Wells Fargo Personal Loans Review 2023

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:

There are three ways to apply for a Wells Fargo personal loan:

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.

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.

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.

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.

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.

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.

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.

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.