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Personal Loan and Line of Credit FAQs

Application

How do I apply for a loan or line of credit?

You can apply in 3 ways:

You will be able to track your loan or line of credit application status using our online system if you share your email address with us at the time of application.

What information do I need to provide to apply for a loan or line of credit?

To complete a loan or line of credit application, gather the following information. Please note that this will be needed for both applicants if you are submitting a joint application.

Personal information

  • Social Security Number
  • Date of birth
  • Mother's maiden name
  • Email address
  • Home phone number
  • Current address (and mailing address, if different from residential address)
  • Previous address (if you’ve lived at your current address less than 3 years)

Employment and income information

  • Occupation
  • Work phone number
  • Employer name
  • Previous employer (if you’ve worked at your current job less than 3 years)
  • Gross monthly income amount and source(s) of income (all sources you want considered for your loan)
  • Monthly mortgage or rent payment amount

Loan and line of credit information

  • Type of loan or line of credit you are applying for
  • Desired term (if you’re applying for a loan)
  • Loan or line of credit amount
  • Preferred payment due date

Additional documents (requested as necessary)

Once your application is reviewed, we may request additional information from you, such as:

  • Recent pay stubs, W2s, or tax returns
  • Utility bills (to verify address)
  • Copy of driver’s license or Social Security Card
  • Information to pay off current accounts
  • IRS Form 4506T (Request for Transcript of Tax Return)

How much can I apply for?

We offer a variety of personal credit products for your needs. To find out more about amounts available, go to our Personal Credit Comparison Table.

What loan terms are available?

Personal Loans:

  • 12 - 36 months for loans under $5,000.
  • 12 – 60 months for loans of $5,000 or more.

CD/Savings Secured Loans:

  • May extend up to 120 months.

What are your current interest rates?

Please use our Rate and Payment Calculator to estimate current interest rates for a loan or line of credit.

What is a secured loan?

If you have a Wells Fargo CD or Savings Account, you can use it as collateral for a loan to get a lower annual percentage rate (compared to an unsecured loan) while preserving your savings. Please note the amount in your collateral account equal to the full amount of the loan will not be available for use until the CD/Savings Secured Loan is paid in full.

Why get a Wells Fargo CD/Savings Secured Loan?

  • Immediate funding. You may gain access to the funds on the same business day after credit approval.
  • Preserve savings. You can continue earning interest on your savings and avoid early withdrawal penalties on CDs.
  • Lower interest rate. You may get a lower annual percentage rate by providing approved collateral (such as a Wells Fargo CD) to secure your loan.
  • Fixed term and rate. You know exactly how much you’ll pay each month, making it easy to budget.
  • Loan amounts from $3,000 - $250,000
  • $75 origination fee

What is a secured line of credit?

If you have a Wells Fargo CD or Savings Account, you can use it as collateral for a line of credit to get a lower annual percentage rate (compared to an unsecured line of credit) while preserving your savings. Please note the amount in your collateral account equal to the full amount of the line of credit will not be available for use until the CD/Savings Secured (Portfolio) Line of Credit is paid in full.

Why get a Wells Fargo CD/Savings Secured (Portfolio) Line of Credit?

  • Quick funding. You may access your funds in as little as 1 business day after credit approval.
  • Preserve savings. You can continue earning interest on your savings and avoid early withdrawal penalties on CDs.
  • Lower interest rate. You may get a lower annual percentage rate by providing approved collateral (such as a Wells Fargo CD) to secure your line of credit.
  • Enjoy the flexibility of a ready source of funds that is available (up to your credit limit) when you need it.
  • Line amounts from $5,000 - $250,000
  • $25 annual fee

I would like use my Wells Fargo account as collateral for a CD/Savings Secured Loan or CD/Savings Secured (Portfolio) Line of Credit. Which accounts are eligible?

You can use Wells Fargo CDs and Savings Accounts (Wells Fargo Goal Savings, Wells Fargo Way2Save® Savings and Wells Fargo Regular Savings) as collateral for CD/Savings Secured Loans and CD/Savings Secured (Portfolio) Lines of Credit.

Can I apply with a co-applicant?

Yes, we can take an application individually or with a co-applicant.

Decision and Loan or Line Closing Process

How long does it take to receive a credit decision?

You could have a credit decision in as little as a few minutes or up to 2 hours. Please note that some decisions may take longer if information needs to be verified.

You will be able to track your loan or line of credit application status using our online system if you share your email address with us at the time of application.

What is the closing process?

You will be able to track your loan or line of credit application status using our online system if you share your email address with us at the time of application.

Personal Loan, CD/Savings Secured Loan or CD/Savings Secured (Portfolio) Line of Credit:

  • Once approved, review your loan or line of credit documents online or by visiting a Wells Fargo branch.
  • Sign your final documents online or with a Wells Fargo banker in your local branch. 

