If you have a Wells Fargo Time Account (CD) or savings account, you can use it as collateral for a personal loan to get a lower annual percentage rate (compared to an unsecured loan) without touching 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 Time Account (CD)/Savings Secured Loan is paid in full.
Why get a Wells Fargo Time Account (CD)/Savings Secured Loan?
- Immediate funding. You may access your funds the next business day after credit approval.
- Preserve savings. You can continue earning interest on your savings and avoid early withdrawal penalties on time accounts (CDs).
- Lower interest rate. You 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.
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