Wells Fargo Logo
star star star star star_half
46 User Reviews

7.6

Overall Score

LAST UPDATED: August 4th, 2022

Wells Fargo is a long-time American financial institution, with roots reaching back to the California Gold Rush in the mid-1800s. Wells Fargo was founded in 1852 and opened for business in San Francisco and Sacramento, California. Since then, they have expanded with over 6,000 locations across the United States. The six-horse stagecoach is an easily recognizable symbol for Wells Fargo and dates back to the period of time when Wells Fargo operated a stagecoach line across the western part of the U.S. Wells Fargo is currently the fourth largest banking institution in the United States. Consumers that choose Wells Fargo should remember that they must have a credit score of 550 or higher.

Top Ranked Companies

thumb_up

The Good

  • Loan Terms
  • SBA-Approved Lender
  • Lines of Credit

Loan Terms

Wells Fargo's business loan and credit options are geared mainly toward small businesses, even more so than other banking institutions. Their BusinessLoan™ term loan amounts range from $10,000 to $5 million and are unsecured, meaning they do not require collateral. The repayment terms range from two to six years and interest rates start at 6.5 percent. They also offer a 0.25 percent discount on that rate if a business applicant sets up automatic payments from a Wells Fargo business checking account.

SBA-Approved Lender

Wells Fargo is an SBA approved lender for SBA 7(a) and 504 term loans. Wells Fargo also offers four more types of business loans. Their equipment loan is very similar to a business term loan except that the vehicle or equipment purchased with the loan is used as collateral. The other three types of loans offer higher loan amounts ($50,000 to $500,000), prime-based interest rates, and require commercial real estate as collateral.

Lines of Credit

The Wells Fargo business lines of credit are marketed to both established businesses and new businesses. For businesses that are more than two years old, the credit amounts extend from $5,000 to $100,000 and do not require collateral. For new business, a secured line of credit with a Wells Fargo savings or CD account is available. The interest rates for each of these credit lines is tied to the prime rate.

thumb_down

The Bad

  • Application Process
  • Fees
  • Missing Information
  • Focuses
  • Reputation
  • Service Area

Application Process

There is a substantial amount of business and personal information needed to complete an application. The needed information includes:

  • The business name, address, phone and fax numbers, and tax identification number
  • The date the business was established
  • Ownership type and the number of owners
  • Annual revenue
  • Business banking account numbers and balances
  • The applicant's name, address, phone number, citizenship, and social security number
  • Annual household income
  • Personal banking account numbers and balances
  • Primary contact information

Fees

For a BusinessLoan™ term loan, as well as an equipment loan, there is a $150 flat documentation fee; however, it can be waived if the business loan is part of a Business Services Package. For secured loans of larger amounts, there are larger closing costs based on a percentage of the loan amount. It is similar for the business lines of credit. There is an opening fee of $0 to $250, depending on the loan amount, with a similar renewal fee each year. For larger lines of credit, the fees are correspondingly larger as well.

Missing Information

Overall, there were several items that Wells Fargo left undisclosed about their loans:

  • APR range
  • Minimum application requirements (credit score, time in business, annual revenue)

Focuses

Wells Fargo focuses mainly on financing for established businesses with a predictable revenue. Startups and new businesses will have a more difficult time finding funding through Wells Fargo.

Reputation

Wells Fargo has a fair number of online positive reviews, but there are many more easily found negative reviews. Most of the complaints are related to excessive or seemingly unnecessary fees and overdrafts. Many complaints also specifically pointed to a lack of reliable customer service in an industry that relies on in-person processes and relationships. However, even some of the negative reviewers acknowledge that the lack of customer service indicates a focus on effective fiscal management; in other words, that Wells Fargo is more concerned with managing its financially responsibly than to catering to customers.

Service Area

Several U.S. states do not have physical Wells Fargo locations, which leads us to believe that you cannot take out of a business loan if you are in one of those states. States without Wells Fargo locations include...

  • Hawaii
  • Oklahoma
  • Louisiana
  • Missouri
  • Kentucky
  • West Virginia
  • Maine
  • New Hampshire
  • Vermont
  • Rhode Island
  • Massachusetts
gavel

The Bottom Line

Wells Fargo is a well-established banking institution that offers financing options to small businesses through a variety of loan and line of credit types. By providing unsecured loan and line of credit options, small business owners have more opportunities to qualify for and secure financing. The company is also an SBA lender, giving both established and emerging businesses the opportunity of apply for and securing SBA loans. Wells Fargo does charge upfront fees for several of the financing options, but the fees for the unsecured and smaller funding sources are fairly minimal while more extensive financing requires larger closing costs. While Wells Fargo has received a large number of negative reviews, they continue to be one of the most prominent banks in the United States. Those who do not apply for business loans from Wells Fargo or other big banks should consider seeking financing through alternative lenders.

