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Product Questions

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1. 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. Back to Top
2. How can I access my line of credit?
You can access funds through Wells Fargo Online®, by phone, writing personalized checks or at a branch. Back to Top
3. How do I use a line of credit to pay-off higher interest rate balances?
Simply use Wells Fargo Online to transfer funds from your line of credit to your checking account and write a personal check to pay your creditors, or write line of credit checks. Back to Top
4. 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. Back to Top
5. When I access my line of credit, is there a minimum amount I must request?
There is no minimum draw amount when you use Wells Fargo Onlin to transfer money from your line of credit. Back to Top
6. 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 to apply for boat, RV or other specialty loan.Back to Top
7. Do you make loans to customers who don't have perfect credit?
Yes. Depending upon your situation, you can apply for a secured loan using a Wells Fargo Savings or Time Account (CD) as collateral. Back to Top
8. 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.Back to Top
9. Who do I contact for more information?
Contact the Wells Fargo Phone BankSM at 1-888-667-5250 for more information or to apply by phone. Back to Top
Call to Apply1-888-667-5250