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LAST UPDATED: August 10th, 2023

Based out of San Francisco, California, Wells Fargo Bank NA is a financial institution that services all states across the United States. Wells Fargo has over 9,000 Nationwide branches with a broad range of services for the consumer to choose from: Checking and Savings Accounts, CDs, Mortgage Loans, Home Equity Loans, Student Loans, Auto Loans, Credit Cards, and Personal Loans along with numerous other options in the Small Business and Commercial banking and lending categories. Outside of traditional financial needs, Wells Fargo also offers services for the consumer to invest as well as insure themselves, their cars, and their homes. With so much to offer and with a wide range of services, Wells Fargo is leading the financial industry in providing nationwide banking and lending services to consumers.

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The Good

  • $100,000 Max Loan Amount
  • 5-Year Max Loan Term
  • Competitive Rates*
  • No Hidden Fees
  • Fast Approval Times

$100,000 Max Loan Amount

Wells Fargo assists consumers by offering them the opportunity to take out loans between $3,000.00 and $100,000.00 depending on the consumer's credit and debt to income ratio. This, of course, can be used for debt consolidation, home renovations, planning a wedding, an auto loan, student loans, car repairs, medical bills, or unexpected emergencies.

5-Year Max Loan Term

The maximum loan term for a personal loan through Wells Fargo is five years. Wells Fargo offers their loans for terms as short as twelve months and up to sixty months. In comparison with other lending companies, this is average/competitive. The industry does not vary a lot when it comes to loan terms and many other companies have this same standard of 12- to 36-month loan terms. Other smaller companies might offer a year or two difference in favor of extending a loan, but as for the larger companies that provide many different services to their customers, a five-year loan is standard.

Competitive Rates*

On average, Wells Fargo's personal loans receive an interest rate between 7.25% and 9.25% (*though these values are unconfirmed). This rate can be lower or higher depending on varying factors. For example, a loan for a higher amount over a longer period of time can have an interest rate as low as 5% through Wells Fargo personal loans. These rates are very competitive against other lending companies, especially in comparison to other large financial banks. Companies such as CitiBank have interest rates up to 15% on personal loans. This gives Wells Fargo a huge advantage in the benefits that it provides its customers.

No Hidden Fees

Wells Fargo Bank does not charge Loan Origination Fees, and there are never any Prepayment fees if the consumer chooses to pay the loan off prior to the contracted date.

Fast Approval Times

The majority of the bank's loan approvals happen the same day the application is submitted. Wells Fargo even promises that loan approvals can happen within fifteen minutes of the time they are completed and funds can be made available shortly after that, guaranteeing same day fund availability. This is a huge benefit to customers and one that beats out their bigger name competition without comparison. Other large banks have a several day approval time frame and funds for personal loans are also made available within several business days. The only other companies that can compare to Wells Fargo's speedy process are smaller; exclusively online loan companies and many of them do not have the same reputation and financial stability as a big company like Wells Fargo.


The Bad

  • Application Process for Non-Members

Application Process for Non-Members

Currently, Wells Fargo only accepts applications for unsecured personal loans or lines of credit online or over the phone from existing members. If you are not already an account-holder, you may have issues applying for a loan if you live in one of the states where this bank doesn't have a physical presence: 

  • Hawaii
  • Indiana
  • Kentucky
  • Louisiana
  • Maine
  • Massachusetts
  • Michigan
  • Missouri
  • New Hampshire
  • Ohio
  • Oklahoma
  • Rhode Island
  • Vermont
  • West Virginia

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The Bottom Line

Wells Fargo clearly has both good and bad qualities to its personal loans. Overall, it is a top-notch institution. With average interest rates, flexible loan terms, amounts, no hidden fees, and a strong desire to give consumers the best possible experience, Wells Fargo definitely has the policies in place to gain consumer confidence and trust. Current customers of Wells Fargo may be eligible for additional benefits should they decide to get a loan through the bank. Current customers looking for a loan should definitely go to Wells Fargo first. All other customers should check out our top recommended companies for their personal loan needs.

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Jonathan Bountiful, UT

I have a mortgage with them and wanted to drop the mortgage insurance because the value of the home has risen. They require you get an appraisal from THEIR appraiser at a rate much higher than you can find on the free market to do so. Seems very sketchy to me. Other than that they have been ok.

6 years ago