FAQs for Personal Loan and Student Loan payment relief due to COVID-19

Helping you during these uncertain times

These are unprecedented and challenging times. If you're experiencing a hardship, or have other needs, we'll work with you.

We created this page as a resource and we’ll update it as the situation changes.

 

Wells Fargo Online® banking

Wells Fargo Online banking is the fastest and easiest way to manage your account and/or request payment assistance. You can safely and securely make payments, check your balance, and access many other services 24/7 from our website or mobile app.1 If you don’t have Wells Fargo Online banking you can enroll here.

Outlined below are guidelines on how to request payment assistance for personal loans and student loans.

 

Frequently asked questions

We are committed to helping you through this time and are offering payment assistance on eligible accounts.

These FAQs provide information about our COVID-19 payment assistance program as of September 16, 2020. This information is subject to change at any time without notice. If you currently have payment assistance and have questions about the terms of the assistance, please contact us.

Requesting Payment Assistance

On eligible personal loan and student loan accounts, we will defer monthly payments for 3 consecutive billing cycles. Once your initial payment assistance expires, you may request one extension to your payment assistance.

Please note that if you are already receiving, or have previously received, payment assistance, the terms of any additional assistance may be new. Be sure to carefully read all information provided about what to expect during and after the payment assistance period.

Because interest will continue to accrue on your account, you are encouraged to make full or partial payments at any time during your payment assistance period.

For new payment assistance requests, sign on to or enroll in Wells Fargo Online banking and select the payment assistance banner at the top of your Account Summary.

If the form doesn’t appear, we may have other options for you. To speak to someone about your situation, please call us:

  • Personal Loan, CD/Savings Secured Loan, and Motorcycle and Specialty Vehicle Loan accounts: 1-866-828-5047 (available Monday – Thursday, 8:00 am – 5:30 pm; and Friday, 8:00 am – 4:30 pm Central Time).
  • Student Loan accounts: 1-877-396-9781 (available Monday – Thursday, 8:00 am – 8:00 pm; Friday, 8:00 am – 5:00 pm; and Saturday, 8:00 to 12:00 pm Central Time).

The fastest way to evaluate your assistance options is to use our online payment assistance request form. If you have Wells Fargo Online banking, sign on to your account and select the payment assistance banner at the top of your Account Summary. If you don’t have Wells Fargo Online banking you can enroll here.

For mortgage and home equity account questions, view our home lending FAQs.

For Personal Line of Credit or Credit Cards questions, view our cards and lines of credit FAQs.

If you prefer to call, please know we are here to help. However, we are experiencing high call volumes and long wait times.

The fastest way to evaluate your assistance options is to enroll in Wells Fargo Online banking.

To reach us by phone, you can call the following numbers:

  • Personal Loan, CD/Savings Secured Loan, and Motorcycle and Specialty Vehicle Loan accounts: 1-877-269-6056 (available Monday – Thursday, 7:00 am – 9:00 pm; and Friday, 7:00 am – 4:30 pm Central Time).
  • Student Loan accounts: 1-800-658-3567 (available Monday – Friday, 7 am – 8 pm Central Time).

For personal loans and student loans, we offer up to 3 consecutive billing cycles of payment assistance. During your payment assistance period, you are not required to make a payment. However, because interest continues to accrue during your payment assistance period, it is to your benefit, and you are encouraged to make full or partial payments at any time you are able.

If you are currently receiving or previously received payment assistance on a personal loan or student loan, you may qualify for additional assistance following your initial assistance period. Please note that the terms of any additional assistance may be new. Be sure to carefully review all information provided about what to expect during and after the payment assistance period.

Qualifications and situations related to payment assistance

Please allow up to 14 days to process your payment assistance request. If you request assistance in more than one account, they may not process simultaneously.

Please let us know if you need additional assistance by signing on to your account and selecting the payment assistance banner at the top of your Account Summary.

If you are currently in active deferment, or your account doesn’t appear in the online payment assistance form and you have questions about your account, please call us:

  • Personal Loan, CD/Savings Secured Loan, and Motorcycle and Specialty Vehicle Loan accounts: 1-866-828-5047 (available Monday – Thursday, 8:00 am – 5:30 pm; and Friday, 8:00 am – 4:30 pm Central Time).
  • Student Loan accounts: 1-877-396-9781 (available Monday – Thursday, 8:00 am – 8:00 pm; Friday, 8:00 am – 5:00 pm; and Saturday, 8:00 am – 12:00 pm Central Time).

The terms of any additional assistance may be new. Please read carefully all information provided about what to expect during and after the payment assistance period.

For new requests, the terms of the COVID-19 payment assistance program may be different from your initial request. When you apply for payment assistance, we will provide via phone or online the latest terms applicable to the payment assistance on your account(s). For many accounts, you can access the online form via the payment assistance banner at the top of your Account Summary in Wells Fargo Online banking.

For many accounts, you may request assistance in Wells Fargo Online banking. You may request payment deferment on one or multiple eligible accounts, based on your needs. You will need to select each individual account for which you are requesting payment assistance on the online payment-assistance request form.

The terms in effect as of the date of your specific payment assistance request will apply to any account on which you request assistance at that time. For example, if you request assistance on one account on a particular date, and then request assistance on another account on a later date, the terms of the two may differ.