View Best Business Loan Lenders

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating

4.4

star star star star star_half

46 Reviews

Review Breakdown

5 grade

65%

4 grade

24%

3 grade

4%

2 grade

0%

1 grade

7%

Sentiment Criteria

Value

star star star star star_half

Quality

star star star star star_half

Service

star star star star star_half

Trustworthiness

star star star star star_half
cancel

Filter by:

arrow_drop_down

Sort by:

arrow_drop_down
info
check_circle

Review Source

star star star star star

thomas Lovin Duluth, GA

I have been a customer of Wells Fargo since 2007. I already trusted them but their loan services are beyond my expectations. They had great customer interactions and helped me right away.

1 week ago

check_circle

Review Source

star star star star star

Tara Gillispie Hurricane, WV

My very first car loan was through Wells Fargo with a co-signer. I paid off that loan and was able to get my own loan through them later on in life as an adult. Their customer service is exceptional. So when I opened my business I had a hard time trying to decide which company I would need most and Wells Fargo Business blew the rest of them out of the water.

1 month ago

check_circle

Review Source

star star star star star_border

Mario Martin Huntsville, TX

Some years earlier I had researched quite a few "business loan" lenders, and of course "interest rates" was the main concern that I had. I've used business loans in the past from a few reliable resources, so I knew exactly what I was looking for in my business loan effort. My "son-in-law" had suggested that I give Wells Fargo some consideration. Initially I wasn't interested in using a bank because of the higher interest rates and the undue delays that I had experienced in the past. I went online and researched Wells Fargo and scheduled an appointment with a Wells Fargo representative. I was so impressed with the knowledge, sensitivity and professionalism of the Wells Fargo representative that I applied for the loan. Needless-to-say, the loan process was easier than I expected, and the interest rates competitive. What impressed me the most was how detailed oriented, and personally involved Wells Fargo continued to be in the beginning and end helping me to reduce my anxiety!

3 months ago

check_circle

Review Source

star star star star star

Daniel Eibeck Wayne, PA

I walked into Wells Fargo, and was greeted with a kind smile and friendly attitude. I was very comfortable and got a lot of help!

3 weeks ago

check_circle

Review Source

star star star star star_border

Mary Kate F Greenville, SC

I have been a customer of Wells Fargo for many years now and have had an extremely good experience with them… they have a plethora of financial tools and products to provide you with the best options and resources for taking out a loan. They truly help you and guide you along every step of the way, doing everything they can to find the right loan for your business, not to mention all the while exhibiting top notch customer service! Wells Fargo has also always been very professional, being receptive and responsive to any issues that I have ever had concerning my loans. Overall, I am satisfied with Wells Fargo and would recommend them should you or your business ever be in need of a loan.

4 months ago

check_circle

Review Source

star star star star star_border

scotty Saint Paul, MN

I had pretty good credit score at the time when I got my business loan from Wells Fargo. They laid out a few options for me that they thought would fit my business plan as well as my income and revenue. Even today they still offer advisors and any kind of help I would need as a small business owner and most of it's for free which I really appreciate. It's also nice having one of the big boys on the block represent you cuz you have just that much more confidence in your investing. I would say one thing about the actual process mine is probably a goofy case, but whoever was entering the loan in their system entered it as a debt consolidation loan. So after I got word that my new loan had been approved I logged on to their business portal and I seen that it was still pending so I logged into my personal web personal banking and I seen my credit card was paid off and some of the loan was on there still that I could use. So I called over there explaining them what happened I said I wasn't a debt consolidation that was supposed to be for my small business loan and without hesitation I don't know if this is the only way they could process it in their system but they made it look like as if I paid that loan off that day got the loan and paid it off and then got another loan which was my small business loan so it actually boosted my credit pretty good help me out in the beginning of my tough times as a small business owner. I would recommend Wells Fargo business loans and business portal for banking for any small business or large business I've been with them for 20 years plus.

4 months ago

check_circle

Review Source

star star star star star_border

Christopher M Harper Katy, TX

I have been with Wells Fargo for many years. During this period have interacted with them in many ways both personally and from a business perspective. I find they provide a customer focused experience and when an appointment is set with them, I find they allocate the time and spend their time working out how they can help resolve the issue you have, or explain how their services could be of benefit in other areas of your life. The personal bankers have helped in providing a dedicated resource that you can call and email for immediate assistance. This has been especially helpful from the business perspective.

