Wells Fargo Personal Loan Review 2022 | News

Wells Fargo landed in hot water several years ago when it was revealed that employees had created millions of fraudulent accounts in order to meet their sales targets.

Increased consumer acceptance of online banking, where customers can expect better interest rates and mobile apps, has also posed a problem for Wells Fargo, whose main checking account does not bear interest and whose savings account earns a paltry 0.01% APY.

On top of that, big banks like Citibank and Capital One have finally started adopting a no overdraft fee policy, but Wells Fargo is lagging behind. The bank has announced some changes to overdraft fees, but so far no complete elimination.

It’s fair to say that Wells Fargo has a consumer perception problem. However, while Wells Fargo’s bank account options are far from desirable and the brand is still striving to regain consumer trust, Wells Fargo’s personal loan offering is decent.

Check out The Penny Hoarder’s Wells Fargo review for a full rundown of the bank’s features and offerings.

Wells Fargo Personal Loans

Ideal for current Wells Fargo customers

Main characteristics

  • No assembly costs
  • Large loan amounts
  • Decent APR

Wells Fargo offers a solid personal loan option. With APRs capped at 19.99% (many competitors go as high as 35.99%) and loan amounts up to $100,000, Wells Fargo personal loans can be a top deal. The absence of origination fees and prepayment penalties are also a bonus.

Wells Fargo Personal Loans


5.74% to 19.99%

Loan conditions

1 to 7 years old

Loan amounts

$3,000 to $100,000

Assembly costs

n / A

Penalty for prepayment

n / A

Minimum credit score requirement

Not disclosed

Wells Fargo Loans: At a Glance

Personal loans are just one of the loan options offered by Wells Fargo. Borrowers can turn to Wells Fargo for:

While you can get a personal loan for any use case, Wells Fargo specifically advertises home improvement loans and debt consolidation loans.

Wells Fargo is a comprehensive bank that also offers several checking and savings accounts, CDs, and investment options. Additionally, Wells Fargo offers both small business banking and commercial banking. However, the Big Four bank no longer offers student loans.

Wells Fargo Personal Loan Review

Still not sure if a Wells Fargo personal loan is right for you? Let’s dive a little deeper into the details of the unsecured personal loans on offer.


Transparency remains Wells Fargo’s biggest problem. When you apply for a personal loan, you can’t see your options unless you’re already a Wells Fargo customer.

More frustratingly, Wells Fargo does not disclose its minimum credit score requirement for personal loans. Although the bank sometimes approves loans for bad credit, you are more likely to be successful in applying for a personal loan from Wells Fargo if your credit score is over 600, but the bank’s website does not indicate this. openly.


Existing Wells Fargo customers can easily apply for personal loans online. However, you cannot apply online or over the phone if you are not a current client. Instead, you will need to go to a physical location to apply with a Wells Fargo banker. Although this is a great strike for the convenience of non-customers, current customers will have a better experience.

In fact, Wells Fargo bank customers can connect their checking account to get a discount on their APR personal loan. Plus, monthly payments are automatic, so you don’t have to worry about late payments.

Wells Fargo also funds most loans the same day of approval or the next business day. Although the bank does not share statistics, the Big Four financial institution maintains that there are few exceptions to this rapid funding process.

Even more convenient: if you use Wells Fargo specifically for a debt consolidation loan, the bank will coordinate direct payment to creditors.

Do you want to open a loan with a co-borrower? You can get a joint loan, which can help you lower the interest rate (and therefore your monthly payment) and/or increase your maximum loan amount allowance.

Need help? Wells Fargo is one of the big four banks, which means you can easily find a physical location (in all 50 states) to visit if you have questions before opening or during the term of your loan. The website is easy to use, and the Wells Fargo app in the Apple App Store boasts a 4.8-star rating based on nearly 6.75 million reviews.


Wells Fargo personal loans offer some flexibility. You can get a loan of up to $100,000, making it ideal for tackling major home renovations. However, if you’re looking for a small loan amount, you’ll struggle with Wells Fargo, where the minimum threshold is $3,000.

