Wells Fargo personal loans review: High maximum loan amounts, but there are restrictions if you're not already a customer

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Should you use Personal Loan?

You may like Wells Fargo if you …	You may not like Wells Fargo if you …
Want to borrow up to $100,000 Want to avoid origination and prepayment fees Are interested in filing a joint application Are looking for a competitive minimum APR	Have poor credit and can get a better rate with a competitor Aren't an existing customer and live in a state without branch locations Worry about being charged a late fee

Personal Loan loan amounts and interest rates

Wells Fargo personal loan amounts range from $3,000 to $100,000 and can be paid back over one to seven years, depending on what terms you and the lender agree to.

Wells Fargo has a slightly lower minimum APR than comparable lenders. You can get a rate of 5.74% with Wells Fargo, while the lowest APR you can receive with Discover and Marcus by Goldman Sachs is 6.99%. You'll need to have good credit to qualify for the lowest rates, though.

Your maximum rate with Wells Fargo is 24.24%. If your finances aren't in great shape and you're worried you'll get stuck with a higher rate, you might consider a different lender. You can get lower rates with online lenders like Lightstream or SoFi, which offer maximum rates below 20%.

How Wells Fargo works

Personal Loan offers unsecured personal loans that can be used for many reasons, including debt consolidation, home improvement, and major purchases. To get an unsecured personal loan, you don't need collateral, like a house or a car.

You can get your money as soon as the next business day with Wells Fargo depending on when your application is approved. Wells Fargo won't charge you origination fees or prepayment penalties, but the lender may stick you with a $39 charge for late payments.

While Wells Fargo offers personal loans in all 50 states, it doesn't have branches in 14 states. States where branches aren't available are Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii.

This may pose a problem, as only current customers qualify to apply for loans through Wells Fargo's online portal or by phone. If you aren't a customer, you have to apply by visiting a branch and talking with a banker.

To contact customer support, call the lender Monday through Friday, 7:00 a.m. to 7 p.m. CT, or message the company's chatbot on its personal loan webpage.

Personal Loan has a well-reviewed app that has received 4.8 out of 5 stars on both Apple store and the Google Play store.

You'll need to meet the following requirements to apply for a personal loan with Wells Fargo:

• Meet the legal adult age requirement for your state
• Provide a valid Social Security number or Individual Taxpayer Identification number
• Have a physical US address

The pros and cons of a Wells Fargo personal loan

How to get a Wells Fargo personal loan

The process to apply for a personal loan with Wells Fargo looks a little different than other personal loan lenders. If you have an existing account with the bank, you can apply online or over the phone, but if you aren't a current customer, you'll need to visit a branch in person to apply. This may be a problem if you live in one of 14 states with no Wells Fargo branches.

You can file a joint application with Wells Fargo.

You'll need basic information for the initial application, including:

• Name
• Date of birth
• Contact information including your address, phone number, and email
• Social Security number or Individual Tax Identification number
• Marital status (Wisconsin only)
• Employment status, work phone number, and employer name
• Total monthly income amount and other sources of income
• Monthly mortgage or rent payment amount
• Type of loan you are applying for, desired term, loan amount, preferred payment due date

Personal Loan may require you to provide several documents to verify your information, including:

• Recent pay stubs, W2s, or tax returns
• Utility payments
• Copy of driver's license or Social Security card
• Various IRS forms

You can receive your money as soon as the next business day after you apply and your loan is approved.

What credit score do you need to qualify for a Wells Fargo loan?

There is no minimum credit score required to take out a Personal Loan. Instead, the company will make its approval decision based on other financial factors, including your credit history, ability to repay, and other factors indicating your overall financial situation.

Other comparable lenders have no specified minimum, such as Marcus by Goldman Sachs and Discover. However, you'll probably get a better rate with a higher score.

Your credit score won't be impacted if you check your rates with Wells Fargo, as the lender will only perform a soft credit inquiry. However, Wells Fargo will generate a hard credit inquiry before your loan is finalized, which will likely negatively impact your credit score. A hard inquiry offers a lender a full view of your credit history, but it might hurt your credit score.

Is Wells Fargo trustworthy?

Personal Loan currently doesn't have a rating from the Better Business Bureau as the BBB investigates the company's profile. In the past, the BBB gave Wells Fargo an F in trustworthiness. The BBB measures trustworthiness by evaluating businesses' responses to consumer complaints, honesty in advertising, and transparency about business practices.

Wells Fargo has been involved in a few recent controversies. Over the past several years:

• Wells Fargo is still paying billions in settlements because its employees created fake bank accounts to hit sales goals, which became public knowledge in 2016.
• The company paid the city of Philadelphia $10 million as a result of the city's claims that Wells Fargo engaged in predatory mortgage lending to racial minorities (2019).
• The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency charged Wells Fargo $1 billion for overcharging and selling extra products to customers with auto and home loans (2018).

If Wells Fargo's history bothers you, you may want to consider other options on Insider's list of the best personal loan lenders.

How does Wells Fargo compare to other personal loan lenders?

Personal Loan rates are similar to those offered by comparable lenders – though rates will depend on your particular profile. Here's how Wells Fargo compares to the competition:

Min. credit score Unspecified	Min. credit score Unspecified	Min. credit score Unspecified
APR 5.74% to 24.24%	APR 6.99% to 24.99%	APR 6.99% to 19.99%
Origination fee? No	Origination fee? No	Origination fee? No
Personal Loan	Discover Personal Loans	Marcus Personal Loan

Wells Fargo review vs. Discover review

You can borrow up to $100,000 with Wells Fargo, which is a much higher maximum loan amount than Discover's $35,000. If you need a larger personal loan, Wells Fargo may be a better option.

Wells Fargo's repayment terms range from one to seven years, while Discover's terms range from three to seven years. If you want a shorter term length – and to save money on overall interest in the process – Wells Fargo may be the choice for you.

A distinguishing feature of Discover is its 30-day money-back guarantee on its personal loans. If you decide within 30 days of receiving your loan that you no longer want it – perhaps you found a better rate elsewhere – you can return the funds via check and won't be charged any interest. Wells Fargo doesn't have a similar unique perk.

Wells Fargo review vs. Marcus vs. Goldman Sachs review

Neither Wells Fargo nor Marcus by Goldman Sachs has a minimum credit score requirement, but if you have a lower credit score, your APR may be higher with Wells Fargo than Marcus. The top end of Well's Fargo's APR range is roughly 5% higher than Marcus' range. If your credit is in good shape, you'll likely pay a slightly lower interest rate with Wells Fargo than with Marcus.

While neither company will charge you origination fees or prepayment penalties, Wells Fargo might charge a late fee of up to $39. Marcus might be a better option for you if you're worried about potentially missing a payment.

Marcus offers a loan term range of three to six years, which is a tighter window than Wells Fargo's range of one to seven years. If flexibility in repayment terms is important to you, Wells Fargo may be a better choice.

About the authors

Liz Knueven is a personal finance reporter at Insider. Previously, she covered financial and automotive topics freelancing for brands like LendingTree and Credit Karma. She now covers money topics ranging from student loans to retirement.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, bank reviews, student loans, and personal loans. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

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