Wells Fargo Personal Loans Reviews

3.2 out of 5 stars
9 Reviews

From Borrowers in the last year


Application Process

2.5 out of 5 stars

Customer Service

2.5 out of 5 stars

3 5

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Most Helpful Positive Review

May 06, 2015
24 Hours To Financial Freedom
TheCreditQueen26 Borrower

This is my first review ever, and after having such a seamless experience I had to share! I cannot speak for all experiences, but I can speak for mine. I recently have become obsessed with all things credit and debt related that I realized that I wanted to consolidate my credit card debt and have an emergency fund. I ran the numbers based on my income, and realized that it would have taken much longer time wise, and would have cost me much more in interest to pay off my credit cards and save for a fund, that I decided to turn to a unsecured personal loan from Wells Fargo. 

I have banked with them for years and also have a credit card with them, so I thought it made most sense to try for a loan with them too. I own no property, my car is not in my name, have about 50k in student loan debt, but I do make 70k and have no blemishes on my credit report. I have 11k in mixed credit card debt and have a 698 credit score. On Sunday afternoon I decided to apply online for a personal loan requesting an amount of 15k for a repayment of 36 months. The process took only a few questions, and I got a 'thank you for your application' screen and thought I would get a letter in the mail. Next thing I know, LITERALLY 5 minutes later, I got an e-mail approval from Wells Fargo for the 15k/36 months at 10% and a monthly payment of $498. I was blown away! I furthermore clicked on the link from my e-mail and saw that there was no further action required (verification of income etc). I called WF just to confirm that everything was correct, for which the customer service rep said I was correct, and I could go into any branch, sign the paperwork, and get my funds. 

The next day, Monday, I walked into my local branch, without an appointment and waited for a banker. I was able to have them print out the forms, get a check, then deposit my 15k into my account all in less than 24 hours. Not only have I been able to 'refinance' my credit cards, but I now have NO credit card debt which will be reported on my credit report since I paid off all my cards, and I have a 4k emergency fund in my checking along with my normal account balance. Wells Fargo was AMAZING through the whole process, and I am more than pleased!!!

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Most Helpful Negative Review

Oct 25, 2012
amtid09 Borrower

I had applied for a student loan for my Freshman year (roughly 2009) and just recently had some hiccups with my university. I ended up having to take off a semester of school. Well, I had contacted Wells Fargo around the time of the incident and they were all but understanding, stating that "If I went back to school on time in the fall I would have no problem and the loan would not come due." LIES!!! About 4 months ago I started getting calls from Wells Fargo, and it was daily, and at least 3 times that day! I had to explain the situation to the people calling me and they stated "We have no record of any indication that they had given you this extension. How will you be paying now?" I immediately hung up and went into the local branch! They practically turned me away. I had no other choice but to pay for 3 months (with money I don't have) and turned in some of the paperwork they required stating that I was back in school. I had 2 weeks with no threatenly calls, and then they started again. I immediately went back into the branch and asked where the paperwork was. They said they had never recieved such paperwork and turned me away AGAIN!! Not only has it hit my credit score, but my dying Grandmother ended up paying off the loan so they would stop harrassing us both. I WOULD NEVER RECOMMEND SUCH AWFUL SERVICE TO ANYONE!!! At this point I would rather stop going to school than have to have such a harrassing student loan!!! WARNING: DO NOT USE EVER!!!!

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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

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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.

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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 ...

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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!

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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.

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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
Anonymous Borrower

its been good experience

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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?

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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..

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