Wells Fargo Personal Loans Review Summary
Wells Fargo personal loans are good for people who are looking for large loan amounts because loans of as much as $100,000 are available, with payoff periods of 12 to 60 months. Applicants can take advantage of interest rates as low as 5.74% in some cases, too.
The high loan amounts and low rates make Wells Fargo personal loans ideal for debt consolidation. Wells Fargo also offers a 0.25% “relationship” discount for having a Wells Fargo consumer checking account and enrolling in automatic payments.
Wells Fargo’s reputation has been damaged in recent years, but the issues have not been related to the company’s personal loans. You can learn more about that below, as well as see how WalletHub rates Wells Fargo in our three key personal loan review categories: Terms, Requirements & Application, and Reviews & Transparency.
Wells Fargo Personal Loan Terms
|APRs||5.99% - 24.49%|
|Loan Amount||$3,000 - $100,000|
|Loan Terms||12 - 60 months|
|Late Fee||$39 late fee (after 10 day grace period)|
|Minimum Credit Score||Fair*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||2 - 4 business days|
Wells Fargo Personal Loan Rates & Fees
Category Rating: 4.6/5
- Overall APR range: Wells Fargo offers fixed-rate personal loans with an APR range of 5.99% - 24.49%.
- How rates are determined: The exact interest rate you receive will be based on your credit score, debt-to-income ratio, and more. For example, Wells Fargo offers a 0.25% “relationship discount” for customers who have a Wells Fargo checking account and enroll in automatic payments.
- Fees: Wells Fargo charges a $39 late fee for payments that are more than 10-days overdue. There are no origination or early repayment fees.
- Loan amounts & timelines: Wells Fargo offers personal loan amounts between $3,000 and $100,000. Their payoff terms range from 12 to 84 months.
Wells Fargo Personal Loan Requirements & Application Info
Category Rating: 3.8/5
- Minimum credit score: Not disclosed, though multiple third-party sources report that you’ll need a score of at least 660.
- Minimum income: Wells Fargo does not disclose minimum income requirements.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number or Individual Taxpayer Identification number.
- Pre-qualification: Wells Fargo does not allow you to “pre-qualify” for their personal loans. However, Wells Fargo offers a calculator to estimate your potential rates and payments based on your home state, loan amount, loan length and credit standing.
- Joint loans: Wells Fargo allows you to add a co-applicant to your loan application.
- Ways to apply: You can apply for a Wells Fargo personal loan online, by phone (1-877-526-6332), or by visiting one of Wells Fargo’s 4,900 U.S. branches.
- Application timeline: It can take up to 3 business days to get a decision (though you may be approved in minutes) and 1 business day to receive your funds after you’re approved, according to representatives.
- Application status: You can check your Wells Fargo personal loan application status online any time.
Wells Fargo Personal Loan Reviews & Transparency
Category Rating: 3.3/5
- Better Business Bureau: Wells Fargo lost its BBB accreditation in 2016, amid a scandal over creating fake checking and savings accounts, charging extraneous fees, and opening debit cards and lines of credit that customers didn’t ask for. The company now has an F rating.
- Consumer Financial Protection Bureau: The CFPB has compiled over 620 complaints about Wells Fargo’s personal installment loans – much more than most other lenders WalletHub has researched. Common concerns include difficulty making payments, having unauthorized loans taken out and having trouble settling after not being able to pay. Wells Fargo has a track record of giving a “timely” response to most, but not all, complaints.
- WalletHub: Wells Fargo has a user rating of 3.8/5 stars across more than 13,000 reviews.
- Transparency: Wells Fargo has a high level of transparency about their loan terms, which are readily available on the company website or from customer service. However, they do lack specificity about minimum credit and income requirements for personal loans.
Wells Fargo’s score suffers here because the company has a lot of personal loan complaints.
Summary: Wells Fargo Personal Loan Scores by Review Category
|Rates, Fees & Other Terms||4.6/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||3.3/5|
Wells Fargo Personal Loans vs. Popular Competitors
|APRs||5.99% - 24.49%||6.98% - 19.98%||4.99% - 19.63%|
|Loan Amounts||$3,000 - $100,000||$3,500 - $25,000||$5,000 - $100,000|
|Loan Terms||12 - 60 months||12, 24 or 36 months||24 - 84 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate Wells Fargo personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Wells Fargo’s personal loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.