Wells Fargo Introduces Flex Loan to Give Customers More Options
November 16 2022 - 9:01AM
Business Wire
New short-term loan provides flexibility when customers need
it
To help meet short-term cash needs, eligible customers now have
another option with the newest product from Wells Fargo &
Company (NYSE: WFC) – Flex Loan. Flex Loan is a digital-only,
small-dollar loan that will provide millions of eligible customers
convenient and affordable access to funds when they need it most.
Flex Loan is available now in select markets and will be available
nationwide by the end of the year.
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the full release here:
https://www.businesswire.com/news/home/20221116005142/en/
Abeer Bhatia, head of Personal Lending
and Retail Services (Photo: Wells Fargo)
“Our customers are at the heart of everything we do. Flex Loan
is Wells Fargo’s latest innovation to give customers peace of mind
and flexibility as they manage their daily finances,” said Abeer
Bhatia, head of Personal Lending and Retail Services for Wells
Fargo. “What makes Flex Loan different from other payment options
is its certainty of approval for eligible customers, the simplicity
of obtaining funds in minutes, and clarity around how much it will
cost to pay for things like holiday gifts, travel, or an unexpected
home or car repair expense.”
Flex Loan is accessible through a seamless, easy experience
within the Wells Fargo Mobile Banking app:
- Flex Loan is available to eligible customers in amounts of
either $250 or $500 for a flat fee of $12 or $20,
respectively.
- Eligible customers will see the offer in their mobile app. Once
a customer accepts the loan and sets up their repayment plan
(payable in four equal monthly installments), the funds are
deposited into their Wells Fargo account within seconds, allowing
them to use their Wells Fargo debit card to make a purchase or
payment immediately.
- There are no applications, hidden fees, late charges, or
interest charges.
Unlike other often costlier options, Flex Loan offers an
affordable, transparent way to manage a short-term cash need –
while providing convenient and nearly instant access to funds.
Flex Loan is one of several efforts Wells Fargo announced in
January to help customers avoid overdraft fees and meet short-term
cash needs. In addition to Flex Loan, these innovations
include:
- Early Pay Day: Gives customers access to eligible direct
deposits up to two days early
- Extra Day Grace Period: Gives customers an extra business day
to make deposits to avoid overdraft fees
- Clear Access BankingSM: Gives customers the option of a
checkless banking account with no overdraft fees
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
News Release Category: WF-PS
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version on businesswire.com: https://www.businesswire.com/news/home/20221116005142/en/
Media Nicole Huseonica
Nicole.Huseonica@wellsfargo.com
Wells Fargo (NYSE:WFC)
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