For loans of $3,000 to $5,000, loan terms are less flexible (1-3 years), but the range opens up when you request a larger loan (1-7 years).


While the starting APR of 5.74% looks attractive, you’ll find lower rates elsewhere. Plus, this rate includes a 0.25% discount for being an existing Wells Fargo customer. and setting up automatic payments. Wells Fargo reports that at least 10% of approved applicants receive the 5.74% rate.

However, the rate caps at 19.99%. Borrowers with bad credit can expect to fall on this end of the range. This high APR is actually not bad compared to some competitors, with rates as high as 35.99%. The reason? Wells Fargo is stricter on who it approves. Borrowers with bad credit are more likely to be rejected here, which means online lenders with rates as high as 36% may be their only viable option.

Wells Fargo Personal Loan: Pros and Cons

If you’re specifically looking for an unsecured personal loan, whether for a home improvement, debt consolidation, or emergency expense, you’ll want to weigh the pros and cons of opening a Wells Fargo loan.


  • Wells Fargo caps its APR at 19.99%, considerably lower than some competitors.
  • Wells Fargo does not charge origination fees, closing costs or prepayment penalties.
  • The loan amount is quite flexible, up to $100,000.
  • Loan terms are also flexible, from 12 to 84 months.
  • Current customers can benefit from a 0.25% reduction on the customer relationship on the APR.
  • Loans are usually funded quickly, same or next day in most cases.

The inconvenients

  • The minimum loan amount is $3,000; some borrowers may want a loan that allows them to borrow less.
  • The minimum APR is higher than some competitors.
  • The minimum credit score requirement is not disclosed.
  • You cannot check loan options (without a credit check) if you are not already a Wells Fargo customer.
  • Although funding is quick after approval, the approval process can be lengthy; each approval requires a thorough investigation of your credit file.

Wells Fargo Personal Loan Frequently Asked Questions (FAQ)

Still have questions about opening a Wells Fargo personal loan? Here are the answers to some of the most common questions.

How much can Wells Fargo lend you?

Wells Fargo offers personal loans up to $100,000, pending approval. You can get larger loans if you specifically apply for a mortgage.

What credit score is needed for Wells Fargo financing?

Wells Fargo does not disclose a minimum credit score requirement for unsecured loans. However, a credit score of 600 or higher will improve your chances of approval. If you have bad credit, be prepared for rejection or a higher interest rate.

Do I have to be a Wells Fargo customer to get a loan?

Only current Wells Fargo customers can apply for a personal loan over the phone or online. Non-customers must apply in person, but you’ll get a slight discount if you have a Wells Fargo checking account.

When you review Wells Fargo personal loans, you will notice an advertised APR as a main feature. The APR, or annual percentage rate, is the annual interest rate charged on your personal loan.

What factors does Wells Fargo consider when approving a loan?

Although Wells Fargo does not disclose its minimum credit score requirements, the bank does review your credit report and credit history when reviewing your loan application. If you have a low credit score or no credit history, you are unlikely to be approved and should consider personal loans for bad credit.

Can I get a personal loan with bad credit?

It is possible to get a Wells Fargo personal loan with bad credit, although it is not guaranteed. There are other online lenders that specifically target borrowers with poor credit, but beware: APRs are likely to be high and they can cap you at a low credit limit.

Does Wells Fargo provide small personal loans?

The smallest loan option available through Wells Fargo is $3,000. Some online lenders offer loans as small as $1,000 or even $500.

The essential

Wells Fargo’s personal loan option is decent if you have a medium to high credit rating, but the bank is still working to earn back customer trust and improve its basic savings and checking account offerings. .

Timothy Moore covers banking and investments for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

This was originally published on The Penny Hoarder, a personal finance website that empowers millions of readers across the country to make smart decisions with their money with practical, inspirational advice, and resources on how to to earn, save and manage money.