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Personal Lines and Loans Glossary

Annual Percentage Rate (APR)
A term representing the total cost of credit. The APR of a loan is the total finance charge, including interest and fees, expressed as a yearly rate.

Automatic Payment
With automatic payments you can have your monthly payment deducted from your Wells Fargo deposit account. You may be eligible for a discount on your interest rates when you sign up for automatic payment at the time you apply.

CD/Savings Secured Line of Credit
A variable interest rate line of credit that requires collateral or security of a Wells Fargo Savings or CD.

CD/Savings Secured Loan
A fixed interest rate loan that requires collateral or security of a Wells Fargo Savings or CD.

Collateral (or Security)
Personal property, such as a house, car, Wells Fargo Savings account, stock, bond, or CD, pledged as a guarantee that you will repay your loan.

Credit Agencies (or Credit Bureaus)
Organizations that collect individual consumer credit information and provide credit reports to potential lenders, employers, landlords, etc., for the purpose of aiding in their decision-making process.

Debt Consolidation
Financial strategy in which you take out a low-rate loan to pay off one or more high-interest loans or credit cards.

Fixed Interest Rate
An interest rate that does not change during the life of the loan.

Formal term for the amount you pay to use money. Interest is expressed as a percentage of the amount you borrow. It does not include extra charges such as fees. These are included in the annual percentage rate.

Personal Line of Credit
Unsecured revolving open-ended  line of credit with a specific credit limit and a variable rate.

Personal Loan
Unsecured loan with a fixed monthly payment, fixed term and fixed interest rate.

Prepayment Penalty
A fee charged to a borrower who pays off a loan before it is due. There is no prepayment penalty for a Wells Fargo Personal Loan. You can pay your loan back early if you choose, without additional fees or fines.

Prime Rate
The most favorable interest rate charged by lenders on a short-term loan to qualified customers. There is also a prime rate average listed in the Wall Street Journal that is an average of what the largest commercial banks charge.

The amount borrowed, not including interest.

Recreational Vehicle (RV) Loan
A secured loan used to purchase a recreational vehicle. The RV is used as collateral for the loan.

The time limit during which a loan must be repaid.

Used Auto Loan

A secured loan used to purchase a pre-owned vehicle. The vehicle is used as collateral for the loan.

Variable Interest Rate
An interest rate that is tied to an index, such as the Wall Street Journal Prime Rate, and fluctuates during the life of the line of credit.