Adam McCann, Financial Writer
Wells Fargo does not offer “emergency loans” by that name, but Wells Fargo personal loans can be used for any purpose, including paying emergency expenses. Wells Fargo offers a quick approval and funding timeline on personal loans. It takes just 2 - 4 business days for most customers to get approved and receive their funds.
There are a few other methods you can use to get a loan from Wells Fargo in an emergency as well. They include getting a direct deposit advance, using an existing personal line of credit or home equity line of credit, charging the expense to a credit card, or getting a credit card cash advance.
Ways to Get a Wells Fargo Emergency Loan:
- Personal loan: You can get a Wells Fargo personal loan in 2 - 4 business days, though you’ll reportedly need a credit score of 660+. Personal loans range from $3,000 to $100,000 and have APRs of roughly 5.99% to 19.99%.
- Personal line of credit: Unlike a loan, which is a one-time lump sum, a personal line of credit lets you borrow up to a certain amount whenever you want, with no minimum. You can get money from a Wells Fargo personal line of credit as soon as 1 business day after you’re approved. Credit lines range from $3,000 to $100,000, and there’s an annual fee of $25. The APRs are 9.5% to 21%.
- Home equity line of credit: A HELOC is just like a personal line of credit except it’s secured by your house. The amount you’re able to borrow is a portion of the value of your home minus the mortgage balance (from $25,000 to $100,000). If you’re unable to pay the loan back, Wells Fargo can foreclose on your home. APRs range from about 4% to 9%.
- Direct deposit advance: If you have a Wells Fargo checking account and make regular deposits into it, you may qualify for a line of credit up to $500 that can be directly deposited into that account when you need it. You will have to pay a fee of $1.50 for every $20 you borrow, though there is no interest.
- Credit card: Wells Fargo offers a variety of credit cards that you can charge expenses to in an emergency. The best options are cards with an introductory 0% APR on purchases. If you don’t already have a credit card, it can take several weeks to get approved and receive the card by mail. If you’re approved instantly, the soonest you can expect to get the card is 7 business days.
- Cash advance: You can use a Wells Fargo credit card to get cash at an ATM. While this is very convenient for emergencies, you should know that cash advances come with big fees and high APRs. Plus, interest starts accruing immediately, with no grace period.
There are a lot of ways to get a loan from Wells Fargo for emergency expenses, but the best is a 0% credit card because it helps you avoid interest altogether. However, that’s the best option only if you can pay off the whole amount during the 0% period. For long-term borrowing, a personal loan is the best choice because it will have the most reasonable terms and quickest funding timeline, without requiring any collateral or tacking on extra fees.
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