Wells Fargo Flex small personal loans: 2025 Review

Wells Fargo Flex is best for small urgent cash needs

If you've had an open account for at least 12 months with Wells Fargo and need cash fast, the Wells Fargo Flex loan is a far better option than a payday loan. Eligible members can take out amounts of either $250 or $500 for a fee of $12 or $20, respectively. You can also spread your payment period out over four months, which is much longer than the standard two-week repayment that most payday loans offer. Plus, once you accept a loan offer in the Wells Fargo app, you can use the funds immediately.

Wells Fargo Flex personal loan purposes

Cash from a Wells Fargo Flex loan can be used for everything from budgeting for holiday gifts to paying for an unexpected car or home repair expense. The $500 maximum amount can help bridge the gap between paychecks, and the four-month payment period gives you time to budget money to pay the balance off.

Where Wells Fargo Flex stands out

• Quick approval and funding: Wells Fargo customers who see the Flex Loan option in their mobile app can have cash deposited directly into their account within minutes of accepting the repayment plan. 
• Low fees: You’ll only need to pay a flat fee of $12 or $20, which is lower than the $10 to $40 per $100 fee many payday lenders charge. The Flex Loan's fixed fee translates to an APR of about 24 percent for a $250 loan or 20 percent for a $500 loan, which is comparable to the APR on a credit card or fair credit personal loan.
• Four-month term: You won’t be under pressure to pay your balance off by your next paycheck like you would with a payday loan.

Where Wells Fargo Flex falls short

• Small loan limit: You can only get a loan of $250 or $500. Most other lenders offer loans of well over $1,000.
• Only one repayment term: This program doesn’t offer any flexibility beyond a four-month repayment option. 
• Offered only to existing Wells Fargo customers: Only Wells Fargo customers with an existing account and the mobile app are eligible for the Flex loan.

How this lender compares

Wells Fargo Flex vs. OppLoans

Between the two, Wells Fargo is the better option for loan amounts below $500 since OppLoans doesn’t offer any that low. You’ll also save a bundle on interest, considering Wells Fargo only charges a flat fee equivalent to 20 percent to 24 percent APR, compared to triple-digit rates to borrow from OppLoans. 

If you need more than the $500 cap offered on the Wells Fargo Flex loan, you can borrow up to $5,000 at OppLoans. You can choose repayment terms as long as 18 months with OppLoans, though you'll have to weigh lower monthly payments against greater interest accrual.

Wells Fargo Flex vs. U.S. Bank Simple Loans

Ranging between $100 to $1,000, U.S. Bank's Simple Loan is short-term financing option that's best when used for a one-time emergency expense. While the Simple Loan offers more flexible loan amounts, its fee structure — $6 fee for every $100 borrowed — makes the Flex loan a better-priced option. The three-month repayment term means that fee translates to 35.65 percent APR, higher than the Flex Loan and similar to bad credit loan rates.

If you need to borrow more than $500 and don't mind the fee structure, the Simple Loan is a better alternative to a payday loan.  However, Wells Fargo offers the most cost-effective option out of the two. 

Do you qualify for a Wells Fargo Flex personal loan? 

Wells Fargo doesn't publicly disclose its eligibility requirements for a Flex loan and there's no formal application process. If you’re eligible for the loan, you’ll automatically be notified in your Wells Fargo mobile banking app.

How Bankrate rates Wells Fargo Flex loans

Bankrate considers 20 factors when reviewing lenders. We weigh what makes a lender competitive on the market and appealing to borrowers with varying needs. The Bankrate Score for personal loans consists of four categories: