Understand rates, payments, and fees

What are your current interest rates?

Rates are updated regularly online and are based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history, amount requested, and geographic location. Use our Rate and Payment Calculator.

How is your interest rate determined?

Interest rates for loans are fixed at the time you open your account. Interest rates for lines of credit vary with the market based on the U.S. Prime Rate and are calculated on the value of the index plus a margin. The interest rate will be based upon the specific characteristics of your credit application including, but not limited to, evaluation of credit history, amount requested, and geographic location, and by whether you choose a secured or unsecured product.

How is interest accrued on a line of credit?

Interest is accrued daily only on the outstanding balance.

How are the monthly payments computed for loans?

For loans, the monthly payments are fully amortized based on a simple interest calculation.

What are the minimum payment amounts?

For loans, your payment amount will be determined by the amount you borrow, the length of time or term of the loan, and the interest rate. The payment amount will stay fixed for the life of the loan.
For unsecured personal lines of credit, your minimum payment during the life of the account is equal to $25 or 1% of the outstanding principal balance, whichever is greater, plus accrued monthly interest. For the Time Account (CD)/Savings Secured Line of Credit, your minimum payment is $25 or 1/120th of outstanding principal balance, whichever is greater, plus accrued monthly interest.

When will I be billed and how often?

Your loan payment will be due monthly. For lines of credit, you will receive a monthly bill when you carry a balance. When you sign up for automatic payments for your loan or line of credit, your payment will be recorded on your monthly checking statement and you will not receive a separate bill.

Is there an annual fee for a line of credit?

Yes. There is a $25 annual fee for the Personal Line of Credit and Time Account (CD)/Savings Secured Line of Credit.¹

Is there an annual fee for a personal loan?¹

No. There is no annual fee for a personal loan.

Is there a transfer or advance fee to withdraw cash from my line of credit?

No. There is no charge to transfer money from your line of credit or withdraw cash directly from it, nor is there a higher interest rate charged to do so.

Is there a charge for ordering more line of credit checks? Can I order checks over the phone?

Your line of credit checks are provided to you at no additional cost. You can order additional checks by calling the Wells Fargo Phone Bank^SM Center at 1-800-TO-WELLS (1-800-869-3557).

Are there any prepayment penalties on personal loans?

No. If you pay off a loan before the original term, you will not incur a penalty charge. You only pay interest for the time you had the loan.

Is there an origination fee on personal loans?

There is no origination fee for the unsecured Personal Loan. There is a $75 loan origination fee for the Time Account (CD)/Savings Secured Loan.