Wells Fargo Personal Loan Review: Get Cash Without High Fees

Wells Fargo Personal Loan

If you’re looking to consolidate debt or fund a large purchase, a Wells Fargo personal loan can be a good low-cost option. The bank offers competitive rates, low fees, and discounts for people who already have a relationship with Wells Fargo.

Read on to learn about the Wells Fargo personal loans program and find out if it’s right for you.

Wells Fargo personal loan review

Wells Fargo is one of a handful of big banks that offer unsecured personal loans. You can borrow between $3,000 and $100,000, depending on your income and creditworthiness.

Repayment terms range from 12 to 60 months, giving you some control over the monthly payments.

Here are a few ways to tell if a Wells Fargo personal loan is a good choice for you:

  • You want to consolidate debt. A personal loan can replace several payments with one. You also might be able to lower the amount you’re paying in interest, especially if you’re consolidating credit card debt. Wells Fargo offers competitive interest rates between 6.99% and 19.99% APR, depending on your creditworthiness.
  • You want as few costs as possible. Wells Fargo doesn’t charge an origination fee or a prepayment fee if you choose to pay off the loan early.
  • You want to monitor your credit. With a Wells Fargo personal loan, the bank offers free access to your FICO credit score. Keeping track of your score is a great way to catch fraud early.

How can you use your Wells Fargo personal loan?

You can use your personal loan funds for just about anything. The only major exceptions include:

  • College tuition
  • Paying off student loans
  • Real estate

The best way to use a personal loan is to consolidate high-interest debt. However, keep in mind that consolidating credit card debt with a personal loan means you might have a higher payment — especially if your repayment period is short.

Do the math and make sure you can afford higher payments before you apply for a Wells Fargo personal loan.

Wells Fargo personal loan fees and interest rates

Online personal loan companies often offer the lowest fees and interest rates. But Wells Fargo personal loans compete with some of the best.


When it comes to fees, Wells Fargo keeps them to a minimum. There are no application, origination, or prepayment fees.

For reference, the typical loan origination fee can be anywhere between 1 and 6 percent of the loan amount. So, on a $10,000 loan, Wells Fargo would save you between $100 and $600.

There is, however, a $39 fee for late payments and a $39 fee for returned payments. You can avoid those fees by making your monthly payments on time and making sure there’s enough in your bank account to cover the payment.

Interest rates

As of August 2017, Wells Fargo personal loan interest rates range from 6.99% to 19.99% APR, depending on your creditworthiness. The APR is fixed, so you don’t need to worry about it fluctuating over time.

You can knock down your APR by 0.25% if you have a qualifying Wells Fargo checking account and use it to make automatic payments on your loan. You also can apply with a co-applicant with good income and a solid credit history to try to qualify for a better interest rate.

Financial and credit requirements for Wells Fargo personal loans

Wells Fargo doesn’t have a minimum credit score requirement for its personal loans. Instead, the bank reviews 20 to 30 factors, including your credit score, credit history, income, and banking relationships.

The bank doesn’t say what’s required to get its best rate. But its website claims, based on data from the first three months of 2017, that at least 5 percent of approved applicants qualified for the rate.

How to apply for a Wells Fargo personal loan

You can apply for a loan online, by phone at 1-888-667-5250, or at the nearest Wells Fargo branch. If you choose to apply online, visit the Wells Fargo personal loans page and click “Apply Now.” Then, you’ll see the first page of the application:

Wells Fargo personal loan

Image credit: Wells Fargo

If you already have a Wells Fargo account, you can sign in to your online account to speed up the process. If not, you can fill out the information yourself.

The application starts by asking for the following information:

  • Name
  • Social Security number
  • Date of birth
  • Citizenship status
  • Address
  • Email address
  • Phone number
  • Income and employment information
  • Residence status and monthly housing expense
  • Other debt obligations

In the next section, you’ll clarify information about the loan itself, including:

  • Amount you want to borrow
  • Desired repayment term
  • Purpose of loan

Once you verify and submit your application, Wells Fargo might ask for more information, including proof of income and employment. You can upload income documents — such as a pay stub, W-2 form, or bank statement — through the online system.

If everything goes well and you’re approved, you’ll e-sign some loan documents and receive the funds, often by the next business day.

How to contact Wells Fargo

If you have any questions before or after applying for a Wells Fargo personal loan, you can reach the customer support team by phone at 1-888-667-5250 or by visiting a local Wells Fargo branch.

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The bank’s website even allows you to set up an appointment online with a personal banker.

If you call, note that the call center is open Monday-Sunday, 6-1 a.m. Central Time.

You also can reach Wells Fargo on social media on Facebook or Twitter.

Should you apply for a Wells Fargo personal loan?

Wells Fargo personal loans offer competitive rates and fees. And if you’re already a Wells Fargo checking customer, you’ll automatically get a lower rate when you set up autopay from that account.

However, one major drawback is the fact that Wells Fargo doesn’t offer a way to pre-qualify for a loan. Some lenders, such as SoFi and Earnest, will let you do so via a soft inquiry on your credit report. Unlike a hard inquiry, a soft inquiry won’t ding your credit score.

The rates you receive in the pre-qualification process aren’t final, but they’re a good ballpark figure.

To get the best personal loan for your needs, compare several personal loan companies to see what kinds of terms and features they offer. For those that offer pre-qualification, fill out the form to see the rates you might qualify for.

In the end, the more time you devote to researching your options, the more likely you are to get the best deal and save money in interest costs in the long run.

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