If you also have a mortgage loan or home equity line of credit, please visit our Home Lending FAQs for more information.

Student loan and eligible personal loan accounts will appear in the online payment assistance form in Wells Fargo Online banking. For payment assistance requests, sign on to or enroll in Wells Fargo Online banking and select the payment assistance banner at the top of your Account Summary. We will review your eligibility, and respond. Please allow up to 14 days for processing.

If you have an account that doesn’t appear there, and you need help, please call us:

  • Personal Loan, CD/Savings Secured Loan, and Motorcycle and Specialty Vehicle Loan accounts: 1-866-828-5047 (available Monday – Thursday, 8:00 am – 5:30 pm; and Friday, 8:00 am – 4:30 pm Central Time).
  • Student Loan accounts: 1-877-396-9781 (available Monday – Thursday, 8:00 am – 8:00 pm; Friday, 8:00 am – 5:00 pm; and Saturday, 8:00 am – 12:00 pm Central Time).

How payment deferment works

Yes. Interest will be charged according to the terms of your account.

For student loans and personal loans, the interest is not added to your unpaid balance and more of the next payment(s) will be applied to interest. This may result in additional interest accruing on the principal balance over the life of the loan.

For Student Loans: Your scheduled monthly payment due may increase when your assistance period is over.

For Personal Loans: If you only make your scheduled payment amount each month after the payment assistance period ends, the additional interest that accrued while receiving payment assistance will result in a larger amount owed on the last payment.

For all accounts, you can always make payments during the payment assistance period and they will be applied in accordance with the terms of your credit agreement.

Yes, as a result of not making payments while in payment assistance your maturity date will be extended by the number of months your account was receiving payment assistance.

We do not charge any fees on student loans. This means, for example, that we do not charge application fees, origination fees, late fees, pay by phone fees, prepayment fees, and return check fees. This does not change if you defer your payments.

For personal loans, late fees and returned payment fees will be waived.

Please refer to information in the terms and conditions in our online payment-assistance request form for details on automatic or recurring payments you may have set up, and any actions you may need to take during and after the assistance period.

Yes. You can always make full or partial payments at any time during the payment assistance period, if desired.

During the payment deferment period: If your account was current, we will continue to report it to the credit bureaus as current. If your account was past due, we will not change the delinquency status we previously reported to the credit bureaus.

After the payment deferment period: If your account was current, we will continue to report it to the credit bureaus as current. If your account was past due, we will resume reporting the delinquency status we previously reported to the credit bureaus.

Other questions for student loan customers

If you have a student loan that is in more than 60 days late at the time you request payment deferment, you will need to call us at 1-800-658-3567 (available Monday – Friday, 7 am – 8 pm Central Time) for assistance making payments or with other questions. Student loan accounts more than 60 days delinquent at the time of deferment will be temporarily unavailable in Wells Fargo Online banking.

In addition to payment deferment for up to 3 consecutive monthly billing cycles, you have the ability to request one extension at the end of your initial assistance period. Wells Fargo also offers longer-term deferment and loan modification options.

Wells Fargo does not charge fees to enter any of our forbearance or loan modification programs. When a customer enters into the deferment program Wells Fargo will suppress collection calls. We will not report to the credit reporting agencies any late or missed payments with respect to the deferred payments. If the customer’s account was reporting as current when it entered the deferment program, Wells Fargo will continue to report it as current to the credit bureaus. If the customer’s account was past due, Wells Fargo will not change the delinquency status it previously reported to the credit bureaus. When the deferment period ends, Wells Fargo will resume reporting based on the status that existed at the time the deferment started.

Wells Fargo applies any payment assistance accommodation at the account level; granting assistance does not result in any adverse action against a cosigner.

We are also proactively communicating with customers who are past due on their payments to provide support and assess what payment solutions can best support them.

Wells Fargo student lending does not charge late fees. Wells Fargo does not engage in involuntary collections efforts, such as filing collection lawsuits, conducting set-off or pursuing wage garnishment, with respect to education loans.

January 28, 2021 at 11:59 PM Central Time will be the last date Wells Fargo will accept new applications for any of its private student loan products.

Up through that date, only customers with an outstanding balance on a Wells Fargo Private Student Loan are eligible to be borrowers on a new private student loan for the 2020-2021 academic year.

This means that:

  • If you have an outstanding balance on a Wells Fargo Private Student Loan, you may be eligible to receive either a Wells Fargo Private Student Loan or a Wells Fargo Private ConsolidationSM loan if you submit your application no later than January 28, 2021.
  • To successfully submit an application by this deadline, the borrower (or cosigner, if applicable) must submit a credit application for review either by phone or using our online application. When your application is successfully submitted, you will receive an email that thanks you for applying and describes the next steps to complete your loan request. Any incomplete student loan credit applications that have not been submitted for review prior to the deadline will be cancelled on January 29, 2021.
  • Wells Fargo will not be offering private student loans beyond the 2020-2021 academic year. For new applications submitted between September 23, 2020 and January 28, 2021, we will not disburse loan funds beyond June 30, 2021.
  • If you don’t have an outstanding balance on a Wells Fargo Private Student Loan, you should contact your school's financial aid office to consider other options.
     
    Note: Applications submitted prior to September 23, 2020 are not affected by these changes.

Learn more about Wells Fargo Student Loans.

 


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