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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, please refer to the Application Checklist.

How much can I apply for?

We offer a variety of personal credit products to meet 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 – 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 for a loan or line of credit.

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
◾Wells Fargo Portfolio Checking
◾Private Bank Dividend Checking
◾Wells Fargo Prime Checking
◾Private Bank Checking
◾Private Bank Interest Checking
  

Consumer checking accounts qualifying for a 0.25% interest rate discount
◾Wells Fargo Preferred Checking
Opportunity Checking®
◾Wells Fargo Everyday Checking
Way2Save® Checking
◾Wells Fargo At WorkSM Checking
Wells Fargo College Checking®
Complete Advantage® Checking
Custom Management® Checking
Premium Membership® Checking
Gold Package® Checking
Crown Banking® 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

What is a secured line of credit?

If you have a Wells Fargo CD or Savings Account, you may use it as collateral for a line of credit 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 line of credit will not be available for use until the CD/Savings Secured (Portfolio) Line of Credit is paid in full and closed.

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

  • 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 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 to 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.

Loan or Line 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 loan or line of credit 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 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:

If you agree to the terms:

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

Personal Line of Credit:

  • If you are approved, you can review and accept the Personal Line of Credit documents in a branch or online for quick 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?

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.

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?

If you open your Personal Line of Credit in a branch or online, you will have access to your funds in as little as 1 business day.

If you would like your documents mailed to you instead of closing in a branch or online, you will 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 withdraw?

No. There is no minimum withdrawal amount.

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

Yes. You can 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 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
    Personal Lines of Credit (unsecured):
    1-800-946-2626 to pay by phone. (available 24 hours – 7 days a week)
    All other products (Personal Loans, CD/Savings Secured Loans, CD/Savings Secured Lines of Credit, and Motorcycle and Specialty Vehicle Loans):
    1-877-269-6056 Monday – Friday 7:00 am – 7:00 pm Saturday 8:00 am – 4:30 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 monthly payment amount depends on the type of loan or line of credit you select. Please see below for additional information. You can estimate payment amounts with our Rate and Payment Calculator.

Personal Loan and CD/Savings Secured Loan

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.

Personal Line of Credit

If the balance is $25 or less, your minimum monthly payment is the total balance. If the balance is more than $25, your minimum monthly 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 (Portfolio) Line of Credit

If the balance is $25 or less, your minimum monthly payment is the total balance. If the balance is more than $25, your 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. 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. One of the benefits of our Personal Loans and Lines of Credit products 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
Additional resources For more information about Wells Fargo's commitment to service members, please visit Military Banking on wellsfargo.com. If you have questions about SCRA as it relates to your online banking accounts, send us a secure message.

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.