2020 Wells Fargo Personal Loan Review
Quick Review: Wells Fargo personal loans are useful for people of all credit levels, as Wells Fargo provides both unsecured and secured loans. People who want high loan amounts should consider Wells Fargo loans as well because they offer as much as $100,000 with payoff periods of 12 to 60 months. Applicants can take advantage of interest rates as low as 5.24% 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||5.24% - 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
Wells Fargo personal loan rates range from 5.24% to 24.49% for unsecured loans. For context, Wells Fargo’s best unsecured loan rates are on the low end of the market, and their cap is decent. There are other lenders with maximum APRs under 20%, though. However, Wells Fargo’s secured loans have a very low range of 8% to 19.5%.
The APR that you receive will be based on your credit score, income, existing debts and more. For example, Wells Fargo offers a special “relationship discount” of 0.25% for customers who have a Wells Fargo consumer checking account and enroll in automatic payments. That discount is included in the overall APR range, so the lowest rate you can get without a relationship discount is 5.49%. Wells Fargo’s website says that at least 15% of applicants qualified for the lowest rate between 10/1/19 and 12/31/19.
Wells Fargo personal loan interest rates are fixed, meaning they will never change. From the day you take the loan out to the day you finish paying it back, your APR will remain the same. If you want to get a relationship discount, you must do so at the beginning; you won’t be able to get it after your loan is processed.
Unsecured personal loans from Wells Fargo don’t have an origination fee (a fee to process the loan). But if you choose a secured loan, you will owe a $75 fee. All Wells Fargo personal loans charge a $39 late fee. But the good news is you have a 10-day grace period after your due date to pay and avoid the fee. You won’t be charged any fee for paying off a Wells Fargo personal loan early.
Wells Fargo earns a good score in this section due to the low cost of their loans and the fact that they offer some of the biggest loans on the market. You can borrow $3,000 to $100,000, and will have 12 to 60 months to pay your loan off.
Wells Fargo Personal Loan Requirements & Application Info
Category Rating: 3.8/5
Wells Fargo’s personal loan credit score requirements are not exactly clear, as there’s no official minimum. Multiple third-party sources report that you’ll need a score of 660 or higher for an unsecured loan, however. Wells Fargo also has secured loans for people with lower scores who want to use a Wells Fargo CD or savings account as collateral. Therefore, Wells Fargo is a good option both for people with good credit and people with subpar credit.
Wells Fargo does not disclose any minimum income requirement, though income is naturally factored into the approval process. You’ll need enough money to afford payments on your personal loan, on top of your other financial obligations. Other requirements to get a loan include being at least 18 years old and either a U.S. citizen or a permanent resident. You will have to provide some sort of identification as well, either a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
There are three ways to apply for a Wells Fargo personal loan. You can do it online, by phone (1-888-667-5250), or by visiting one of Wells Fargo’s 5,700 U.S. branches. Wells Fargo does allow you to apply with a co-signer if you wish. According to representatives, it usually takes up to 3 business days to get a decision (although you may be approved in minutes) and 1 business day to receive your funds after you’re approved. If you’re not approved right away, you can check your application status online at any time.
Wells Fargo does not allow you to “pre-qualify” for a personal loan like some lenders do. However, Wells Fargo offers a calculator to estimate your potential rates and payments based on your zip code, loan amount, loan length and credit standing.
Wells Fargo earns points in this section for being available to people with credit scores on the low side, for letting people apply with an ITIN, and for offering several ways to apply. They’re docked a few points for not having pre-qualification, which most other lenders do.
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 3.6/5 stars across more than 6,500 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.
Wells Fargo Personal Loans vs. Popular Competitors
|APRs||5.24% - 24.49%||6.98% - 19.98%||5.99% - 18.64%|
|Loan Amounts||$3,000 - $100,000||$3,500 - $40,000||$5,000 - $100,000|
|Loan Terms||12 - 60 months||12, 24 or 36 months||12 - 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.
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