Wells Fargo Personal Loans Review in 2022

Wells Fargo provides a comprehensive suite of banking services, including personal loans at a discounted rate for current checking account customers. Anyone who isn’t already a Wells Fargo bank will need to stop by a physical location to apply for a personal loan.

Loan amounts from Wells Fargo start at $3,000 and run as high as $100,000, with durations ranging from 12 to 84 months. Terms of 36 months or fewer are required for loans of $5,000 or less. Discounted from their regular rates, annual percentage rates (APRs) start at 5.74 percent and go all the way up to 20.99 percent. Wells Fargo provides quick financing without origination costs or prepayment penalties. However, there is no information on the bank’s late fees or NSF costs on the website.

If you already have a checking account with Wells Fargo, you may be eligible for a relationship discount on personal loans.


  • If you have a qualifying Wells Fargo checking account and set up recurring payments from that account to pay off your personal loan, you may be eligible for an interest rate savings of 0.25% to 0.50%.
  • There are no origination costs, which some lenders may charge and deduct from the loan amount. The amount you see in the offer is the amount you’ll get if you accept it; Wells Fargo does not impose origination costs.
  • There is no prepayment penalty if you pay off your loan early or make additional payments to Wells Fargo.
  • Wells Fargo claims that, after a loan application has been accepted, the applicant will normally get financing on the same business day or the next business day.


  • Wells Fargo only accepts personal loan applications from current clients through their website or over the phone. Loan applications from non-members must be submitted in person at a physical bank location.
  • Wells Fargo does not mention its late fees on its website. Be cautious to read the fine print before agreeing to any loan.
  • Recommendations for Wells Fargo’s customer service are mixed, with many consumers complaining about bad experiences on independent review sites. To be fair, there are also some laudatory testimonials.
  • Just-passed Government Regulations: In September of 2021, Wells Fargo was hit with a $250 million civil penalty by the Office of the Comptroller of the Currency (OCC). This fine was imposed because the bank did to comply with the terms of a Compliance Consent Order issued in 2018, which had to do with the way it handled its mortgage loss mitigation program. Even while this has nothing to do with personal loans per se, it does show that Wells Fargo sometimes violates consumer protection regulations.

Company Overview

Henry Wells and William G. Fargo established Wells Fargo in 1852; the company’s headquarters remain in San Francisco to this day. Wells Fargo provides a wide variety of personal loans, including those for debt consolidation, home repair, and large purchases, in addition to the standard banking services.

Wells Fargo has 4,900 locations in 38 states and 12,000 ATMs, and it offers personal loans nationwide.

Types of Personal Loans Offered by Wells Fargo

There are no limits placed on the use of personal loans from Wells Fargo, and the bank does not provide a comprehensive list of acceptable use for loan proceeds. Wells Fargo offers personal loans that may be utilized for a wide variety of reasons.

  • Merging of debts
  • Remodeling Your Home
  • Investments of a significant size
  • Help with things like insurance and medical costs

Time to Receive Funds

It depends on your application as to how long it takes to get your money. Wells Fargo, however, claims that its customers get their loan money the following business day, if not the same day, after approval.

Wells Fargo Personal Loan Features

The Discount of Relationships

With a qualifying Wells Fargo checking account, you may save up to 0.5% on your personal loan’s annual percentage rate (APR) by setting up automatic payments. You must have one of the following bank accounts to qualify for the price reduction:

Mobile App

You may pay your Wells Fargo loan using their highly rated mobile app. Both Apple’s App Store and Google’s Play Market include the app.

Receiving Your Credit Report and Score at No Cost

Free FICO scores are available to qualified Wells Fargo clients and are updated monthly. In addition to your score, you’ll have access to helpful recommendations and resources tailored specifically to you and your credit situation. Inquiring about your credit score won’t affect your score in any way that’s free to check.

Apply for a Wells Fargo Personal Loan

To apply for a personal loan via Wells Fargo’s online or phone services, you must first have an existing checking or savings account with the bank. You must apply in person if you don’t already have an account. When applying for a personal loan at Wells Fargo, consumers may anticipate the following.

  • First things first: receive a rate quote from Wells Fargo. There will be a soft query on your credit report, but it won’t affect your score.
    Submit a Formal Application If you are satisfied with your pricing, please fill out a formal application. You’ll be asked for the usual suspects: name, address, phone number, and Social Security number, as well as proof of work and financial stability. There will be a short-term drop in your credit score as a result of the lender pulling your credit report after you submit an application.
  • Include any supporting materials you have: More paperwork may be required for Wells Fargo’s inspection. Pay stubs, utility bills, and ID copies from the recent past are all examples.
  • Take a look at the loan terms: Make sure you understand everything associated with your loan, including the final interest rate, which may differ somewhat from the one you first checked.
  • Appropriately attest and agree to: Do what’s needed to accept the loan offer, such as signing the paperwork.
  • View the status of your application in real time: You can often see the progress of your loan application online.
  • Collect Your Money: After being authorized for a loan, you may be able to get the money the very same day.

Is Wells Fargo a Good Choice to Refinance Your Personal Loan?

If you have made improvements to your credit score, refinancing your personal loan with Wells Fargo may be a good option. To either decrease your monthly payment or shorten your loan’s duration, refinancing is an option worth exploring.

Wells Fargo offers free access to your FICO score, so if your credit history improves while you are watching it, you may want to think about refinancing your personal loan.

Customer Satisfaction

Trustpilot evaluations from 102 consumers give Wells Fargo a 2.2 average rating out of 5, indicating that they had a negative experience with the company’s customer service. Customers have the most issues with Wells Fargo’s customer service and its refusal to pay up on fraudulent claims or with the company’s poor communication with them. A single reviewer had a good encounter with the loan application procedure.

There were somewhat more positive ratings for Wells Fargo on ConsumerAffairs, with an average score of 3.6 out of 5 stars. Long wait times and being transferred several times were two of the most often mentioned issues from customers calling the fraud and general customer care departments. Nonetheless, a few reviewers said that Wells Fargo’s personnel are pleasant and helpful, and that the bank periodically waives overdraft and late penalties.

Account Management

Using yourLoanTracker, you can see where your loan application stands and what supporting materials are still required. However, not all borrowers will qualify for use of this resource. With a Wells Fargo account in hand, you may use their highly regarded mobile app. Make your loan payments quickly and easily from that page.


Wells Fargo may not be the most convenient choice for a loan since it requires non-customers to visit a physical location to discuss their credit requirements. However, current Wells Fargo clients may take advantage of low rates, no or little fees, and speedy financing thanks to a special relationship discount.

Still, potential borrowers should think about the conflicting feedback on Wells Fargo’s customer service and the enforcement measures taken against the bank recently. If you need money, there are many of places to get a personal loan, so shop around and see what you can get.