Wells Fargo Personal Line Of Credit and Everything to Know About It

Wells Fargo Personal Line Of Credit: If you are looking to fund a house flip, buy inventory for your side hustle, or pay for an emergency, then you may be looking for a personal loan or a personal line of credit.

Wells Fargo Personal Line Of Credit

The most logical place to look for a loan like this is your personal bank. And if you’re like most Americans, your bank is Wells Fargo.

So maybe you are asking if should you take out a personal loan from Wells Fargo? The answer depends, but you should read this review before considering borrowing from Wells Fargo.

What Types of Personal Loans Does Wells Fargo Offer?

Wells Fargo gives unsecured personal loans and unsecured personal lines of credit. Wells Fargo also offers secured personal loans and a secured personal line of credit.

These are loan options that are either partially or fully secured by a CD or savings account at Wells Fargo. If you default on a secured personal loan or a secured line of credit, Wells Fargo can immediately seize the property in the savings account or CD. If you choose an unsecured loan, Wells Fargo will have to sue you to court if you default on the loan.

Who Qualifies for a Personal Loan from Wells Fargo?

Borrowers must be a US citizen or a permanent resident and at least 18 years old to take a personal loan from Wells Fargo.

Borrowers will also need a proof of income (usually a job or tax returns). Wells Fargo doesn’t advertise its minimum required credit score, but the rates on the loan suggest that Wells Fargo gives loans to people with at least fair credit usually 600s and above.

Borrowers that do not qualify based on their own income or credit score may apply with a joint applicant.

What Are the Rates and Terms on Loans from Wells Fargo?

Unsecured Personal Loan

  • Fixed interest rates ranging from 7.24% to 20.24%*
  • No origination fees
  • Terms from 12 to 60 months
  • Borrow $3,000 to $100,000

Secured Personal Loans

  • Fixed interest rates ranging from 7.24% to 20.24%,* but rates on secured loans tend to be lower than rates on unsecured loans
  • $75 origination fee
  • Terms from 12 to 120 months
  • Borrow $3,000 to $250,000

Unsecured Personal Line of Credit

  • Fixed interest rates ranging from 10.00% to 21.50%*
  • No origination fees
  • $25 annual charge
  • Credit limits ranging from $3,000 to $100,000

Secured Personal Line of Credit

  • Fixed interest rates ranging from 10.00% to 21.50%,* but rates on secured credit lines tend to be lower than rates on an unsecured credit lines
  • No origination fees
  • $25 yearly fee
  • Credit limits ranging from $5,000 to $250,000

What you need to know about a Wells Fargo personal loan

As one of the nation’s largest banks, Wells Fargo — with more than 5,000 bank branches in 36 states — offers unsecured and secured personal loans that you can use for various purposes, from debt consolidation and major expenses to home improvements or medical expenses.

– Large loan amounts

Many personal-loan lenders cap loan amounts at $40,000 or less. But Wells Fargo gives unsecured personal loans of up to $100,000 and secured loans of up to a whopping $250,000. If you do not need that much, Wells Fargo’s minimum loan amount is $3,000.

– Competitive interest rates

Wells Fargo gives competitive interest rates to customers based on a number of factors, including creditworthiness.

This lender does not note any credit-score minimums on its website, but banks usually require strong credit profiles in order to get approved and secure better terms — so it is a good idea to check your scores beforehand to see where you stand.

What you need to know about a Wells Fargo personal loan

Also, Wells Fargo provides a 0.25% rate discount for customers who are signed up for autopay and have a qualifying checking account. Plus, you may be able to reduce your loan’s interest rate even more if you go for a secured loan instead of an unsecured loan. 

– Direct payments for debt consolidation

If you want to use a personal loan to pay off  credit card debt or consolidate other debt, Wells Fargo gives you an option to request it pay your creditors directly when you apply.

If you are approved for a personal loan from Wells Fargo, you can also choose to have the funds deposited directly into your bank account to pay off the bills by yourself.

– Wells Fargo customers only

Wells Fargo allows only existing customers to apply for personal loans and other specific lines of credit. If you’re not already a customer, you will need to become one to be considered for a personal loan.

– No soft credit inquiry

If you have been shopping around for personal loan options, you may have seen some lender websites that offer to show you estimated interest rates you may qualify for without affecting your credit scores.

That is known as a soft credit inquiry, which is when a person or company checks your credit as part of a background check.

Wells Fargo does not offer this option as part of its application process. Instead, it gives a rate and payment calculator that lets you estimate your own rate, but it only gives you a range, which can fluctuate fairly dramatically.

To find out what your exact rate will be for a Wells Fargo personal loan, you will need to complete a formal application, which requires a hard credit inquiry and may affect your credit scores.

What else you need to know about a Wells Fargo personal loan

If you’re thinking of getting a personal loan from Well Fargo, here are a few additional things to consider.

  • Fees are minimal — There is no origination fees for unsecured loans, but secured loans come with a $75 fee. There are also no prepayment penalties for any type of personal loan if you want to pay off your loan early.
  • Co-applicants are permitted — If you don’t qualify for a personal loan on your own, Wells Fargo lets you to apply with a co-applicant, which may improve your chances of qualifying.
  • You have multiple repayment options — Wells Fargo offers repayment terms of 12 to 36 months for unsecured loans under $5,000, 12 to 84 months for unsecured loans $5,000 or more & up to 120 months for secured loans. But remember, even though a longer loan term may make your monthly payments more affordable, you may pay more in interest over the period of the loan.
  • Education-related expenses aren’t allowed — Personal loans from Wells Fargo can not be used for educational expenses. But you can contact Wells Fargo Education Financial Services because it gives private student loans.
  • Potentially fast decisions and funding — When you apply for a personal loan with Wells Fargo, you might be able to get a credit decision in just minutes, although it can take longer depending on your individual situation. If it’s approved, you may be able to receive your loan proceeds as soon as the next business day, too.


  1. Offers secured loans.

  2. Co-sign option.

  3. Free credit score access.


  1. Hard credit pull at application.

Final Take on Wells Fargo’s Personal Loans

Wells Fargo’s fixed-interest personal loans aren’t a really great option in general. Most borrowers will get better rates elsewhere. In any case, its unsecured personal lines of credit may make sense for the right person.

Final Take on Wells Fargo’s Personal Loans

The lines of credit have fairly high-interest rates, but very low yearly charges. Someone who needs a huge credit limit may benefit from having available credit on an unsecured line.

Besides using the personal line of credit to open or operate a profitable business or investment opportunity, most people should stay away from Wells Fargo’s personal loans.

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