Wells Fargo Personal Loan Review: Money as Quick as the Next Day [2020]

Wells Fargo offers loans at affordable rates in amounts ranging between $3,000 and $100,000 for unsecured loans.
Last updated Jan 21, 2020 | By Christy Rakoczy
Wells Fargo Personal Loan Review

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Personal loans can be helpful to consolidate debt or fund a big purchase. But regardless of the reason you're borrowing, it's imperative you choose a reputable lender that provides both good customer service and reasonable loan terms.

Wells Fargo is one personal loan lender that you may be looking at in your search for the right loan, but there are both pros and cons to borrowing from this lender. This Wells Fargo personal loan review will help you to decide if a Wells Fargo loan is the best fit for your situation.

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Is Wells Fargo a good company?

Wells Fargo has been in business since 1852 so the lender dates back well over a century. The bank has indicated that its "enduring vision" is to enable the financial success of customers. It claims to operate by five core values in an effort to achieve these goals: viewing people as a competitive advantage, behaving ethically, doing right by customers, being inclusive, and fostering strong leadership.

While the bank hasn't always lived up to this vision, it still serves millions of customers across the globe. In fact, in the third quarter of 2019, the bank held average deposits of $1.3 trillion and average outstanding loans of $949.8 billion.

Wells Fargo customers can be found across the United States, with more than 13,000 ATMS and 5,400 retail bank locations spread from coast to coast. If you're considering joining the ranks of Wells Fargo’s customers, you can rest assured you'll be doing business with one of the nation's largest, most well-established banks.

Which loan products does Wells Fargo offer?

Wells Fargo has a broad range of loan products available for customers including:

  • Secured and unsecured personal loans
  • Mortgage loans
  • Student loans
  • Home equity loans and lines of credit
  • Auto loans
  • Credit cards

The fact that Wells Fargo provides both secured loans and unsecured loans makes the lender distinct from many other personal loan lenders. While secured loans require collateral (something of value that the bank can seize in the event you don’t pay), they can be a good option for borrowers who can't qualify for an unsecured loan and it can help them use a personal loan to build credit. Unsecured loans don’t require you to offer collateral and therefore are riskier for the lender who is essentially just trusting that you’ll pay off your debt as promised.

Unsecured personal loans at Wells Fargo

Wells Fargo offers affordable unsecured loans that you can apply for entirely online. You can use these loans for any reason you want, including debt consolidation, funding home renovations, covering emergency costs or paying expenses, and making large purchases

When you borrow from Wells Fargo, you will pay no origination fee and there are no prepayment penalties if you pay off your loan ahead of schedule. Loans are for a fixed term (length of months) and the interest rate and monthly payment are fixed as well. All that together means there's no surprises as you repay the loan.

One of the biggest benefits of Wells Fargo loans is that you can often obtain funds by the next business day after your loan is approved. When you need fast access to cash and want to borrow at an affordable rate, Wells Fargo is definitely worth considering.

Current Wells Fargo customers may also want to strongly consider getting their personal loan from this lender as there are relationship discounts available for customers who qualify and who make automated payments.

The table below shows some of the key details you need to know about how much you can borrow, how long your loan term could be, and what your interest rate may be if you get a personal loan from Wells Fargo.

Loan amount $3,000 to $100,000
Loan term 12-84 months
APR Rates starting at 5.24% (as of Jan. 13, 2020)
Credit needed Wells Fargo does not disclose

Secured personal loans at Wells Fargo

Secured loans are also available at Wells Fargo. You can apply for a secured loan if you have a Wells Fargo savings account or a Wells Fargo certificate of deposit (CD). While you do put these assets at risk if you take out a secured loan, qualifying for one is much easier than qualifying for an unsecured loan. If your credit isn't very good or if you don't have a long credit history, it's worth looking into a secured loan.

Secured loans do come with a $75 annual fee, so they are costlier than unsecured personal loans. However, you can also borrow a larger sum — up to $250,000. For those who have savings accounts or CDs with Wells Fargo, the ability to borrow such a large amount can be a major benefit if you need a secured loan to fund big purchases or consolidate lots of debt.

The table below shows more about secured personal loans available from this lender.

Loan amount $3,000 to $250,000
Loan term Up to 120 months
APR Rates starting at 5.24% (as of Jan. 13, 2020)
Credit needed Wells Fargo does not disclose

What Wells Fargo customers are saying

There’s no putting this one nicely. Wells Fargo has a Better Business Bureau rating of F, and has received an average rating of one star from among 418 customer reviews on the Better Business Bureau website.

Wells Fargo's rating is poor because it has been in trouble numerous times with various government agencies. Wells Fargo was found to have charged improper fees and improperly placed collateral protection insurance on auto insurance loans in violation of the Federal Trade Commission Act. It also got into trouble for bank employees secretly opening unauthorized customer accounts and it admitted to improperly foreclosing on borrower homes.

While this troubled past history may give you pause, the bank's CEO has told lawmakers that the bank has changed its policies, done away with high pressure sales tactics, and undergone a "radical transformation" to provide better services to customers.

FAQs about Wells Fargo

How long does it take to get approved for a Wells Fargo personal loan?

In some cases, you can get approved for a secured loan within just a few minutes after completing the online loan application process. In other circumstances, it will take longer depending on your personal financial situation.

How long will it take for me to receive my Wells Fargo personal loan money?

You may get funding as soon as the next business day after approval.

What information do I need to apply for a Wells Fargo loan

To apply for a Wells Fargo loan, you'll need:

  • Your personal information
  • Your contact details
  • Information about your employment
  • Information about your income
  • Details about how much you want to borrow
  • Your desired loan term (number of months)

Can I apply for a Wells Fargo personal loan with a co-applicant?

You can apply for a Wells Fargo loan with a co-applicant. If you do, make sure that your co-applicant also has all their personal and financial information ready for the application process as well.


The final word on Wells Fargo personal loans

Wells Fargo personal loans can be a good fit for current Wells Fargo customers who benefit from the relationship discount for having multiple accounts with the financial institution. If you need access to funds right away, Wells Fargo personal loans are also a good choice. And if you have a savings account or CD with Wells Fargo, their secured loans can be an ideal option to help you borrow big sums or build credit.

If you want a lender known for strong customer service or are looking for a loan below $3,000, you'll need to look to competitors, though, as Wells Fargo won't provide what you're looking for. LendingClub, for example, offers loans starting at just $1,000 so you can borrow smaller sums if you need to.

All rates and fees are accurate as of Jan. 13, 2020.