Wells Fargo Business Loan Questions

Getting started

How do I apply for a term loan?

Apply today

Equipment Express loan: Apply online

Wells Fargo BusinessLoan term loan: Apply online


Or, apply for any of our loans in person

What you’ll need to apply

Business information

  • 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
  • Annual revenue
  • Business banking account number(s) and balance(s)

Business owner information

  • Name
  • Home address
  • Home phone number
  • Social Security Number(s)
  • Citizenship
  • Annual household income
  • Personal banking 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

Can I choose the length of my loan?

For the Wells Fargo BusinessLoan term loan:

You can choose from 2, 3, 4, or 5 year term options.

For the Equipment Express loan:

  • Up to 6 years on new vehicles
  • Up to 5 years on new equipment and used vehicles
  • Up to 4 years for used equipment
  • Up to 3 years on new information and communication equipment

Do I need to be a Wells Fargo customer to apply for a loan?

No, you do not need to be a Wells Fargo customer to apply.

What happens after I apply?

Our review process typically takes 3 days once an application is submitted. If we approve your application:

  1. A Wells Fargo Business Banker will contact you to inform you of approval and loan terms.
  2. Once you accept the loan terms, you will receive a check via express mail.
  3. Deposit the check to access funds.

If your application is not approved, you will receive an explanation letter within 10 to 15 business days.

Pricing and fees

Are there fees associated with term loans?

Wells Fargo BusinessLoan term loan fees

There are no annual, pre-payment, loan documentation, or closing fees.

There is a $150 documentation fee, which can be waived if you have a Wells Fargo Business Choice or Business Platinum checking account.

Equipment Express loan fees

There are no application, annual or pre-payment fees.

There is a $150 documentation fee for the first loan, which can be waived if you have a Wells Fargo Business Choice or Business Platinum checking account; no fees for additional loans on the original credit amount. 

What will my interest rate be?

As of July 1, 2015, vehicle loan rates start at 5.50% based on term length, credit history, and vehicle being financed. As of July 1, 2015, equipment loan rates start at 7.50% based on term length, credit history, and equipment being financed. Rates may be lower if borrower maintains a required bank relationship, or higher if the borrower or any guarantor has a less than satisfactory credit history, or the borrower fails to provide the collateral required. Please talk to a store banker for information on the most current rates.

As of July 1, 2015, unsecured loan rates start at 8.50% and will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history and amount of credit requested. The interest rate is fixed for the life of the loan. Rates may be lower if borrower maintains a required bank relationship, or higher if the borrower or guarantor has less than satisfactory credit history, or an account default occurs. Please talk to a store banker for information on the most current rates.

Receive a 0.25% rate discount by setting up automatic payments from your new or existing Wells Fargo business checking account at or before loan booking. For more information on automatic payments, view the How do I set up automatic bill payments FAQ below.

Using your account

How do I use my Wells Fargo BusinessLoan term loan?

Wells Fargo BusinessLoan term loan

Once you deposit your Wells Fargo BusinessLoan term loan check or get funds disbursed, you can use your loan for any business need, including capital expenditures, business expansion, long-term working capital, leasehold improvements, or any other project that requires a longer-term financing solution.

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?

Yes. You can pay your bill:

  • By calling the National Business Banking Center at 1-800-225-5935
  • Through Wells Fargo Business Online® Banking with a transfer from a Wells Fargo account or using Business Bill Pay
  • With our free Automatic Payment Service (See How do I set up automatic bill payments FAQ for more information)

How do I set up automatic bill payments?

With our Automatic Payment Service, have your monthly loan payment made automatically from any business checking account — it's easy and free. Plus, receive a 0.25% rate discount by setting up automatic payments from your new or existing Wells Fargo business checking account at or before loan booking.

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 ext.419.

Equipment Express® loan

Will I need to submit a purchase order when I apply?

You do not need to submit a purchase order or dealer invoice when you apply for an Equipment Express loan.

How do I use my Equipment Express loan to make a purchase?

When you are ready to make a purchase, call an Equipment Finance Specialist at 1-800-416-0056

  • When you buy your equipment or vehicle, and forward your invoice or purchase order to us by fax at 1-800-340-7468.
  • Once we receive your invoice or purchase order, funding will take place within one business day in most instances.

What types of vehicles or equipment can I purchase with my loan?

You may purchase many types of business equipment and vehicles. Because it serves as collateral, the equipment or vehicles financed must have marketable value. Before you buy, contact an Equipment Finance Specialist at 1-800-416-0056 to be sure your equipment or vehicle purchase qualifies.

Can I make multiple purchases with my Equipment Express loan?

Yes, you can make multiple purchases with Equipment Express. The minimum invoice amount is $5,000. You do not have to make your purchases all at once; you have 60 days from time of approval to draw funds on your available credit, so you can get pre-approved and shop for the best opportunity.

Can I refinance business equipment or vehicles I have already purchased?

Yes, you can refinance your existing equipment or vehicles, if you purchased them within 60 days prior to approval and they are owned free and clear.

Account Security/Fraud

What do I do if I suspect fraud on my account?

If you have questions about your account, please contact the National Business Banking Center at 1-800-225-5935 immediately.