Wells Fargo Private Mortgage Evaluate 2023

Wells Fargo Private Loans

Greatest for Present Wells Fargo Clients

Key Options

  • No origination charges
  • Massive mortgage quantities
  • First rate APR

Wells Fargo affords a stable private mortgage choice. With APRs which are capped at 23.49% (many opponents go as much as 35.99%) and mortgage quantities as giant as $100,000, Wells Fargo private loans generally is a prime provide. The dearth of origination charge and prepayment penalties are additionally a bonus.

Wells Fargo Private Loans


6.99% to 23.49%

Mortgage phrases

1 to 7 years

Mortgage quantities

$3,000 to $100,000

Origination charges


Prepayment Penalty


Minimal credit score rating requirement

Not disclosed

Wells Fargo landed in scorching water a number of years in the past when it was revealed that workers had created thousands and thousands of fraudulent accounts so as to make their gross sales targets.

Elevated shopper acceptance of on-line banking, the place prospects can anticipate higher rates of interest and cellular apps, has additionally posed an issue for Wells Fargo, whose core checking account just isn’t interest-bearing and whose financial savings account earns a meager 0.15% APY.

On prime of that, giant banks like Citibank and Capital One have lastly begun to embrace a no-overdraft-fee coverage, however Wells Fargo lags behind. The financial institution has introduced some modifications, together with an overdraft-fee free checking account aimed toward college students, however to this point no full elimination. 

It’s honest to say that Wells Fargo has a shopper notion downside. Nevertheless, whereas Wells Fargo’s checking account choices are lower than fascinating and the model continues to be working to regain shopper belief, the Wells Fargo private mortgage providing is first rate.

Try The Penny Hoarder’s Wells Fargo assessment for a full run-down of the financial institution’s options and choices.

Wells Fargo Loans: At a Look

Private loans are simply one of many mortgage choices supplied at Wells Fargo. Debtors can flip to Wells Fargo for:

  • Residence loans
  • Auto loans
  • Bank cards
  • Private loans

Whereas you will get a private mortgage for any use case, Wells Fargo particularly advertises residence enchancment loans and debt consolidation loans. Present prospects may qualify for small private loans, referred to as Flex Loans. 

Wells Fargo is a full-suite financial institution that additionally affords a number of checking and financial savings accounts, CDs and funding choices. As well as, Wells Fargo affords each small enterprise banking and business banking. Nevertheless, the Massive 4 financial institution now not affords scholar loans.

Wells Fargo Private Mortgage Evaluate

Nonetheless unsure if a Wells Fargo private mortgage is best for you? Let’s dive in a little bit deeper to the specifics of the unsecured private loans on provide.


Transparency continues to be Wells Fargo’s largest downside. When making use of for a private mortgage, you can’t see your choices until you’re an current Wells Fargo buyer.

Extra irritating, Wells Fargo doesn’t disclose its minimal credit score rating requirement for private loans. Whereas the financial institution does generally approve poor credit loans, you’re probably to achieve success in making use of for a private mortgage with Wells Fargo in case your credit score rating is 600+, however the financial institution’s web site doesn’t overtly state this.

That is very true of the financial institution’s new Flex Mortgage product. Present Wells Fargo prospects could get a suggestion for a $250 or $500 mortgage – however there’s no utility. Eligible prospects will get the provide, whereas these with decrease credit score scores or poorer spending habits merely gained’t. 


Present Wells Fargo prospects can simply apply for private loans on-line. Nevertheless, you can’t apply on-line or over the cellphone in case you are not a present buyer. You’ll need to open an account first. Whereas that’s a giant strike for comfort for non-customers, present prospects may have a greater expertise.

Actually, Wells Fargo banking prospects can join their checking account for a reduction on their private mortgage APR. Plus, the month-to-month funds are computerized, so that you don’t need to sweat late funds.

Wells Fargo additionally funds most loans on the identical day of approval or the following enterprise day. Although the financial institution doesn’t share statistics, the Massive 4 monetary establishment maintains that there are few exceptions to this fast funding course of.

Much more handy: If you’re utilizing Wells Fargo particularly for a debt consolidation mortgage, the financial institution will coordinate direct cost to collectors.

Want extra assist? Wells Fargo is without doubt one of the Massive 4 banks, with 1000’s of brick-and-mortar areas throughout 37 states, so there’s probability you’ll be able to go to if in case you have questions earlier than opening or through the lifetime of your mortgage. The web site is straightforward to make use of, and the Wells Fargo app within the Apple App Retailer carries a 4.8 star ranking based mostly on almost 7.6 million opinions.

Talking of the app, current Wells Fargo prospects can get small private loans in seconds with the brand new Flex Mortgage. In case you’re eligible, you’ll get the provide in-app. All it’s important to do is faucet a button. 


Private loans from Wells Fargo have a good bit of flexibility. You may safe a mortgage for as much as $100,000, making it splendid for tackling giant residence renovations. Nevertheless, in case you are on the lookout for a small mortgage quantity, you’ll wrestle with Wells Fargo, the place the minimal threshold is $3,000.

