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Wells Fargo Personals Loans Review 2023

Wells Fargo Bank offers personal loans at good rates and with few fees

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Wells Fargo / Investopedia

Investopedia’s Rating

Our Take

Wells Fargo is generous when it comes to the maximum borrowing limit for a personal loan—$100,000. On top of that, the bank charges no origination fee or prepayment penalty for its personal loans, and the lowest APR is competitive.

On the other hand, you can get a Wells Fargo personal loan only if you’re an existing customer. In addition, the bank’s customer reviews are mixed, and its track record with regulators isn’t ideal.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
  • specifications
Pros & Cons
  • Loan amounts up to $100,000

  • No origination fee

  • Quick application decision

  • Fast funding

  • APR as high as 24.49%

  • Late payment fee

  • Must be an existing customer

  • Mixed customer reviews

  • Regulatory problems

Key Takeaways
  • Personal loan amounts at Wells Fargo range from $3,000 to $100,000.
  • APRs for personal loans are anywhere from 8.49% to 24.49%.
  • The bank charges no origination fee or prepayment penalty for personal loans.
  • Reviews of Wells Fargo are mixed.
  • Wells Fargo has encountered a fair share of regulatory problems.
Company Overview

Founded in 1852, San Francisco-based Wells Fargo ranked as the fourth-largest bank in the U.S. as of June 30, 2023, based on total assets of $16.7 trillion. It operates 4,355 branches across 36 states and the District of Columbia. Wells Fargo maintains 11,000 ATMs around the country.

Aside from personal loans for purposes like debt consolidation, home improvement projects, and major purchases, Wells Fargo offers an array of financial products such as checking accounts, savings accounts, CDs, credit cards, auto loans, and mortgages.

APR Range
8.49% - 24.49%
Loan Amount
$3,000 - $100,000
Loan Terms
12 months - 84 months
Recommended Minimum Credit Score
Average Origination Fee
Late Fee
Why Trust Us
Lenders reviewed
Loan features considered
Data points analyzed
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.

Pros Explained

  • Loan amounts up to $100,000: Unlike some of its competitors, Wells Fargo enables borrowers to get a personal loan of as much as $100,000.
  • No origination fee: Wells Fargo doesn’t charge an origination fee for its personal loans. At other lenders, these fees can range from 1% to 15% of the loan amount.
  • Quick application decision: Wells Fargo says it can approve a loan the same day.
  • Fast funding: Once the Wells Fargo application process has been completed, a borrower typically receives their money in one to three business days.

Cons Explained

  • APR as high as 24.49%: If you don’t have the greatest credit, you might wind up paying an APR as high as 24.49% for a personal loan at Wells Fargo. That’s barely above the Nov. 2023 median APR of 24.12% for credit cards, according to data collected by Investopedia.
  • Late payment fee: Wells Fargo says it “might” assess a fee of $39 for a late payment on a personal loan.
  • Must be an existing customer: To apply for a personal loan at Wells Fargo, you must already be an existing customer. More specifically, you’re required to have an open Wells Fargo account for at least 12 months.
  • Mixed customer reviews: Wells Fargo gets dinged by Trustpilot reviewers and in the J.D. Power 2022 U.S. National Banking Satisfaction Study.
  • Regulatory problems: In Dec. 2022, the Consumer Financial Protection Bureau ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” of auto loans, mortgages, and deposit accounts.

Types of Personal Loans Offered by Wells Fargo

Wells Fargo lists debt consolidation, home improvement projects, major purchases, and major expenses among the reasons to get a personal loan, but it does not point out any restrictions on how you can spend the loan proceeds.

Time to Receive Funds

You generally can receive funds in one to three business days after approval and acceptance of your loan.

Borrower Requirements

Wells Fargo’s requirements for personal loan applicants include:

  • Being a Wells Fargo customer for at least 12 months
  • Supplying contact, employment, and income information

Wells Fargo Personal Loan Features

Relationship Discount

If 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 0.50% on your APR. To get a discount, you must have one of the following checking accounts:

0.25% APR Discount 0.50% APR Discount
Complete Advantage Checking
Crown Banking Checking
Premium Membership Checking
Wells Fargo At Work Checking
Wells Fargo Everyday Checking
Wells Fargo Preferred Checking
Private Bank Interest Checking
Wells Fargo Premier Checking
Wells Fargo Prime Checking

Aside from having a qualifying consumer banking account at Wells Fargo to get a relationship discount, you must set up automatic loan payments from a Wells Fargo deposit account (such as a checking account).

Credit Monitoring

Wells Fargo’s free Credit Close-Up program for online customers provides an updated FICO credit score each month, credit monitoring alerts from Experian, and access to your Experian credit report. Using Credit Close-Up won’t affect your credit score.

Mobile App

Wells Fargo provides a highly rated mobile app that you can use to make loan payments. The app is available through the App Store and Google Play. The app includes the bank’s Fargo chatbot.

Co-Signers and Co-Applicants

Wells Fargo does not allow co-signers or co-applicants.

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 to pay off your loan faster.

If you’re monitoring your credit through Wells Fargo’s free program and see significant improvement in your FICO score, it’s worth looking at refinancing your personal loan.?

