Wells Fargo Personal Loan Review: Get Cash Without High Fees

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Wells Fargo Personal Loan

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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.

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.

Interested in refinancing student loans?

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1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
& Graduate
Visit Earnest
2.80% – 6.38%1Undergrad
& Graduate
Visit Laurel Road
2.48% – 7.52%2Undergrad
& Graduate
Visit SoFi
2.47% – 7.99%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%3Undergrad
& Graduate
Visit CommonBond
2.72% – 8.17%4Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Loans, Review