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Business Lines of Credit Questions

Getting started

How do I apply for a business line of credit?

Apply today

What you’ll need to apply online

  • Legal business name, address, and phone number
  • Date business was first established
  • Business tax identification or Social Security number
  • Ownership type
  • Number of owners
  • Gross annual revenue
  • All applicants must be a US citizen or permanent resident
  • For Wells Fargo Secured BusinessLine® Line of credit only: one applicant needs to be a Wells Fargo Online® customer.

At least one business owner/guarantor who indicates they have authority and control must apply and provide:

  • Name, address, and phone number
  • Social Security number
  • Date of birth
  • Citizenship

Plus, for all businesses (excluding non-profits), each owner with 25% or more interest must be listed as a guarantor and provide:

  • Percentage of ownership
  • Gross annual income
  • Personal checking and savings account number(s) and balance(s)

Contact information

  • 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

Additional information required for the Prime Line of Credit

  • Two years personal tax returns
  • Personal Financial Statement (form provided) 
  • Two years business tax returns
  • Two years company-prepared, year-end financial statement

What happens after I apply?

  • If you applied for a business line of credit, you will receive written notification from Wells Fargo within 10 business days. If approved, it will state the approved amount.
  • If you applied for a Prime Line of Credit, it will take two weeks for standard processing. You will be provided guidance from the underwriter.

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.

For the Prime Line of Credit

Secured by business assets (non-real estate); accounts receivable, inventory, equipment, or cash.

Pricing and fees

What fees apply to a business line of credit?

Unsecured business line of credit fees

  • $0 Opening fee.
  • Annual fee. $0 for lines of credit under $10,000. $95 for lines of credit $25,000 or less. $175 for lines of credit $25,001 or more.
  • Cash advance. No cash advance fees unless over the counter or at an ATM (excluding SBA)

Secured business line of credit fees

  • $0 Opening fee.
  • $50 Annual fee.
  • Cash advance. No cash advance fees unless over the counter or at an ATM

Prime Line of Credit fees

  • Origination Fee: Discuss with your business banker.

What will my interest rate be?

  • BusinessLine® Line of Credit

    Interest rates range from Prime + 1.75% to Prime + 9.75% and credit limits from $10,000 - $100,000; depending on credit evaluation.

  • Small Business Advantage

    Interest rates range from Prime + 1.75% to Prime + 6.50% and credit limits from $5,000 - $50,000; depending on credit evaluation.

  • Secured BusinessLine® Line of Credit

    Interest rates range from Prime + 1.00% to Prime + 5.00% and credit limits from $5,000 - $100,000; depending on collateral amount.

  • Prime Line of Credit interest rate and credit limit

    Competitive Prime-based rates, subject to a floor rate of 5%, with credit limits from $100,000 to $500,000; depending on credit evaluation. Subject to credit approval.

What is the CURRENT PAYMENT DUE?

Current Payment Due

Business Lines of Credit and Secured Businessline® Line of Credit have a current payment due that is 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 $50 minimum.

Prime Line of Credit will have a monthly interest-only payment due that is calculated on the outstanding balance of the funds that have been drawn on.

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 do I request a credit line increase?

For a BusinessLine® Line of Credit

  • Request a line increase online or in person with your business banker
  • Call 1-800-225-5935

For a Small Business Advantage Line of Credit

  • Request a line increase online or in person with your business banker
  • Call 1-800-225-5935

How can I access the funds in my line of credit?

You can access funds from your Business Line of Credit and Secured Businessline® Line of Credit 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)

You can access funds from your Prime Line of Credit using several convenient methods:

  • Wells Fargo business checking or savings accounts customers can transfer to accounts online, with the help of their banker, or by calling the National Business Banking Center (NBBC).
  • Customers without a Wells Fargo business checking account need to contact the NBBC and provide a written request. The funds will then be transmitted via Automated Clearing House (ACH) into the designated non-Wells Fargo account.

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?

  • Business line of credit and Secured BusinessLine® Line of Credit payments should be sent to:
    • Wells Fargo Bank Payment Remittance Center
      PO BOX 54349
      Los Angeles, CA 90054-0349

  • Prime Line of Credit payments should be sent to:
    • Wells Fargo Bank
      Business Loan Operations Center
      401 Linden Street, 3rd Floor
      Winston-Salem, NC 27101

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

  1. Choose from three monthly payment options:
    • Make the minimum payment
    • Pay a set amount of your choice
    • Pay your balance in full
  2. Your payment will be deducted from any business checking account at any financial institution.
  3. 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.

For the Prime Line of Credit, the automatic bill payment is set up for the minimum payment due. If you would like to discuss having your payment set up for a different amount, please speak with your business banker or the National Business Banking Center (NBBC) at 1-800-225-5935.

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

Note: The Prime Line of Credit cannot serve as a source of overdraft protection.

How it works

  1. It is free to enroll – pay for Overdraft Protection only when you use it
  2. Link your account to your business checking account when you apply or through Wells Fargo Business Online®
  3. If you overdraw your business checking account, available funds from your credit account are automatically transferred to cover the overdraft

Usage fees

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 there are unauthorized charges on my stolen card or checks?

Through the free WellsProtect® program you are not responsible for unauthorized transactions that are reported within 60 days from the first statement showing the unauthorized transaction. If your card (or card number) is ever lost or stolen, your account is safe. Just report your missing card right away or tell us as soon as you notice any unauthorized activity by calling the National Business Banking Center at 1-800-225-5935.

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.