We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info. Show
Wells Fargo Investopedia’s Rating 3.9 Check Rates Wells Fargo offers personal loans with competitive rates, especially for existing customers who qualify for a relationship discount. However, Wells Fargo personal loans lack some of the features offered by other lenders. The bank also isn’t transparent about late fees, and non-customers will not be able to enjoy a digital experience. Top Rated For
Pros & Cons Pros
Cons
specifications APR Range 6.99% - 23.24% Loan Amount $3,000 - $100,000 Loan Terms 12 months or 84 months Recommended Minimum Credit Score N/A Average Origination Fee 0.00% Late Fee $39.00 Why Trust Us 38 Lenders reviewed 40 Loan features considered 1,520 Data points analyzed 112 Primary data sources used Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.Read our Full Methodology Wells Fargo Investopedia’s Rating 3.9 Check Rates Table of Contents View All Wells Fargo Personal Loans Review
Pros Explained
Cons Explained
IntroductionIn addition to a full range of banking products, Wells Fargo offers personal loans with a relationship discount for existing checking account holders. However, non-customers should be aware that they’ll need to visit a Wells Fargo bank branch to apply for a personal loan. Wells Fargo loan amounts range from $3,000 to $100,000 with flexible terms from 12 to 84 months. Loans under $5,000 are restricted to terms of 36 months or less. APRs range from 6.99% (with a relationship discount) to 23.24%. Wells Fargo offers fast funding and doesn’t charge origination fees or prepayment penalties. But the bank also does not disclose late fees or non-sufficient fund fees on its website. Wells Fargo personal loans are best for existing Wells Fargo checking account customers who can qualify for the relationship discount. Company OverviewWells Fargo was founded in 1852 by Henry Wells and William G. Fargo, and it's headquartered in San Francisco, California. In addition to a full suite of banking products, Wells Fargo offers personal loans for various purposes, with a focus on debt consolidation, home improvements, and major purchases. Customers of Wells Fargo can access 4,900 branches and 12,000 ATMs across 38 states, and this lender issues personal loans in all 50 states. Types of Personal Loans Offered by Wells FargoWells Fargo doesn’t disclose a definitive list of what loan funds can be used for, nor does the bank specify any restrictions for its personal loans. In general, personal loans from Wells Fargo could be used for the following purposes:
Time to Receive FundsThe time it takes to receive your funds can vary based on your application. However, Wells Fargo reports that the loan proceeds are typically received the same day or the next business day after approval. Wells Fargo Personal Loan FeaturesRelationship DiscountIf you have an eligible Wells Fargo checking account and use that account to make automatic payments on your personal loan, you can receive a relationship discount of up to 0.5% on your APR. To receive a discount, you must have one of the following checking accounts: 0.25% Discount0.5% Discount Clear Access Banking Mobile AppWells Fargo has a highly-rated mobile app you can use to make your loan payments. The app is available in the App Store and Google Play store. Free Credit ScoreEligible Wells Fargo customers get access to a free FICO score that’s updated once per month. Your score also comes with personalized tips and tools for maintaining good credit. Accessing your free score will not hurt your credit. Apply for a Wells Fargo Personal LoanRemember that you’ll need an existing account with Wells Fargo to apply for a personal loan online or by phone. If you don’t have an existing account, you’ll need to apply in person. Here’s what Wells Fargo customers can expect when applying for a personal loan:
Once you view your rate with Wells Fargo, check with a handful of other lenders to ensure you’re getting the best possible APR. Can You Refinance a Personal Loan with Wells Fargo?Wells Fargo allows you to refinance your personal loan, which could be beneficial if your credit score improves and you can get a lower rate. You can also use refinancing to change your term, either to achieve a lower monthly payment or pay off your loan faster. If you’re monitoring your credit score with Wells Fargo’s free FICO score and you see a significant improvement, it’s worth considering refinancing your personal loan. Customer ServiceTo get help with your personal loan from Wells Fargo, you can make an appointment with a banker to discuss your situation in person or contact customer service by phone. To open a new account, call 1-877-526-6332 on weekdays between the hours of 8 a.m. and 7 p.m. CT. To get help with an existing account, call 1-877-269-6056 on weekdays between the hours of 7 a.m. and 7 p.m. CT. Customer SatisfactionWells Fargo receives poor customer service reviews on Trustpilot, with a 2.2 out of 5-star average rating from 102 customers. Most customer complaints are around fraud claims denied by Wells Fargo or poor communication from customer service. One reviewer commenting on the loan application process had a positive experience. Wells Fargo fared slightly better on ConsumerAffairs, with a 3.6 out of 5-star average rating across 1,590 customer reviews. Common complaints included unknowledgeable customer service representatives, particularly in the fraud department, and long hold times with frequent transfers. However, some people also commented that Wells Fargo’s customer service representatives are friendly and helpful, and that the institution occasionally forgives overdrafts and late fees. Account ManagementThe yourLoanTracker tool lets you check your loan application status and provide additional documentation as needed. Some borrowers won’t be eligible for the tool, though. Once you have an account with Wells Fargo, you’ll also be able to access its highly-rated mobile app. From there, you can make your loan payments with just a click. How Wells Fargo Compares to Other Personal Loan CompaniesCompared to many other personal loan lenders, Wells Fargo offers larger loans. This lender also offers competitive rates, although they’re not the lowest we’ve seen. An important distinction is that Wells Fargo only offers existing customers the option to apply for a loan online. Non-customers will need to apply in person, and thus, may find the application process too restrictive. Wells Fargo vs. LightStream Personal LoansLike Wells Fargo, LightStream offers personal loans in amounts up to $100,000. Both lenders offer fast funding and allow you to use the loan proceeds for almost anything. But there are a few differences between these lenders:
LenderLoan Amounts APR Range Terms Wells Fargo $3,000 to $100,0006.99% to 23.24% with relationship discount 1 to 7 yearsLightStream $5,000 to $100,000 5.99% to 23.99% with Autopay discount 1 to 12 years, depending on loan purpose LightStream wins here due to lower potential APRs, longer-term options, and less restrictive application processes. But existing Wells Fargo customers may want to check their rate with both lenders before deciding. Read our full LightStream review for more details. Final Verdict Since non-customers of Wells Fargo will need to visit a physical branch to discuss their credit needs, this bank may not be the most convenient option for a loan. But existing Wells Fargo customers can enjoy competitive rates with a relationship discount, few fees, and fast funding. Still, prospective borrowers should consider the mixed customer service reviews and recent enforcement actions against Wells Fargo. There are plenty of personal loan lenders available, so compare your options and check your rates with multiple lenders before applying. MethodologyInvestopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs. Our full personal loans methodology, including our data collection process and weighted data points, is available for review. How do I check the status of my personal loan?A person can check the loan status by calling the customer care numbers for any financial queries including Personal loan. You can also directly go to the branch you apply at to meet the officer in charge to know the status of your personal loan application.
How long does it take for a personal loan to be approved?Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.
What bank is easiest to get a personal loan from?The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.
How to borrow money from Wells Fargo?How do I apply for a loan?. Make an appointment with a banker at your local Wells Fargo branch or find a location.. Call us at 1-877-526-6332.. |