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How to Pay for Large Expenses

Understand your options to pay for large expenses

Paying for an unexpected large expense video

Paying for an unexpected large expense video

Maybe you have a big move coming up, or your furnace is on the fritz. If you’re wondering where you’ll get the funds you need to cover an unexpected large expense, we have some options.
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Knowing which type of credit to use for each expense in your life is important to reaching your goals.

Compare secured vs. unsecured loans

While Wells Fargo does not offer secured loan products, some financial institutions may have this option available. With secured credit, the borrower pledges an asset –– like a car, CD, or savings account –– as collateral for the loan. If the borrower defaults, the creditor can take possession of the asset used as collateral to regain the amount they loaned to the borrower. 

Secured loans

  • These loans require collateral –– an asset such as a CD or savings account.
  • The approval, loan amount, rate, and term are determined by the value of the collateral, your available equity, your credit history and credit score – as well as your debt-to-income ratio and other factors determined by the lender. If the loan is secured by a CD or savings account, a strong credit history may not be required.
  • Secured loans may offer lower interest rates, higher spending limits, and longer repayment terms. Keep in mind, the assets used to secure the loan are at risk if you don’t repay the loan as agreed.
With unsecured credit, there is no collateral required for the amount borrowed or financed.

Unsecured loans

  • These loans don’t require any collateral or security.
  • The approval, loan amount, rate, and term are based on the strength of your credit history and credit score — as well as your debt-to-income ratio, and other factors determined by the lender.
  • Unsecured loans usually have higher interest rates, lower spending limits, and shorter repayment terms than secured credit because there’s no collateral required.
Product
Amount
Type
Rate and Term
Annual/Origination Fee/ Product Details
Personal Loan
$3,000 - $100, 000
Unsecured
A fixed rate and term of 12 to 84 months
None

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Eligible Wells Fargo customers can access their FICO® Credit Score through Wells Fargo Online®