Established in 1852, Wells Fargo is one of the largest banks in the country, serving one in three U.S. households. It provides a wide variety of services, including banking, investing and home lending. It also offers personal loans.
Pros
- Low rates: Wells Fargo offers fixed interest rates starting at 5.74% annual percentage rate, which includes a 0.25-percentage-point relationship discount.
- No origination fee: You don’t need to pay any origination fees upfront in order to secure a personal loan.
- Relationship discounts: You can earn an interest rate discount of 0.25 to 0.5 of a percentage point if you have an existing Wells Fargo checking account.
Cons
- Online and phone applications only for existing customers: If you don’t have an existing account or loan with Wells Fargo, you must visit a branch to apply for a personal loan.
- No prequalification option: If you want to find out what rates and terms you qualify for, there is no soft credit check option unless you are an existing customer – you must officially apply for a loan.
- Poor reputation: Despite its standing as a major national bank, Wells Fargo has been found to engage in questionable practices in recent years.
What Can Wells Fargo Personal Loans Be Used for?
Wells Fargo offers unsecured personal loans of $3,000 to $100,000 with fixed interest rates of 5.74% to 19.99% APR (including the relationship discount). These loans are ideal when you have a one-time financing need and can be used for a wide variety of purposes, including:
- Consolidating high-interest debt.
- Financing big-ticket purchases, such as appliances or furniture.
- Funding home improvements and repairs.
- Covering major expenses, such as medical care or auto repairs.
How Do Wells Fargo Personal Loans Work?
There are three ways to apply for a Wells Fargo personal loan:
- Apply online.
- Make an appointment with a banker at your local branch.
- Call Wells Fargo at 877-526-6332.
If you share your email address with Wells Fargo when you submit your application, you can track the loan’s status using the yourLoanTracker tool. Once your loan application is approved and you accept the terms of the loan, your funds will be disbursed quickly – often by the following business day.
What Are the Terms, Fees and Conditions of Wells Fargo Personal Loans?
Wells Fargo offers personal loan rates ranging between 5.74% and 19.99% APR. Rates are based on creditworthiness and other factors; At least 10% of approved applicants qualified for the lowest rate available.
Loan terms range from 12 to 36 months for amounts of $3,000 to $4,999, and 12 to 84 months for amounts of $5,000 to $100,000. Wells Fargo doesn’t charge any origination fees or prepayment penalties. However, late fees or returned payment fees may be assessed.
How Can You Qualify for a Wells Fargo Personal Loan?
When applying for a Wells Fargo personal loan, you’ll need to help the lender get an overall picture of your financial situation. Be prepared to provide documentation proving your identity (Social Security number, address and contact information), employment and income (employment status, employer contact info, gross monthly income and outstanding debts) and the loan itself (loan amount, purpose and term length). After you submit your application, Wells Fargo may request that you provide additional documents, such as tax returns, pay stubs or utility bills.
What Credit Score Do You Need?
Wells Fargo doesn’t disclose the minimum credit score required to get approved for a personal loan. However, it does acknowledge that consumers with a score of 700 and up are typically approved. Higher scores may be able to borrow more and secure lower interest rates.
Where Does Wells Fargo Operate?
Wells Fargo has approximately 4,900 retail banking branches and 12,000 ATMs across the country. However, it does not operate in every state. There are no locations in Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont and West Virginia.
Is Wells Fargo Reputable?
In 2016, Wells Fargo lost its accreditation with the Better Business Bureau following $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau, for opening accounts in customers’ names without their knowledge or consent and charging extraneous fees. The bank has a BBB customer rating of 1.08 out of 5 stars.
The company also has a rating of 1.4 out of 5 stars on Trustpilot. Customer complaints range from high fees to poor customer service.
In 2020, the CFPB received 234 complaints about Wells Fargo’s personal loans. It gave a timely response to all but three of those complaints.
How Is Wells Fargo’s Customer Service?
Reach Wells Fargo customer service by calling 800-869-3557. Representatives are available 24 hours a day, seven days a week. You can also make an appointment to speak with a banker at your local branch.
What Are Some of Wells Fargo’s Online Features?
Only existing Wells Fargo customers can apply for a loan online. Personal loan customers can sign on to Wells Fargo Online to make a one-time payment or set up recurring payments. The bank also offers a mobile app, which allows you to set up account alerts, transfer funds, pay bills, make deposits and more.
Wells Fargo Personal Loans Are Best For:
- People who already have an existing relationship with Wells Fargo.
- People who have good to excellent credit.
- People who prefer the convenience of working with a national bank.
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