Personal Line of Credit:

  • Once approved, you can review and accept the Personal Line of Credit documents in a branch or online for quicker access to funds. Otherwise you will receive the agreement in the mail within 7 calendar days, and the line of credit account will be set up for your access.

Personal Loan and CD/Savings Secured Loan

How long does it take to receive my funds?

Once your Personal Loan or CD/Savings Secured Loan is approved and you have accepted the loan terms, you may get your funds, often by the next business day, if approved.

How can I use a loan to consolidate debt?

You can pay off higher-interest loans or credit cards in 2 ways:

  • Request that your branch or phone banker pay your creditors directly when you apply.
  • Deposit the loan proceeds into your checking account and pay your creditors directly.

Personal Line of Credit and CD/Savings Secured (Portfolio) Line of Credit

How long does it take until I can access my line of credit?

Once your Personal Line of Credit or CD/Savings Secured (Portfolio) Line of Credit is approved, you will have access to your funds in as little as 1 business day, if you close your line of credit in a branch. Otherwise you can review the Personal Line of Credit documents online, or receive the agreement in the mail within 7 calendar days, after which time funds will be available.

How do I access my line of credit?

There are 4 easy ways to access your line of credit:

  • Transfer funds online through Wells Fargo Online®
  • Get an advance at any Wells Fargo branch.
  • Use line of credit checks to write a check to yourself or to anyone you choose.
  • Transfer funds by phone at 1-800-946-2626.

When I access my line of credit, is there a minimum amount I have to advance?

No. There is no minimum withdrawal amount.

Can I apply for my line of credit to be increased?

Yes. You would need to apply for a Personal Line of Credit increase by visiting a Wells Fargo branch or by calling Customer Service at 1-888-667-5250 at any time.

How can I make my loan or line of credit payments?

There are many ways that you can make payments:

  • Sign on to Wells Fargo Online to make a one-time payment.
  • Set up automatic payments from your checking or savings account.
  • Pay in person at your local Wells Fargo branch.
  • Call us at 1-800-946-2626 to pay by phone.
  • Mail your payment in U.S. dollars payable to Wells Fargo Bank, N.A. Mailed payments must be in the form of a personal check, cashier’s check or money order, capable of being processed through the Federal Reserve System.  Please send your payment remittance coupon that is attached to your monthly statement.

What are the minimum payment amounts?

Your minimum payment amount depends on the type of loan or line of credit you have and your balance amount. You can estimate payment amounts with our Rate and Payment Calculator.

Personal Loan

Fixed payment of principal and interest for the life of the loan. Your payment amount will be determined by the amount you borrow, the length of time or term of the loan, and the interest rate.

Personal Line of Credit

If the balance is $25 or less, the payment is the total balance. If the balance is more than $25, the payment is 1% of the balance plus interest, fees, and other charges assessed to the account during the billing cycle, plus any past due amount from the previous statement.

CD/Savings Secured Loan

Fixed payment of principal and interest for the life of the loan. Your payment amount will be determined by the amount you borrow, the length of time or term of the loan, and the interest rate.

CD/Savings Secured (Portfolio) Line of Credit

If the balance is $25 or less, the payment is the total balance. If the balance is more than $25, the payment is 1/120th of the principal balance plus the total of all interest, fees, and other charges assessed to the account during the billing cycle, plus any past due amount from the previous statement.

How often will payments be due?

  • Loan payments will be due monthly.
  • Line of credit payments will be due monthly when you carry a balance.

Can I change my due date?

Yes. You can change your payment due date 1 time following your first account cycle (statement). Just call customer service at 1-800-946-2626.

Can I make extra payments or pay off my loan early?

Yes. One of the benefits of our Personal Loans and CD/Savings Secured Loans is that there is no prepayment fee. You are welcome to pay it off at any time or pay more than the amount due, which is applied to your principal balance, whenever you can. This can reduce the overall interest you pay over the term of the loan.

How do I request relief for my time in military service?

Active-duty service members and their families may qualify for special military benefits. Contact Wells Fargo Military Banking by calling 1-855-USA-2WFB (1-855-872-2932), Monday – Friday, 8 am – 8 pm, Central time, or email CSSSpecializedhandling@wellsfargo.com.

Are there any annual fees?

Personal Lines of Credit and the CD/Savings Secured (Portfolio) Lines of Credit have a $25 annual fee.

Are there any origination fees?

Personal Loans do not have an origination fee.

CD/Savings Secured Loans have a $75 origination fee.

This is an unsecure email address. Please do not send any confidential information.  For secure email options to submit military documentation for Servicemember's Civil Relief Act (SCRA) relief, please call us at 1-855-872-2932.