For $3,000 to $4,999 loans, mortgage phrases are much less versatile (1 to three years), however the vary opens up while you apply for a bigger mortgage (1 to 7 years).

Want a smaller mortgage and already a Wells Fargo buyer? Test the app. You is perhaps authorised for a $250 or $500 Flex Mortgage. 


Whereas the 6.99% beginning APR seems to be engaging, you will see decrease charges elsewhere. As well as, this fee features a 0.25% low cost for being an current Wells Fargo buyer and organising computerized funds. Wells Fargo says that at the least 10% of authorised candidates obtain the 6.99% fee.

Nevertheless, the speed maxes out at 23.49%. Debtors with poor credit can anticipate to fall on this finish of the vary. This excessive APR is definitely not unhealthy in comparison with some opponents, with charges as excessive as 35.99%. The rationale? Wells Fargo is stricter about whom it approves. A bad credit score debtors usually tend to get rejected right here, which means on-line lenders with charges as excessive as 36% could also be their solely viable choice.

The Flex Mortgage costs a flat charge: $12 for $250 and $20 for $500.

Wells Fargo Private Mortgage: Professionals and Cons

In case you’re particularly on the lookout for an unsecured private mortgage, whether or not for a house renovation, debt consolidation or emergency expense, you’ll need to weigh the professionals and cons of opening a Wells Fargo mortgage.


  • Wells Fargo caps its APR at 23.49%, significantly decrease than some opponents.
  • Wells Fargo doesn’t cost an origination charge, closing charges or prepayment penalties.
  • The mortgage quantity is fairly versatile, as much as $100,000.
  • Mortgage phrases are additionally versatile, from 12 to 84 months, or 4 months for Flex Loans.
  • Present prospects can get a buyer relationship low cost on the APR.
  • Loans are usually funded rapidly–similar or subsequent day, generally.


  • The minimal typical mortgage quantity is $3,000. Just some debtors are eligible for $250 or $500 Flex Loans.
  • The minimal APR is greater than some opponents.
  • The minimal credit score rating requirement just isn’t disclosed.
  • You may’t verify mortgage choices for those who’re not already a Wells Fargo buyer.
  • Each approval requires a tough inquiry in your credit score report.

Regularly Requested Questions (FAQs) About Wells Fargo Private Loans

Nonetheless have questions on opening a Wells Fargo private mortgage? Listed below are the solutions to a number of the most typical questions.

How A lot Can Wells Fargo Mortgage Me?

Wells Fargo affords private loans as much as $100,000, pending approval. You may get bigger loans if making use of particularly for a mortgage.

What Credit score Rating is Wanted for Wells Fargo Financing?

Wells Fargo doesn’t disclose a minimal credit score rating requirement for unsecured loans. Nevertheless, a credit score rating of 600 or greater will enhance your probabilities of approval. In case you have poor credit, put together for rejection or a better rate of interest.

Do I Need to be a Wells Fargo Buyer to Get a Mortgage?

Solely present Wells Fargo prospects can apply for a private mortgage over the cellphone or on-line. Non-customers should apply in particular person, however you’ll get a slight low cost if in case you have a Wells Fargo checking account.

When Wells Fargo private loans, you’ll discover an marketed APR as a number one characteristic. APR, or annual share fee, is the yearly rate of interest charged in your private mortgage.

What Elements Does Wells Fargo Have a look at for Mortgage Approval?

Whereas Wells Fargo doesn’t disclose its minimal credit score rating requirement, the financial institution does have a look at your credit score report and credit score historical past when reviewing your mortgage utility. In case you have a low credit score rating or no credit score historical past, you aren’t more likely to be authorised and will contemplate private loans for poor credit.

Can I Get a Private Mortgage with Unhealthy Credit score?

It’s attainable to get a private mortgage from Wells Fargo with poor credit, although it’s not assured. There are different on-line lenders that particularly goal debtors with poor credit score scores, however beware: APRs are more likely to be excessive, they usually may cap you at a low credit score restrict.

Does Wells Fargo do Small Private Loans?

In 2022, Wells Fargo launched Flex Loans, small private loans with a flat charge. For now, the financial institution affords a $250 mortgage for a $12 charge and a $500 mortgage for a $20 charge. Clients pay the mortgage again in 4 equal month-to-month installments.

You may’t. If you’re an eligible Wells Fargo buyer, this product can be supplied to you routinely within the app or on-line.

The Backside Line

Wells Fargo’s private mortgage choice is first rate if in case you have a good to sturdy credit score rating, however the financial institution continues to be engaged on successful again buyer belief and bettering its core financial savings and checking account choices.

Timothy Moore covers banking and investing for The Penny Hoarder from his residence base in Cincinnati. He has labored in enhancing and graphic design for a advertising company, a world analysis agency and a significant print publication. He covers a wide range of different matters, together with insurance coverage, taxes, retirement and budgeting and has labored within the area since 2012. Contributor Ciara McLaren contributed to this report. 

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