Personal Loan FAQs – Wells Fargo

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Personal Loan FAQs


How do I apply for a loan?

You can apply in 3 ways:

You will be able to track your 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?

To complete an application, please refer to the Application Checklist.

How much can I apply for?

We offer two personal loan products that may meet your needs. Visit the Personal Credit Comparison Table to compare loan amount options.

What loan terms are available?

Personal Loans:

  • 12 – 36 months for loans under $5,000.
  • 12 – 84 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.

How do I qualify for an interest rate (relationship) discount?

To qualify for a customer relationship discount, you must have a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account. If automatic payments are canceled for any reason at any time after account opening, the interest rate and the corresponding monthly payment may increase. Only one relationship discount may be applied per application.

Consumer checking accounts qualifying for a 0.50% interest rate discount

  • Private Bank Checking
  • Private Bank Interest Checking
  • Wells Fargo Portfolio Checking
  • Wells Fargo Prime Checking

Consumer checking accounts qualifying for a 0.25% interest rate discount

  • Clear Access BankingSM
  • Complete Advantage® Checking
  • Crown Banking® Checking
  • Custom Management® Checking
  • Opportunity Checking®
  • Premium Membership® Checking
  • Way2Save® Checking
  • Wells Fargo At WorkSM Checking
  • Wells Fargo College Checking®
  • Wells Fargo Everyday Checking
  • Wells Fargo Preferred Checking

What is a secured loan?

If you have a Wells Fargo CD or Savings Account, you may be able to use it as collateral for a loan to meet your financial needs and build your credit history 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?

  • Get your funds, often by the next business day, if approved.
  • 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

I would like to use my Wells Fargo account as collateral for a CD/Savings Secured Loan. 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.

Can I apply with a co-applicant?

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

Loan Decisioning Process

How long does it take to receive a credit decision?

You could have a credit decision in as little as a few minutes, but some decisions may take longer depending on your circumstances.

For most applications, you will be able to track your application status using our yourLoanTrackerSM 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 application status using our online system if you share your email address with us at the time of application.

Personal Loan or CD/Savings Secured Loan:

If you agree to the terms:

  • Review your documents
  • Sign and accept your documents
  • Receive your funds

Personal Loan and CD/Savings Secured Loan

How long does it take to receive my funds?

If your Personal Loan or CD/Savings Secured Loan is approved and you have accepted the loan terms, you will have quick access to your funds, often by the next business day.

How can I use a loan to consolidate debt?

You can direct funds to pay your creditors in the following ways:

  • Access to funds via check, direct deposit to a Wells Fargo checking account, or direct transfer to non-Wells Fargo credit accounts, often by the next business day, if approved.

How can I make my loan payments?

There are many ways that you can make payments:

  • Sign on to Wells Fargo Online® to make a one-time or set up recurring payments.
  • Set up automatic payments from your checking or savings account using Wells Fargo Online.
  • Pay in person at your local Wells Fargo branch.
  • Call us to pay by phone

    1-877-269-6056 Monday – Friday 7:00 am – 7:00 pm Central Time
  • 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.

How does Wells Fargo calculate my monthly payment?

Your regular monthly payment of principal and interest will remain the same 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. Please note that any fees or other changes assessed to the account during the billing cycle, plus any past due amount from the previous statement, will be added to your monthly payment and shown as the total amount due.
You can estimate payment amounts with our Rate and Payment Calculator.

How often will payments be due?

Loan payments will be due monthly.

Can I change my due date?

Yes. You can change your payment due date. To do so, please call customer service at 1-800-946-2626.

Can I make extra payments or pay off my Personal Loan and CD/Savings Secured Loan early?

Yes. Our personal loans require no prepayment fees. You are welcome to pay off the loan 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
Additional resources For more information about Wells Fargo's commitment to service members, please visit Military Banking on If you have questions about SCRA as it relates to your online banking accounts, send us a secure message.

Are there any origination fees?

Personal Loans do not have an origination fee.

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