Wells Fargo Installment Loans Review

William Fargo and Henry Wells established Wells, Fargo & Co. in 1852. The intention was to offer banking and express coach deliveries to the West. As time progressed, so did this institute.

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    Wells Fargo installment loans offer competitive fixed interest rates and reasonable flexibility in the repayment period. To qualify, the bank requires a minimum credit score of 600.

    Other decisive factors taken into account are the applicant’s income, credit history, debts, and the relationship with Wells Fargo.

    Existing customers with a good credit score will find Wells Fargo loans to be a good option.

    This is also true for non-customers with an outstanding credit score, high income, and a low debt-to-income ratio.

    Why Get An Installment Loan From Wells Fargo?

    An installment loan from Wells Fargo enables you to access the money that you require.

    Below are some of the reasons why you should consider taking a loan from Wells Fargo:

    • Straightforward online application and funding process
    • No prepayment penalty or origination fees
    • Competitive fixed term, interest rate, and monthly payments
    • Customers with automatic payments qualify for relationship discounts
    • Funds are available within 24 hours after approval, and
    • No collateral required on loans between $3000 and $100,000

    What Does Wells Fargo Offer

    Unfortunately, Wells Fargo only extends online loan applications to existing customers. This leaves you with one of two options.

    You can either open an account with Wells Fargo, which will enable you to use the online application, or visit one of the bank’s branches.

    Although installment loans can be used for almost anything, people typically take out Wells Fargo loans to consolidate their debt.

    The bank pays your existing debt, minimizing monthly repayment, and saving you money on high-interest rates.

    The bank also offers joint loan options. This is where two people jointly apply for a loan, and both parties have access to the loan amount.

    Another option from Wells Fargo is secured loans. Existing customers can use the funds in their savings or CD accounts as collateral to apply for a loan at lowered interest rates.

    Eligibility Criteria

    To qualify for a Wells Fargo installment loan, the bank requires you to meet the following essential criteria:

    • A minimum credit score of 600
    • You must be a permanent US resident or citizen
    • You have to be at least 18 years old

    Wells Fargo Pros and Cons


    • Free credit score check
    • With debt consolidation loans, the bank makes direct payment to creditors
    • Availability of secured loan options


    • An online loan application is only available to current account holders
    • The bank does not offer the option to pre-qualify

    How To Apply For A Wells Fargo Loan

    For non-existing account holders, the application process is tiresome and must be done in person, inside the bank. 

    For existing account holders, this process is streamlined for convenience through an online process, but you can also apply for a loan telephonically.

    During an online application, you need to fill in your personal, work, and housing information. The bank may request that you submit documents to verify your employment and personal details.

    Next, you need to fill in the loan details. Wells Fargo will conduct a hard and thorough credit check after you have completed and submitted the application.

    This process can take up to two hours to complete.

    If your application is successful, the funds will be available in your account within 24 hours.

    Rates, Terms, and Fees

    Wells Fargo installment loans allow you to borrow up to $100,000, with a fixed interest rate between 5.74% and 20.24%, depending on your situation.

    The interest rate is affected by the following aspects:

    • The state in which you reside
    • The loan amount
    • Term of repayment, and
    • Your credit score

    The bank also allows for flexible repayment terms, which ranges between 1 and 7 years. 

    The bank does not charge origination and check processing fees on its installment loans, and there are no penalty fees involved with prepayment.

    However, a penalty fee of $39 will be charged on late, and NSF/returned payments. 

    Wells Fargo offers an online rate and payment calculator, with which you can check how much your repayment and interest rate will be.

    Bottom Line

    For existing Wells Fargo customers, it is a good option to apply for a loan from this bank. 

    Non-existing customers may find the application process particularly inconvenient as they have to do it from within the bank.

    With SoFi, you do not necessarily have to be an existing customer to apply for an installment loan online.

    This is the better option for anyone who is not a Wells Fargo member.