Wells Fargo Review

Is this the loan company for you?

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  • Personal loans do not have many fees
  • Interest rate relationship discount


  • Wells Fargo account required for discount
  • Only current customers can apply online

What You Need to Know

The personal loans from Wells Fargo do not have most fees. There is not an origination fee when you open the loan or an annual fee for the loan term. Wells Fargo does not charge a fee if you pay your loan off early. There is a late fee of up to $39 if your loan payment is late. Wells Fargo does not offer a grace period. The fee may vary depending on your state and loan.

Wells Fargo offers an interest rate discount for current checking account customers. You must have your payment automatically withdrawn from a Wells Fargo checking account. The interest rate discount is either 0.25 or 0.50 percent. The discount you receive depends on the type of checking account you have.

To qualify for the interest rate discount, payments must come from a Wells Fargo checking account. The 0.50 percent discount requires having an elite checking account. The basic checking accounts receive a discount of 0.25 percent. Checking accounts from other banks do not qualify for the interest rate discount.

To apply for a Wells Fargo personal loan online or over the phone, you must have a current account with Wells Fargo. If you are not a current Wells Fargo customer, you must visit a branch location to see what credit options meet your qualifications.

Qualifications to Apply for Wells Fargo Loans

Useful Information About Wells Fargo Loans

Additional Information

The late fee for Wells Fargo's personal loans can be up to $39. Wells Fargo does not offer a grace period. The fee amount may vary, depending on your state of residence and loan. If you think your payment is going to be late, contact customer service immediately. There may be options to avoid the late fee.

History and Achievements

Henry Wells and William Fargo first started Wells Fargo in 1852. They opened the bank amid the gold rush in California. By 1888 they were in 2,500 communities across the United States. In 1918, Wells Fargo was apart of 10,000 communities. Because of World War I, the government took over the nation's express network. This left Wells Fargo with only one bank in San Francisco.

In 1906, Wells Fargo survived the San Francisco earthquake and fire. They began to rebuild their banking across the west. By 1980 Wells Fargo became the seventh-largest bank in the United States. They also launched their online banking that year.

Wells Fargo has been awarded for its business. Some of those awards include being:

Today, Wells Fargo has over $1.9 trillion in assets. They have 7,700 branch locations and over 13,000 ATMs in 33 countries around the world. One in three American households do business with Wells Fargo. Company headquarters are in San Francisco, California.

Frequently Asked Questions

Can I apply for a loan entirely online?

Yes. You can apply online, at a branch location, or over the phone. You must be a current Wells Fargo account holder to apply for a personal loan online. If you do not have an account, you must visit a branch location.

What is the lowest my credit score can be?

For the best chance of loan approval, your credit score should be higher than 620. Wells Fargo does consider other factors besides a credit score. You may receive approval with a lower credit score.

What is the smallest loan amount available?

The minimum personal loan through Wells Fargo is $3,000.

What is the largest loan amount available?

The maximum personal loan amount is $100,000. Other types of Wells Fargo loans offer larger loan amounts.

What are the loan term lengths?

The personal loan terms range from 12-84 months.

Are the interest rates competitive?

Yes. Wells Fargo's personal loan interest rates are competitive. They are competitive with other online lending companies.

Are the interest rates fixed?

Yes. Wells Fargo's personal loans offer fixed interest rates for the life of the term.

What types of loans are available?

Wells Fargo offers personal loans for debt consolidation and large purchases. You can use the money for home improvement, medical expenses, or other bills.

What information do I need to apply for a loan?

Wells Fargo requires a valid SSN, email, address, and phone number. You will need to verify your work, income, and monthly mortgage. Other information may be necessary to approve your loan.

How long does approval take?

Approval for your Wells Fargo personal loan could come in minutes. Your approval time will vary depending on your qualifications and circumstances.

How long will it take the money to enter my account after approval?

After you accept the loan terms, your money could transfer the next business day.

If I have been denied a loan before, how long do I have to wait to apply again?

Wells Fargo does not have a set time you must wait to reapply. If you are declined for the loan amount you request, Wells Fargo will offer you a counteroffer of a lower amount. They suggest waiting to apply again until after your credit has changed.

What are the payment options to repay my loan?

You can repay your Wells Fargo loan with automatic withdrawals, checks, or online. You can also pay over the phone or at a branch location. ACH payments from your Wells Fargo checking account receive a discount.

Can I pay my loan off early?

Yes. There is not a fee to pay your Wells Fargo personal loan off early.

Is my information secure?

Wells Fargo security measures comply with federal laws. Their computers, buildings, and files are secure with safeguards in place.

Does this loan company offer a mobile app?

Yes. Wells Fargo offers a mobile app.

How do I contact customer service?

You can reach Wells Fargo customer service through email, phone, or online chat. Customer service is available Monday through Friday from 7 a.m. to 11 p.m. CT. Saturday through Sunday from 7 a.m. to 9 p.m. CT. You can visit a local branch location. Wells Fargo is on Facebook, Google Plus, LinkedIn, and Twitter.

Bank Contact Information

Wells Fargo