Updated: Mar 07, 2024

Wells Fargo Flex Loan 2024 Review

We review Wells Fargo Flex Loans based on interest rates, fees, and features that can help borrowers with small-dollar, short-term credit that is online-only.
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The Wells Fargo Flex loan is a personal loan with no applications, hidden fees, late charges, or interest charges. This loan is available to Wells Fargo customers who’ve been a customer with the bank for at least 12 months. The application process is quick and results in a loan that is funded in mere seconds.

According to a press release by the financial institution, this loan “Offers an affordable, transparent way to manage a short-term cash need – while providing convenient and nearly instant access to funds.” The press release clarifies, "Flex Loan is one of several efforts Wells Fargo announced in late 2022 to help customers avoid overdraft fees and meet short-term cash needs.”

Keep reading to learn more about this loan and if it could work for you. 

Our Verdict

The Flex Loan can be helpful for Wells Fargo clients who need a small amount of cash in a pinch. The highest loan amount is only $500, but the fees and APRs are much lower than most personal loans.

Though the Flex Loan can be a convenient option for some, the main drawback is that it’s only available to existing Wells Fargo customers. Plus,  it’s for a very small amount of money, which may not be helpful for some borrowers.

Wells Fargo Flex Loans Pros & Cons

  • No application required
  • Loan funds disbursed within seconds after approval
  • Accessible small-dollar loan
  • No application fee, interest charges, or late charges
  • Only available to existing Wells Fargo customers
  • Flat fee applies (varies based on loan amount)

Compare Your Personal Loan Options

Find a personal loan that better fits your borrowing needs:

Compared to Other Personal Loans


SoFi offers loan amounts of up to $100,000 for qualifying loan applicants. In addition to a much larger loan amount than the Wells Fargo Flex Loan, SoFi offers assistance for borrowers who’ve lost their jobs and allows applicants to qualify for a loan with a co-borrower, whether a spouse, friend, or family member. 

SoFi also gives an interest rate discount to borrowers who repay their loans via autopay. Additionally, the lender has broader underwriting criteria that consider additional factors aside from applicants’ income and credit scores. 

It’s somewhat difficult to compare the Wells Fargo Flex Loan to SoFi’s personal loan product because they are truly different financial products targeting different needs. The Flex Loan is better suited for someone needing a bridge to payday, for example, while the SoFi personal loan is for individuals with high income and better credit scores and needs for larger loans.

Read our full review of SoFi personal loans.

Lending Club

Lending Club allows for loan amounts up to $40,000, with loan terms between three to five years. Origination fees, which range from one to six percent, are rolled into the loan. 

Despite its higher fees and relative inflexibility compared to traditional banks, Lending Club can offer better alternatives for subprime borrowers who have low credit scores and fewer options.

However, for individuals seeking smaller, simpler loans for $500 and under, the Wells Fargo Flex Loan could be a better option.

Read our full review of Lending Club personal loans. 


Upgrade offers loans of up to $50,000 with terms ranging from 24 to 84 months. In comparison, Wells Fargo’s Flex Loan is for $250 or $500 for up to four months. 

Upgrade allows loan applicants to check their rate with a soft credit inquiry, and once approved, loans could be funded as early as the next business day. On the other hand, Wells Fargo's Flex Loan has no application, with an immediate decision and funding when a customer accepts the loan offer in their Wells Fargo app. 

Upgrade wins out if you require a larger loan, longer loan terms and swift access to funds. However, if your goal is to get a small amount of money quickly, then you’d go with Wells Fargo’s Flex Loan. 

Read our full editorial review of Upgrade personal loans.

Best Egg

Best Egg provides loans of up to $50,000 with either 3-year or 5-year terms, which may not be suitable for those requiring more flexible terms or loan amounts over $50,000. According to Best Egg's website, applicants with an annual income exceeding $100K and a credit score of 700 or above are eligible for the maximum loan amounts and best rates. 

Origination fees range from 0.99% to 5.99%, and a soft credit check allows potential borrowers to review potential loan terms without impacting their credit score.

Best Egg’s personal loan has some attractive features, but they are reserved for those borrowing much larger amounts of money who also have high enough incomes with top-tier credit. 

If your loan needs exceed $50,000 or you don’t have the greatest credit, Best Egg may not work for you. If a loan in the thousands of dollars range is overkill in your situation, a smaller loan $500 or $250 from Wells Fargo could be better. 

Read our full editorial review of personal loans from Best Egg.

Interest Rates

The Wells Fargo Flex loan has no advertised interest rates, but the fees for a $250 loan and a $500 loan are $12 and $20, respectively. With these fees and assuming a 120-day borrowing period, the loan has an effective APR of 14.6% and 12.17%, respectively. For a personal loan, these APRs are very reasonable and may even be considered on the lower end for personal loan interest rates. 


As mentioned, the fees for a $250 loan and a $500 loan are $12 and $20, respectively. Also, there are no applications, hidden fees, late charges, or interest charges. 

Repayment Terms

Flex Loan borrowers can repay their loan in four equal monthly installments. 

Remember, this is a very small loan designed to help with minor financial emergencies. So, the short repayment period doesn't come as a surprise.

Borrowing Amounts

The Flex Loan comes in two amounts: $250 and $500. 

These fixed loan amounts won't cut it for bigger expenses or debt consolidation. However, it might be enough to address unexpected bills.

Application Process 

Only Wells Fargo customers are eligible to apply for this personal loan. Eligible customers will see the offer in their mobile app. 

Approval Speed

Once a customer accepts the loan and sets up their repayment plan (payable in four equal monthly installments), the funds are deposited into their Wells Fargo account within seconds. From here, borrowers can use their Wells Fargo debit card to make a purchase or payment immediately.