Wells Fargo Personal Loans

3.0 out of 5 stars
10 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

2.5 out of 5 stars

Customer Service

2.5 out of 5 stars

3 5

Compare Personal Loans

Check out rates on new loans or refinance an existing loan.

SHOP PERSONAL LOANS
Collapse

Most Helpful Positive Review

Nov 04, 2016
good
Anonymous Borrower

its been good experience

more ...

Was this review helpful?

 

Most Helpful Negative Review

May 05, 2016
Antiquated systems make for bad service
AZ2312 Borrower

First, you can likely get better rates elsewhere, which is probably most important.

Secondly, their approval process takes longer than most other places.  

I only went with the loan through Wells Fargo because I have 4 other accounts with them, have had accounts with them for more than 20 years, and they offered me an upgraded account based on my cumulative deposits/account balances.

Ironically, as I paid down the balance on the loan those cumulative deposits expired and I was charge additional money for those upgraded accounts, which I could only cancel by visiting a Wells Fargo location.

More inferiating, I used their online bill pay to make my payments.  One of those payments were somehow lost.  They still deducted the money from my checking account but sent me to collections for the actual payment.

Collections then called to ask me for money 3 days in a row.  I explained the situation each time and was told they were looking into it.  It finally escelated up the collections chain.  They called me today saying it would go to external collections if I did not pay soon.  I explained the situation, they reviewed the notes, reviewed my accounts and could see that the money had been deducted but indicated that I would have to call their online bill pay to sort this out myself.  

Their customer service rep did offer to wave the late penalties but only after speaking with their manager... and he phrased it as if he was doing me a favor. :-/

I called online bill pay.  They canceled the payment and explained that it was somehow sent out as a check so maybe "online" wasn't the best description of their service.  They again "offered" to wave the check cancel fee and refund my account in 3-7 business days.  

I was still required to then visit a Wells Fargo location to make an immediate payment on the loan balance.  

So recapping...

I gave Wells Fargo money for a loan payment, they deducted that money from my account immediately, sent me to collections 7 days later, admitted to receiving that money, yet made me talk to 4 different people over 3 days waiting on hold for a cumulative ~90 minutes and still visit a physical location after using their conveinent "not-so-online" bill pay system.  And they now have double the payment amount for this month until I get credited the original payment back in the next 3-7 days.  

But hey... they did wave the fees so I have that going for me, which is nice!

If every bank didn't suck I would swtich.  Instead I will just never apply for a Wells Fargo Loan for the rest of my life and recommend others do the same.

more ...

Was this review helpful?

 

These reviews were written by current and former borrowers in the last year.

Feb 25, 2017
car loan
Anonymous Borrower

great interated always very helpful and respectful

more ...
Jan 06, 2017
Not a loan but a fraudulent activity rep
Anonymous Borrower

Call the customer service line reported fraudulent activity on my account. Charges I know nothing about. Sat on hold for over 2 hours and no one ever answered the phone. Hung up and called back and was put on hold again to sit there for another hour with no customer service. This is ridiculous I'm looking for a new bank.

more ...
Dec 17, 2016
long process and wanted so much info
Anonymous Borrower

very long process i mean its only 5k and it took 5 days to process and they wanted documents on what the personal loan was going to be used for ??its called a personal loan for a reason,its ok for them to make felonuios account for people ,who do not want a loan and but when someone who really does want to get a loan they will hike the intreast rate high i mean 20 percent high, i intend to pay this within 6 mouths,i will never go back to them, as i was in a jam and this was kinda the only option. i will be going to credit union to get a better rate next time thanks for taking long and being over price. id advise check other banks as this will not effect credit score, as it is ran as a credit report do your reseach apply for a few and pick, i learned the hard way thanks ...

more ...

Was this review helpful?

 
1 Reply
Dec 22, 2016

Seriously? This is just ridiculous. Wells Fargo themselves did not open any fraudulent accounts. Their employees did, and those employees have been let go. And just because some unsavory people they had in their employ did shady things does not cast a shadow on Wells Fargo as a whole. Yes, they had heavy sales goals on their employees but those have been stopped. Therefore, your attitude about it is unwarranted.

In regards to the interest rate, it seems like you probably have some issues with your credit report. I know it stinks because I have the same issues right now but you can't be angry with Wells Fargo for seeing you as a risk if your credit history is not squeaky clean. That's just how it is. Just because you want a loan doesn't mean they need to give it to you, and as for how long it took it needs to go through an underwriting process so you would experience that anywhere. It could be faster, but the underwriting would still occur.

I work in this field and I understand how these things work. But trying to shine a bad light on Wells Fargo because they gave you a high interest rate is incredibly unfair.

Lastly, you stated that this was "kind of your only option" but that in the future you should do your research and apply for a few and pick. That is terrible advice, your credit could be damaged by applying for too many different credit products at once. If Wells Fargo ended up giving you the loan you should be thankful that you got the money in the first place because with the history you likely have credit-wise you are fortunate.

I bank with Wells Fargo and I find them to always be very friendly and I have never had any issues. In the future, please be sure to spell check your submissions because it seriously impacts your credibility. I hope that I have helped you to understand why certain things were the way they were. And please, in the future, don't try to use something happening in the media for personal gain. THAT is shady.

 
Nov 19, 2016
Personal loan
Anonymous Borrower

It was a great experience!

more ...
Nov 05, 2016
Bank should be shut down
Anonymous Borrower

I have had savings well over $250k in various accounts. fees fees fees fees fees fees fees fees.
they would not loan u a dime but they will be more than happy to yake your money. take ur $$ somewhere else and run.
they have the lowest interest rate in market
u can easily get 10 times return on ur money somewhere else.

more ...

Was this review helpful?

 
1 Reply
Dec 22, 2016

How is it Wells Fargo's fault that you overdrew your account and got hit with fees?? There were guidelines provided to you when you opened your account and the bankers are literally there 24/7 to help educate you so that you DON'T get fees.

Also, this comment you posted has nothing to do with a line of credit. So..why are you even posting here?

 
Nov 04, 2016
good
Anonymous Borrower

its been good experience

more ...
Jul 31, 2016
Jondb8 Borrower

Hi I recently got approved for a personal line of credit with Wells Fargo. I was wondering if anyone knows if the line of credit will show on all 3 credit bureau? I called Wells Fargo and the lady said it will not show.. Only if you missed a payment is this true?

more ...
Aug 01, 2016

What was you credit score?

 
Dec 20, 2016

I have a line of credit with Wells Fargo before and it did show up on my credit report. But here the things, it doesn't really make lot of impact or improving your score much since this is a fix Loans and it will only improve if you have it more then over 10-12 months and making payment on time and every time. If you want big improvement and looking way to build up your credit, I suggest getting a credit card instead.

 
Dec 22, 2016

If it is a personal loan it may not show up on your credit report. Revolving credit is what you should really be looking for. Like holong2002us said, a credit card would be good for that (secured is the way to go if your credit is less than stellar) but it better for purchases. For me, I have a personal line of credit because I wanted to redo my living room and needed cash for that. Lines of credit are great for cash advances.

 
Mar 15, 2017

Yes it shows on all 3 credit bureaus as revolving credit.

 
Jul 14, 2016
Great Experience on a Personal Loan
Anonymous Borrower

I had a great experence. I called over the phone and asked a few questions before applying. I was approved in minutes with a Fico score of 731, which came from the consumer report they gave me. I called by noon and had a check by 4PM on a Wedesnday. I have been a customer for over 3 years and I also have a credit card with them. My APR was 7.45 on 10K at 36 months. I plan on paying it off in 18 months or less.  

For all of those people that applied for a personal loan without banking at WF.. A bank will need  trust to lend you a "personal loan" - Hence the name..

more ...
May 05, 2016
Antiquated systems make for bad service
AZ2312 Borrower

First, you can likely get better rates elsewhere, which is probably most important.

Secondly, their approval process takes longer than most other places.  

I only went with the loan through Wells Fargo because I have 4 other accounts with them, have had accounts with them for more than 20 years, and they offered me an upgraded account based on my cumulative deposits/account balances.

Ironically, as I paid down the balance on the loan those cumulative deposits expired and I was charge additional money for those upgraded accounts, which I could only cancel by visiting a Wells Fargo location.

More inferiating, I used their online bill pay to make my payments.  One of those payments were somehow lost.  They still deducted the money from my checking account but sent me to collections for the actual payment.

Collections then called to ask me for money 3 days in a row.  I explained the situation each time and was told they were looking into it.  It finally escelated up the collections chain.  They called me today saying it would go to external collections if I did not pay soon.  I explained the situation, they reviewed the notes, reviewed my accounts and could see that the money had been deducted but indicated that I would have to call their online bill pay to sort this out myself.  

Their customer service rep did offer to wave the late penalties but only after speaking with their manager... and he phrased it as if he was doing me a favor. :-/

I called online bill pay.  They canceled the payment and explained that it was somehow sent out as a check so maybe "online" wasn't the best description of their service.  They again "offered" to wave the check cancel fee and refund my account in 3-7 business days.  

I was still required to then visit a Wells Fargo location to make an immediate payment on the loan balance.  

So recapping...

I gave Wells Fargo money for a loan payment, they deducted that money from my account immediately, sent me to collections 7 days later, admitted to receiving that money, yet made me talk to 4 different people over 3 days waiting on hold for a cumulative ~90 minutes and still visit a physical location after using their conveinent "not-so-online" bill pay system.  And they now have double the payment amount for this month until I get credited the original payment back in the next 3-7 days.  

But hey... they did wave the fees so I have that going for me, which is nice!

If every bank didn't suck I would swtich.  Instead I will just never apply for a Wells Fargo Loan for the rest of my life and recommend others do the same.

more ...
Dec 22, 2016

I am so sorry to hear this happened to you! And I totally hear what you're saying about banks sucking! I can't say I've ever experienced being sent to collections after seven days but it is extremely likely that there was some kind of issue on the back end. I have had it happen with other banking institutions where an online bill payment was debited from my account but was not appropriately paid, so this is not unique to Wells Fargo. Their claims process (despite the long wait times) is generally very quick. Once or twice when I had to do a claim I had my account temporarily adjusted within the same day, so keep the faith in regards to that.

 
Dec 22, 2016

I just wanted to clarify what I said above. When I mentioned "long wait times" for claims, I was referring to on the phone waiting to speak to a rep from that department. They are almost always super busy and the hold times can be frustrating. Other than that, my experience has always been positive.

 
Add a Review

Add Your Review

I Own It I Had It I Applied

Please state your experience.

How would you rate this loan overall?

Please select a rating

What should others know about this loan?

Optional

How was application process?

How was customer service?

Join the Credit Karma Community

It’s free, and you’ll get tools and info that can help you improve your financial health:

  • Credit scores and reports
  • Credit monitoring
  • Personalized recommendations

**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.