Wells Fargo Personal Loan Review
Wells Fargo personal loans have many positives, including high loan amounts, a lack of fees, and low rates. Wells Fargo is also one of the few major lenders with both unsecured and secured personal loans.
Wells Fargo offers personal loans between $3,000 and $100,000, with APRs ranging from 5.24% to 24.49% for unsecured loans. That’s one of the lowest minimum APRs available and a fairly low maximum compared to many competing lenders. Wells Fargo’s unsecured loans don’t charge origination fees, either. And while there is a $39 late fee, you get a 10-day grace period after a missed payment to avoid it.
Wells Fargo’s secured personal loans have a $75 origination fee and require money in a Wells Fargo CD or savings account as collateral. Their APRs range from 8% to 19.5%. These secured loans let people take out a loan with better terms than they’d get without collateral, while still earning interest on their own money in the bank. People who pay on time will never lose their collateral.
Another advantage of borrowing from Wells Fargo is that they serve people throughout the U.S. They have over 5,700 branches where you can apply in person with a credit specialist. And while Wells Fargo has had a past scandal involving opening fraudulent accounts, that didn’t have anything to do with their personal loans.
Wells Fargo Personal Loan Review Highlights
- Wells Fargo personal loan rates: 5.24% to 24.49% for unsecured; 8% to 19.5% for secured.
- Loan amounts: $3,000 to $100,000.
- Origination fee: $0 for unsecured; $75 for secured.
- Late fee: $39, after 10-day grace period.
- Payoff timelines: 12 to 60 months. That’s pretty standard, though some lenders offer periods of 84+ months.
- Funding timeline: Up to 3 business days for approval and 1 additional business day for delivery of the funds.
- Wells Fargo personal loan credit requirements: 660 for an unsecured loan. But Wells Fargo offers secured loans to people with bad credit.
- ID requirements: You must be a U.S. citizen or permanent resident. You can apply using either a Social Security number or Individual Taxpayer Identification Number.
- Co-signers Allowed?: Yes. Only some lenders allow applicants to apply with a co-signer. Wells Fargo is one of them.
- Pre-qualification: You can’t pre-qualify for a Wells Fargo personal loan, but you can estimate your rates with Wells Fargo’s calculator.
Wells Fargo is one of the largest banks in the U.S., and they’re well-known for having a wide range of personal banking products, including credit cards and mortgages. But you shouldn’t discount their personal loans. Wells Fargo offers some worthwhile terms for people with good and bad credit alike. Below, you can see how WalletHub rates Wells Fargo in our three major personal loan review categories: Terms, Requirements & Application, and Reviews & Transparency.
Wells Fargo Ratings by Category
Terms: 4.6 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 3.3 / 5
Overall Score: 4.2 / 5