Wells Fargo Personal Loan Review 2025

Whether you want to consolidate debts to take advantage of a lower interest rate or an emergency comes up that you need money to pay for quickly, you may be considering taking out a personal loan.

Wells Fargo offers personal loans to help you deal with these types of financial situations or even pay for big-ticket items or vacations.

Learn what features the bank provides with its personal loans and get information about terms, the application process, and the pros and cons of doing business with Wells Fargo.

Wells Fargo At-a-Glance

• Fees: No origination or closing fees and no penalty for early repayment
• Interest rates: Borrowers receive fixed, competitive rates
• Convenience: Customers can easily set up payments online
• Discounts: Those with checking accounts at the bank may be eligible for discounts on their loans
• Customer service: Service is available by phone or in person
• Loan amounts: Lenders can borrow between $3,000 and $100,000

Compare to Other Personal Loan Lenders

No matter how attractive a specific lender may seem, it’s always a good idea to see what other banks offer so you can choose the best personal loan for your needs.

Below, you will find a comparison of Wells Fargo to three different banking institutions to get an idea of what else is out there.

U.S. Bank

Like with Wells Fargo, those who get a loan from U.S. Bank can use the funds for several purposes, including home improvements and emergencies. Also, when you get a loan from this bank, you won’t be charged origination fees or a prepayment penalty for paying off the loan early.

Unlike Wells Fargo, you can only take out a loan from U.S. Bank if you’re already a customer, so you need to have an account with the bank or open one to apply for a personal loan. Also, Wells Fargo allows you to borrow more than U.S. Bank, which only approves loan amounts of up to $25,000.

Achieve

Achieve is a digital personal finance company that offers personal and home equity loans. Like Wells Fargo, the application process for Achieve’s personal loans can be completed quickly, so borrowers receive their funds promptly. 

Also, Achieve doesn’t charge prepayment penalties.

Unlike Wells Fargo, Achieve does charge origination fees for its loans. Also, Wells Fargo allows customers to borrow up to $100,000, while Achieve caps personal loans at $50,000.

KeyBank

KeyBank customers enjoy a fixed interest rate, just as you can receive from Wells Fargo. Also, like Wells Fargo, KeyBank customers are not charged origination fees or prepayment penalties. However, both banks do charge late fees.

KeyBank only allows you to borrow up to $50,000, so Wells Fargo is better if you need a larger loan. KeyBank offers more flexibility regarding customer service, as it has a 24/7 phone line where you can get help when you need it and a chat feature on its website.

Pros and Cons of the Wells Fargo Personal Loan

There are benefits and drawbacks to doing business with any lender, so you need a realistic view of the relationship when you take out a loan from any bank. This section covers some pros and cons you should know about Wells Fargo’s personal loans.

Who Is a Wells Fargo Personal Loan For?

A Wells Fargo personal loan is for anyone who needs funds for various reasons, including dealing with an emergency such as unexpected medical bills and car repairs, making large purchases, or paying for a special event, like a wedding or vacation.

Also, if you want to improve your home, Wells Fargo offers personal loans specifically for that purpose and loans to consolidate your outstanding debts.

Top Features of the Wells Fargo Personal Loan

Each lender offers different features that are attractive to borrowers, so it’s essential to understand what each bank offers. Let’s look at the top features you can expect from Wells Fargo.

• No origination fees
• No closing fees
• No prepayment penalties
• Competitive interest rates
• Current customers have access to discounts and more favorable loan terms
• Loan funds can be used for a variety of purposes
• Customer support available via phone
• Borrowers can take out larger amounts than other lenders offer — up to $100,000
• Fast application process and disbursement of funds
• Brick-and-mortar locations available in most states around the country

Despite these key benefits, it’s essential to remember that there are some potential drawbacks.

Since only current customers can apply for a loan online or via the phone customer service line, new customers would have to apply in person at a branch.

However, 14 states don’t have branches—Kentucky, Maine, Missouri, Hawaii, New Hampshire, Ohio, Louisiana, Rhode Island, Vermont, Massachusetts, Oklahoma, West Virginia, Michigan, and Indiana—so if you’re in those locations, you won’t be able to take advantage of the loan benefits.

How to Get Started with a Wells Fargo Personal Loan

To be considered for a personal loan from Wells Fargo, you must be of legal adult age based on the laws in your state. If you’re a current customer with a Wells Fargo checking or savings account, you can apply online or by phone.

If not, you’ll need to fill out an application in person at a branch. No matter where you apply, you’ll be required to provide the following information:

• Social Security number
• Phone number
• E-mail address
• Physical address
• Date of birth
• Employment history and income
• How much you wish to borrow, and the loan terms you’re interested in
• Preferred due date

In addition, you may be required to submit certain documents to support your personal loan application. You may be asked for documents such as current pay stubs, bank statements, W-2s, tax returns, utility bills, Social Security card, driver’s license, or an income authorization form.

After you submit all of the required documentation, you can receive a decision about your application quickly — in some cases, even on the same day. At that time, you’ll receive information about the loan terms, and you can expect to have the funds within three business days.

Rating the Features

When looking for a personal loan, people want to know what banks offer and how easy it is to do business with them. Below, we take a look at the features available from Wells Fargo.

User Experience

It’s relatively easy to apply for a personal loan from Wells Fargo if you’re a current customer since you can apply online or by phone. You must apply at a branch in person if you’re not a customer. However, the company doesn’t have physical locations in the following states: Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii.

Fees

Unlike other lenders, Wells Fargo does not charge origination or closing fees for unsecured personal loans. Also, there are no prepayment penalties. However, the bank’s website indicates it may assess late payment fees but doesn’t disclose the amount or when they are charged.

Rates

Wells Fargo offers competitive, fixed interest rates. Also, qualified customers may be able to receive relationship discounts on their rate. For example, those who have certain checking accounts may qualify for a 0.25% to 0.50% interest rate discount.

Variety

If you take out a personal loan from Wells Fargo, you’ll have some flexibility in using the funds. The bank offers loans that can be used for debt consolidation and improving your home. A general loan can also be used for major purchases like appliances or furniture, medical bills, car repairs, or financing a special event.

Customer Support

Prospective and existing customers can get the help they need by calling Wells Fargo’s service line from 7 a.m. to 7 p.m. Central Time. Also, you can visit branches in most states if you prefer to do your banking in person. If you don’t want to drop in at a branch, you can schedule an appointment ahead of time online.

Access

If you want to manage your account online, you can go to the bank’s website to make a single payment or set up automatic monthly payments. You can also call the customer service line for assistance or visit a brick-and-mortar location.

Bottom Line

If you need a large loan quickly, Wells Fargo allows you to conveniently take advantage of their personal loans. However, the process may be cumbersome because an application can only be made in person if you don’t already have an account there. Also, a large segment of the country cannot take advantage of these loans since 14 states don’t have branches.

Frequently Asked Questions (FAQs)