How do I apply for a business line of credit?
- Apply online or in person for our unsecured business line of credit
- Apply in person for our secured business line of credit
What you’ll need to apply
- Business name
- Business address (no P.O. Box)
- Business phone number
- Business fax number
- Tax Identification Number or Social Security Number
- Date your business was established
- Ownership type
- Number of owners
- Gross annual revenue or sales
- Business banking account number(s) and balance(s)
Business owner information
- Home address
- Home phone number
- Social Security Number(s)
- Date of birth
- Percentage of ownership
- Annual household income
- Personal banking account number(s) and balance(s)
- Primary contact (must be an owner of the business)
- Primary contact phone number
- Primary contact email address
Collateral owner information (Secured BusinessLine applications only)
- Collateral owner name
- Account number for Wells Fargo savings account or CD
What happens after I apply?
You will receive written notification from Wells Fargo within 10 business days. If approved, it will state the approved amount.
Is collateral required?
For the Unsecured business line of credit
Collateral is not required.
For the Secured business line of credit
The Secured business line of credit requires a Wells Fargo savings or CD account to be used as collateral. The Secured business line of credit will be offered up to 95% of the amount pledged as collateral.
Pricing and fees
What fees apply to a business line of credit?
Unsecured business line of credit fees
- Opening fee. $150 on approval ($250 for lines over $25,000)
- Annual fee. No fee for the first year. $150 annually beginning the second year and beyond
- Cash advance. No cash advance fees unless over the counter or at an ATM (excluding SBA)
Secured business line of credit fees
- Opening fee. $150 on approval
- Annual fee. No fee for the first year. $50 annually beginning the second year and beyond
- Cash advance. No cash advance fees unless over the counter or at an ATM
What will my interest rate be?
Unsecured business line of credit interest rate and credit limit
Interest rates range from Prime + 1.75% to Prime + 9.75% and credit limit between $10,000 - $100,000; depending on credit evaluation.
Small Business Advantage
Interest rates range from Prime + 1.75% to Prime + 6.50% and credit limit between $5,000 - $50,000; depending on credit evaluation.
Secured business line of credit interest rate and credit limit
Interest rates range from Prime + 1.00 % to Prime + 5.00 % and credit limit between $5,000 - $100,000; depending on collateral amount.
What is the minimum payment?
Current Payment Due
Your current payment due will be equal to the sum of finance charges, bank fees, other charges plus up to 1% of your new balance; rounded to the next highest dollar, with up to a $50 minimum. However, if the new balance is less than $50, the entire new balance is the current payment due.
For information regarding payment calculations after account closure refer to the 'Payments After Account Closure or Default' section of the customer agreement.
What is the Prime Rate?
Prime refers to the rate that Wells Fargo announces from time to time as its Prime Rate. The Wells Fargo Prime Rate is subject to change at any time. The overall rate assigned is variable and is expressed as Prime plus a spread. Rates are subject to change after booking.
Using your account
How can I access the funds in my line of credit?
You can access funds using several convenient methods:
- Use free personalized checks
- Make purchases using your MasterCard® access cards
- Transfer funds online or by telephone
- Pay expenses online using Wells Fargo Business Bill Pay (a Wells Fargo business checking account is required)
- Enroll in Overdraft Protection and link your business line of credit account to your Wells Fargo business checking account. (Secured line of credit excluded)
Are there cash advance fees to access the funds in my line of credit?
There are no cash advance fees when you access funds using your personalized checks, MasterCard® access card for purchases, or transfer funds online or by phone. A cash advance fee of 3% of the amount of the advance ($10.00 minimum, no maximum) applies to cash advances using an ATM or over the counter using the MasterCard access card.
How do I request access cards for additional owners?
You can specify the number of additional access cards when you apply. If you are an existing business line of credit customer and want to request additional cards, contact the National Business Banking Center at 1-800-225-5935.
Where do I send my monthly payments?
Please send your payment to the following address:
Wells Fargo Bank Payment Remittance Center
PO BOX 54349
Los Angeles, CA 90054-0349
Are there other ways I can make payments?
There are additional ways to make payments:
- Call the National Business Banking Center at 1-800-225-5935
- Transfer funds online from a Wells Fargo account through Wells Fargo Business Online®
- Use Wells Fargo Business Bill Pay
- With our free Automatic Payment service
How do I set up automatic bill payments?
With our Automatic Payment Service, have your monthly payment made automatically from any business checking account each month — it's easy and free.
To get started
- Choose from three monthly payment options:
- Make the minimum payment
- Pay a set amount of your choice
- Pay your balance in full
- Your payment will be deducted from any business checking account at any financial institution.
- Receive a confirmation message on your line of credit statement with the amount to be paid and the date the payment will be deducted.
Ready to sign up for automatic bill payments? Call us at 1-800-359-3557.
What is credit protection and can I add it to my account?
With Credit Protection, if you experience an event that disrupts your business, such as disability, natural disaster, or equipment failure, we will apply a credit to your outstanding balance for up to 12 months.
Protected events include:
- Disability due to sickness or injury
- Business disruption due to robbery, vandalism, equipment failure
- Loss of Life
- Natural Disaster
How it works
The benefit amount is a fixed amount equal to 5% of the balance on your statement immediately following the date of the event. It is not available with the Wells Fargo Small Business Advantage.
With Credit Protection, you benefit from:
- Availability of entire credit line. You may continue to access your entire credit line during the benefit period.
- Extended benefit period. Benefits may be extended up to 12 months in the case of disability or loss of life.
- Added protection for a nominal fee. It’s a small price to pay to give your business more financial freedom during a difficult time.
The monthly fee is $0.35 per $100 of the ending monthly statement balance on your account and will be charged directly to your BusinessLine or Secured BusinessLine account.
To enroll, call us at 1-800-416-8658.
Can my business line of credit account serve as a source of overdraft protection?
You can link your unsecured business line of credit account to your Wells Fargo Business Checking account to cover unexpected overdrafts. Available funds from your unsecured line of credit are automatically transferred to cover checking overages on the checking account. With this service you’ll benefit from:
- No returned check or cash advance fees
- Your current low rate on the amount accessed from the unsecured line of credit
How it works
- It is free to enroll – pay for Overdraft Protection only when you use it
- Link your account to your business checking account when you apply or through Wells Fargo Business Online®
- If you overdraw your business checking account, available funds from your credit account are automatically transferred to cover the overdraft
Tiered usage fees apply based on the amount advanced:
- Advance of $50.00 and below. A fee of $12.50
- Advance of above $50.00. A fee of $20.00
How to enroll
- Online. Sign on to Wells Fargo Business Online and add Overdraft Protection as an optional feature
- Phone: You can add Overdraft Protection by calling 1-800-225-5935.
Security and fraud
What do I do if I suspect fraud on my account?
If you have a transaction on your account that you or your employees did not authorize, please contact the National Business Banking Center at 1-800-225-5935 immediately.
What if one of my employees or I lose an access card?
If you have a missing access card, report it immediately to the National Business Banking Center at 1-800-225-5935. We will cancel your card and send you a new one.