4 months ago

check_circle

Review Source

star star star star star

James Goodman Silverdale, WA

Wells Fargo has been my family bank since 1996, they have been nothing but fantastic to me. When I was seeking a loan, it was a seamless process, my banker walked me through the process and explained what I was to expect. My interest rate was lower than I expected and I had no unexpected fees like I had with previous lenders. I will stick with Wells Fargo for another 25 years!

4 months ago

check_circle

Review Source

star star star star star

Cynthia Landing Forest City, IL

Wells Fargo gave me a low interest rate business loan to purchase a cargo van for transporting goods for my clothing store their staff were very professional, friendly, and knowledgeable Wells Fargo are doing great things, upon signing the contracts I felt confident completely understood the process yes they were there for me every step of the way I am happy to have been a customer of theirs because of the business loan I received it allowed me to save money on shipments and spend more on merchandise.

4 months ago

check_circle

Review Source

star star star star_border star_border

Jesse Prince Little Rock, AR

My interest rate was a little higher than expected, but other than that I never had an issues with Wells Fargo. I used them just over 4 years and never needed customer support so that's a good thing.

1 month ago

check_circle

Review Source

star star star star star_border

K.M. P. Charlotte, NC

I really liked that there were multiple types of financing available with high borrowing amounts. It seems that the rates tend to be inexpensive and they have a few additional fees. Most of their website advertising is clear & informative, but they require you have a high credit score requirement and the funds can take a while to disburse.

3 months ago

check_circle

Review Source

star star star star star_border

Autumn Lewiston, ID

When starting a small business I looked into Wells Fargo business loans as a possible lender. I liked that all their loan information was listed on their website and was easy to read and understand. They have options for different interest rates, repayment terms, and were good communicators with me. I ended up going with another lender that was more reputable.

4 months ago

check_circle

Review Source

star star star star star

Ashlyn Elwood Marietta, GA

Wells Fargo business loans have by far been the best value. My company saved almost $4,000 in upfront fees that are usually included with lending costs and appraisals. They are also super great at matching competitor pricing! Their consultants have always been great to work with and I could not be happier.

4 months ago

check_circle

Review Source

star star star star star

cj thor Spanish Fork, UT

Getting our loan was so easy with Wells Fargo...... whenever I had questions their CS team was there to guide me thru and resolve my problems. When I wanted to make extra payments that took me thru the steps with ease. When it was time to pay off the loan..... easy peeze !!

4 months ago

check_circle

Review Source

star star star star star

M. Nielsen South Bend, IN

Had to purchase a new furnace for my business and Wells Fargo had the best rates and customer service to fit all my needs. There terms were competitive and payments fit with my budget. I would highly recommend them to anyone looking for a business loan.

4 months ago

check_circle

Review Source

star star star star star

Demetrace Williams Milwaukee, WI

Wells Fargo has truly helped me as a customer. They go over and beyond. I'm happy to be a Wells Fargo customer. They are always willing to give me the best customer satisfaction. My business loan service has been great. They are easy to talk to and discuss all things business.

4 months ago

check_circle

Review Source

star star star star star

Crystal Connell Denver, CO

Always very helpful. Supply all needed info very thoroughly. Goes out of the way to assist

3 weeks ago

check_circle

Review Source

star star star star star

Matthew Laney Riverside, CA

I had a loan with Wells Fargo several years ago. The interest rate was fair and their customer service worked with me when I lost income.

2 months ago

check_circle

Review Source

star star star star star

Brianna Munoz Phoenix, AZ

The loan process is complicating enough, but when working with Wells Fargo they make sure to set you up with the right person to help you make the process easy.

3 months ago

check_circle

Review Source

star star star star star

Erinmarie Xian Seffner, FL

Years back small business loan application was super easy. I did not apply online; it was in [person at a branch nd then directed from there. Respone time was fast and painless.

4 months ago

check_circle

Review Source

star star star star star

Samarra Miller Hialeah, FL

What a great loan experience. I have used other companies before, but never with such efficiency. Online signing, attention to detail and i received my rate in no time this was a wonderful experience.

4 months ago

check_circle

Review Source

star star star star star

ramesh pothuru Morrisville, PA

best customer service, loan officer visited my office and filled loan application and collected all the documents and processed with in a week and closed the loan at my office. It saved lot of my time.

4 months ago

check_circle

Review Source

star star star star star

gricel valdez Yuma, AZ

Wells Fargo is amazing. The paperwork is minimal and the approval process is fast! You pay for it in fees though. Overall the customer service is impeccable and the people in the branches go the extra mile. Great bank!

4 months ago

check_circle

Review Source

star star star star star

Tiffany Robinson Richmond, VA

I had an awesome time with wells Fargo,when I had an account the people was friendly an very helpful,great service

2 months ago

check_circle

Review Source

star star star star star_border

Stacy Carter Red Cliff, CO

Wells Fargo business loan was an okay experience. They did what they said they would do, without any bells and whistles. It was a very unpersonalized experience, but everything went as they said it would go.

4 months ago

check_circle

Review Source

star star star star star

Abi Deen Dallas, TX

I received a loan from Wells Fargo during the pandemic. The process was fast and easy to go through and I got the amount I applied for! I highly recommend!

4 months ago

check_circle

Review Source

star star star star star

Frank Rivera Boston, MA

Wells Fargo business checking and other merchant services helped streamline my small business cash workflow. Their dedicated customer service team is available 24/7.!

4 months ago

check_circle

Review Source

star star star star star

Kenny Roberts Tampa, FL

Easy to work with. Everything is customer friendly. Always a great experience.

1 month ago

check_circle

Review Source

star star star star star

Jerry Cantrell Louisville, KY

My experience with Wells Fargo has been great!! They have great customer service and their technology is extremely user friendly and and helpful!!

4 months ago

check_circle

Review Source

star star star star star

Brittany Mayes

I have had an account with Wells Fargo for over 10 years. The customer service department is always helpful and the app is very user friendly.

4 months ago

check_circle

Review Source

star star star star star

Ted Johnson Pleasant Grove, UT

I was able to do a business loan with Wells Fargo and they were able to give me a decision quickly, they were able to give me a good rate and they are giving me a discount to have direct deposit and they can be trusted to stand behind the loan.

2 years ago

check_circle

Review Source

star star star star star_border

JAKE American Fork, UT

I have used Wells Fargo for a business loan in the past and they were a good company to work with. The application process was ok. It was more complicated than other online companies I have worked with. There was a few extra steps that were a little time consuming. Interest rates were a good. Customer service was ok. I found it more effective to go into a branch when I had questions.

3 years ago

check_circle

Review Source

star star star star star

JaylenOlivia

They have good customer service and an user friendly website that makes navigating through business loans a breeze.

4 months ago

check_circle

Review Source

star star star star star

Angie Seguin, TX

Wells fargo is amazing. I love banking with them. The interest rates are reasonable for business loans.

4 months ago

check_circle

Review Source

star star star star star

Daisy May Minneapolis, MN

I was able to receive a quick loan, I had tried others but, they were helpful, and I paid back quickly.

4 months ago

check_circle

Review Source

star star star star star

Erik Lewis Atlanta, GA

The process was easy. We set down with our business plan with the loan officer. We had an answer in 48 hours.

4 months ago

check_circle

Review Source

star star star star star

Laura Mccall Reno, NV

Wells Fargo was super helpful, their employees made it super easy to get a loan and I'm very happy with the outcome.

4 months ago

star star_border star_border star_border star_border

Skra Tucson, AZ

Business loans with Wells Fargo seem to be the worst when you need help with your account. To try to get into contact with anyone that can fully help you in your time of need on having to just change your bank payment info is RIDICULOUS because it is so hard when it very well shouldn't be. I am being charged for finance charges on my loan payment because their fax machine will not allow faxes to come through to update my payment account information. And weirdly- this isn't even something the in house branches can help with. Wells Fargo is pretty much setting up us business account loans to be doomed.

2 years ago

check_circle

Review Source

star star star star star_border

Brittany Norfolk, VA

I like the variety of the financing offers you can choose from the also the application process was simple

4 months ago

check_circle

Review Source

star star star star star

Joe O Hoffman Estates, IL

Wells Fargo employees are knowledgeable, supportive, and quick to react to help in the event of any issue. I would hands down choose them and Jennifer J who helped us out!

2 months ago

star star star star star

Tom Pleasant Grove, UT

Wells Fargo is conservative in lending. But, if you have good enough credit to qualify, you will get good value.

4 years ago

star star star star star_border

Dale L Farmer Littleton, CO

I have been banking with them for a long time. They have been very helpful when I had problems and when applying for a business loan.

3 years ago

check_circle

Review Source

star star_border star_border star_border star_border

Billy Wren Fairfield, CA

Terrible app. Terrible service. Find a different bank to put your money otherwise just put it under your matteress.

4 months ago

check_circle

Review Source

star star star star star_border

Jennifer Palmer, AK

Fair rates and good locations with very nice associates

4 months ago

check_circle

Review Source

star star_border star_border star_border star_border

Patti Crawford Appleton, WI

The process was simple but the follow through needs some work. It was slow going

4 months ago

star star star star_border star_border

Dale L Farmer Littleton, CO

They have helped make it as best as possible. I felt the business interest rate was high.

3 years ago