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 12-60 months. Applicants can take advantage of interest rates as low as 7.24% 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, along with all the major pros and cons of Wells Fargo personal loans.
Wells Fargo Personal Loan Terms
|APRs||7.24% - 24.29%|
|Loan Amount||$3,000 - $100,000|
|Loan Term||12, 24, 36, 48 or 60 months|
|Origination Fee||0% - 0%|
|Credit Score Requirement||Excellent*|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase, Other|
|How long does it take to receive the funds?||N/A|
Wells Fargo Personal Loan Rates & Fees
Wells Fargo personal loan rates range from 7.24% to 24.29%. For context, Wells Fargo’s best rates are on the low end of the market, but their cap is nothing special. There are other lenders with maximum interest rates under 20%.
The interest rate 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 7.24% to 24.29% range, so the lowest rate you can get without a relationship discount is 7.49%.
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 Personal Loan Requirements & Application Info
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 Personal Loan Reviews & Transparency
Wells Fargo has a bit of a stained reputation, having been fined in the past few years for creating fraudulent checking and savings accounts. However, that scandal doesn’t have to do with personal loans. Customers seem decently satisfied, though not thrilled, with the company’s services overall.
- 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.
- Consumer Financial Protection Bureau: The CFPB has compiled over 70,000 total complaints about Wells Fargo. Of the complaints, 602 are about 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.The most recent complaint was filed in March 2019. 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 3.5/5 stars across more than 6,000 reviews. WalletHub’s editors give Wells Fargo personal loans 4/5.
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 Personal Loans vs. Popular Competitors
|APR||7.24% - 24.29%||6.9% - 19.98%||5.99% - 16.49%|
|Loan Amounts||$3,000 - $100,000||$3,500 - $40,000||$5,000 - $100,000|
|Loan Term||12, 24, 36, 48 or 60 months||12, 24 or 36 months||24, 36, 48, 60, 72 or 84 months|
|Credit Score Required||Excellent||Excellent||Excellent|
In order to come up with a rating for Wells Fargo’s personal loans, WalletHub’s editors looked at a combination of 23 metrics across seven major categories, covering areas such as costs, accessibility, reputation and transparency. Below, you can find more information on the rating rubric that WalletHub used.
- Requirements: WalletHub considered the credit score and income required to apply, along with factors such as whether an ITIN is accepted in place of an SSN.
- APR: We looked at the Wells Fargo personal loans’ minimum and maximum APRs as well as whether they are fixed or variable.
- Fees: Our editors considered the fees involved with taking out a Wells Fargo personal loan, chiefly origination fees, prepayment penalties and late fees.
- Loan amounts: We looked for the lowest and highest amounts borrowers may receive, along with the range of months available for payoff.
- Application process: We researched application options (e.g. online, in person), whether co-signers are accepted, whether Wells Fargo offers pre-qualification, how long it takes to get approved and how long it takes to receive funds.
- Customer satisfaction: We researched Wells Fargo’s BBB rating; number of CFPB complaints both in total and regarding personal loans; and WalletHub user reviews.
- Transparency: We considered Wells Fargo’s clearness about both loan requirements and loan terms.
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