Pay off high-interest balances

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.

How can I access my line of credit?

You can access your line of credit funds through Wells Fargo Online^®, by phone, by writing personalized checks, or at a store.

How do I use a line of credit to pay for ongoing expenses?

Simply use Wells Fargo Online^® to transfer funds from your line of credit to your checking account. Then write a personal check for the expense, or you can write line of credit checks.

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.

When I access my line of credit, is there a minimum amount I must request?

No. There is no minimum draw amount when you use Wells Fargo Online^® to transfer money from your line of credit.

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 Bank^SM Center at 1-800-WFB-OPEN (1-800-932-6736) to apply for a boat, RV, or other specialty loan.

Do you make loans to customers who don't have perfect credit?

Yes. Depending on your situation, you can apply for a secured loan using a Wells Fargo Savings or Time Account (CD) as collateral.

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.