5,000 requirement. 

Do you qualify for a Wells Fargo personal loan? 

Borrowers need a Wells Fargo account that is at least 12 months old.

When you apply you will need to provide some basic information, like your name, date of birth, and social security number. The website doesn't list specifics, but it does detail that you'll need to report your employment status, income, desired terms and reason for taking out the loan.

Once you provide all of these details, you may need to send additional documents

Once you apply, the lender will check your credit. 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. 

How to apply for a personal loan with Wells Fargo

1. Get a quote 

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

2. Add information and finalize your application

Go into the application knowing exactly what you need. You'll 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

3. Review the loan details 

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.

Take the time to read through the loan agreement entirely before signing. Look specifically for hidden fees or costs that could add to your overall monthly payment and make sure the loan details are correct.

Your funds will be deposited into your Wells Fargo account the same day you sign the loan agreement.

How Bankrate rates Wells Fargo

Score Explanation
Overall score 4.5 It’s not clear what credit score or income you need to qualify with Wells Fargo.
Availability 4.5 Low starting APR and no fees make this lender an affordable option for many.
Affordability 4.9 Low starting APR and no fees make this lender an affordable option for many.
Customer experience 4.4 Some rivals offer seven-day-a-week service vs. Wells Fargo’s five.
Transparency 4.2 Wells Fargo’s website clearly outlines available rates and charged fees.


Bankrate's trusted personal loans industry expertise


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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:

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.