Wells Fargo no longer offers a personal line of credit, but you can find flexible options with banks and online lenders. Check out our top picks for personal lines of credit.
Personal Line of Credit (no longer available)
- Large borrowing limits (up to $100K)
- Flexible use cases
- Could be linked for overdraft protection
- Annual fee ($25)
- Rates less competitive than some credit unions
- Only for current Wells Fargo customers
| Credit limits | $3,000 – $100,000 |
| Rates (APR) | Variable, often in the 9% – 21% range |
| Repayment | Revolving credit, monthly minimums required |
Wells Fargo no longer offers a personal line of credit, and you can’t apply as a new customer. The product was once a flexible borrowing option with limits up to $100,000, but it carried an annual fee and less competitive rates than other lenders.
If you’re considering a personal line of credit today, better options are available through banks and online marketplaces.
Table of Contents
- Is the Wells Fargo personal line of credit still available?
- How the Wells Fargo personal line of credit worked
- Why Wells Fargo discontinued its personal line of credit
- Pros and cons of the Wells Fargo personal line of credit (when it was available)
- Alternative to Wells Fargo personal line of credit
- How to choose a personal line of credit today
Is the Wells Fargo personal line of credit still available?
No. Wells Fargo announced in 2021 that it would stop offering personal lines of credit. The decision was part of a broader shift to simplify its lending products. Existing customers may still manage their accounts, but new applications are not being accepted.
The bank still offers personal loans.
How the Wells Fargo personal line of credit worked
When it was available, Wells Fargo’s personal line of credit was an unsecured revolving credit line. Customers could borrow between $3,000 and $100,000, transfer funds directly into checking accounts, and use it for debt consolidation, home improvements, or emergencies.
The line of credit charged a $25 annual fee and variable interest rates based on creditworthiness. Borrowers had to be Wells Fargo customers to apply, and applications required a credit check.
Why Wells Fargo discontinued its personal line of credit
Wells Fargo stopped offering this product in 2021 as part of its efforts to scale back consumer lending and reduce risk. Instead, the bank now promotes personal loans and home equity products as alternatives for borrowers who need access to financing.
Pros and cons of the Wells Fargo personal line of credit (when it was available)
Pros
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Large credit limits (up to $100K)
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Could be used for almost any expense
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Option to link as overdraft protection
Cons
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$25 annual fee
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Rates weren’t always competitive
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Only available to Wells Fargo customers
Alternative to Wells Fargo personal line of credit
Engine by MoneyLion
Why it’s a great alternative to Wells Fargo
Engine by MoneyLion is a marketplace that connects borrowers with both personal loans and lines of credit. Instead of applying with multiple lenders, you can compare prequalified offers in one place with no impact on your credit score.
- Access to multiple lenders and products
- No application or service fees
- Soft credit check for prequalification
| Rates (APR) | Vary by lender |
| Loan amounts | Vary by lender |
| Repayment terms | Vary by lender |
Eligibility requirements
- Soft credit check: Yes
- Minimum credit score: None
- Minimum income: None
- States: All 50 states and D.C.
How to choose a personal line of credit today
If you’re comparing personal lines of credit, look for:
- No or low annual fees to keep costs down
- Soft credit check prequalification so you can shop safely
- Flexible credit limits that match your borrowing needs
- Competitive rates that rival personal loan rates
If you want predictable monthly payments, a personal loan may be a better alternative.
About our contributors
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Written by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their three senior rescue dogs. She has edited and written personal finance content since 2015.
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Edited by Kristen Barrett, MAT
Kristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their three senior rescue dogs. She has edited and written personal finance content since 2015.