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Personal Credit Product Questions

What is the difference between a loan and a line of credit?

A loan is an amount of money that you borrow for a specified length of time. You make fixed monthly payments, which reduce the amount of the loan until it is paid in full. A line of credit is an open-ended revolving credit line with a specified credit limit. It is similar to a credit card account, except you access the funds directly rather than with a plastic card. Your payment is based on the amount of the line you have used. The account is always available to you up to your pre-assigned credit limit.

How can I access my line of credit?

You can access your line of credit funds through Wells Fargo Online®, by phone, by writing personalized checks, or at a store.

How do I use a line of credit to pay for ongoing expenses?

Simply use Wells Fargo Online® to transfer funds from your line of credit to your checking account. Then write a personal check for the expense, or you can write line of credit checks.

How do I use a loan to pay off higher interest rate balances?

Just deposit the loan proceeds into your checking account and use a personal check to pay off higher interest loans or credit cards. Or you can request that your banker pay your creditors directly after your loan has been approved.

When I access my line of credit, is there a minimum amount I must request?

No. There is no minimum draw amount when you use Wells Fargo Online® to transfer money from your line of credit.

I would like to get a secured loan or line. What do I use as security?

Wells Fargo Savings and Time Accounts (CDs) are standard collateral. We also offer other transportation financing. See your local banker or call the Wells Fargo Phone BankSM Center at 1-800-WFB-OPEN (1-800-932-6736) to apply for a boat, RV, or other specialty loan.

Do you make loans to customers who don't have perfect credit?

Yes. Depending on your situation, you can apply for a secured loan using a Wells Fargo Savings or Time Account (CD) as collateral.

How much money can I borrow?

Wells Fargo offers unsecured personal loans and lines of credit in amounts ranging from $3,000 to $100,000 and secured personal loans and lines of credit up to $250,000 for qualified customers.