Customer Service

Medium Contact When
Telephone 877-526-6332 for personal loan applicants Weekdays, 8 a.m. to 7 p.m. CT
Telephone 877-269-6056 for personal loan customers Weekdays, 7 a.m. to 7 p.m. CT
Text 93557 24/7
Chat Fargo chatbot in smartphone versions of mobile app 24/7
X (Formerly Twitter) @Ask_WellsFargo 24/7

Customer Satisfaction

Some consumers beat up on Wells Fargo.

On the Trustpilot review website, for instance, Wells Fargo receives a score of 1.8 stars out of 5. And in the J.D. Power 2022 U.S. National Banking Satisfaction Study, Wells Fargo picks up a below-average score of 625 out of 1,000.

However, Wells Fargo earns high marks in the J.D. Power 2023 U.S. Consumer Lending Satisfaction Study among lenders that offer personal loans. In this category, Well Fargo boasts an above-average score of 756 out of 1,000.

Wells Fargo has had several well-publicized run-ins with federal regulators. For example, the Consumer Financial Protection Bureau, a watchdog agency, ordered Wells Fargo to pay $3.7 billion in Dec. 2022 as punishment for “widespread mismanagement” of auto loans, mortgages, and bank accounts.

How to Qualify For and Apply For a Wells Fargo Personal Loan

  • Pre-qualify on Wells Fargo’s website without affecting your credit score.
  • Apply online, at a branch, or over the phone (877-526-6332). If you’re not yet a Wells Fargo customer, you must visit a branch to start the account setup and borrowing process.
  • Provide your contact information, Social Security number, and employment and income information. When you submit your application, the lender will conduct a hard credit inquiry, which will cause a slight, temporary dip in your credit score.
  • Be prepared to provide documents such as pay stubs, W-2s, tax returns, utility bills, and a copy of your driver’s license or Social Security card.
  • Review your loan terms and make sure you’re happy with the final APR, which might vary slightly from your initial rate check.?
  • Sign the required loan documents to accept your loan offer.?
  • Track your application. You typically can check the status of your loan application online.

Once you view your APR from Wells Fargo, check with a handful of other lenders to ensure you’re getting the best possible rate.

Other Banking Services and Loans Offered by Wells Fargo

Wells Fargo’s lineup of service and loan offerings includes:

Compare Wells Fargo With Other Personal Loan Lenders

Wells Fargo U.S. Bank SoFi
APR Range 8.49%–24.49% 8.24%–24.99% 8.99%–25.81%
Loan Amounts $3,000–$100,000 $1,000–$50,000 $5,000–$100,000
Loan Terms 12–84 months 12–84 months 24–84 months
Recommended Minimum Credit Score Not disclosed 660 Not disclosed
Origination Fee None None None
Time to Receive Funds Same day 1 day Same day

The Bottom Line

Wells Fargo may be the right lender for a personal loan if you’re looking to borrow a hefty amount (up to $100,000) and want to do business with an established bank that charges few fees. However, you might think twice about Wells Fargo if you’re put off by its mixed customer reviews and its spotty regulatory track record. Whatever you do, be sure to consider several lenders so you can score the best APR and other favorable terms.

How Long Does Wells Fargo Take to Approve a Personal Loan?

In most cases, it takes one business day for Wells Fargo to make a decision about your personal loan application.

What Is the Interest Rate on Wells Fargo Personal Loans?

APRs on Wells Fargo personal loans range from 8.49% to 24.49%. These rates include a relationship discount of 0.25%.

Does Wells Fargo Allow Personal Loans?

Wells Fargo allows personal loans ranging from $3,000 to $100,000.

How Much Would a $8,000 Loan Cost Per Month?

Wells Fargo’s personal loan calculator shows that monthly payments for an $8,000 personal loan would be $286 to $296 a month, assuming you have a 36-month term, a good credit score (700 to 759), and an APR of 17.25% to 19.75%.

Is Well Fargo FDIC Insured?

Checking accounts, savings accounts, and CDs are among the types of Wells Fargo accounts protected by FDIC insurance.

How Much Will Wells Fargo Let Me Borrow?

For a personal loan, Wells Fargo lets you borrow as much as $100,000.


To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

  • Loan costs (advertised APR, fees, and six other factors): 29.25%
  • Loan terms (loan amount, repayment term, and three other factors): 22.25%
  • Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
  • Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Federal Reserve. “Large Commercial Banks.”

  2. Wells Fargo. "Personal Loan FAQs."

  3. J.D. Power. “Largest National Banks See Declining Satisfaction Among Younger Customers, J.D. Power Finds.”

  4. Trustpilot. “Wells Fargo.”

  5. Wells Fargo. “How Do I Qualify for an Interest Rate (Relationship) Discount?

  6. Wells Fargo. “When Should I Refinance?

  7. J.D. Power. "Fintech Lenders Gain Traction as Consumer Loan Satisfaction Increases, J.D. Power Finds."

  8. Wells Fargo. “Personal Loan Application Checklist.”

  9. Wells Fargo. “Personal Rate and Payment Calculator.”