Wells Fargo Introduces Flex Loan to Give Customers More Options

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has introduced the Flex Loan, a digital-only small-dollar loan designed to assist eligible customers with short-term cash needs. Currently available in select markets and expected to be nationwide by year-end, the Flex Loan provides amounts of $250 or $500 for flat fees of $12 or $20, respectively. The funds are deposited within seconds of acceptance, with no applications, hidden fees, or interest charges. This initiative complements Wells Fargo's ongoing efforts to improve customer financial flexibility and reduce overdraft fees.

Positive

• Flex Loan offers eligible customers quick access to funds with certainty of approval.
• No hidden fees, late charges, or interest charges associated with the Flex Loan.
• Funds are deposited immediately, allowing for instant use.

Negative

• None.

New short-term loan provides flexibility when customers need it

SAN FRANCISCO--(BUSINESS WIRE)-- 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.

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 Banking^SM: 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005142/en/

Media

Nicole Huseonica

Nicole.Huseonica@wellsfargo.com

Source: Wells Fargo & Company

FAQ

What is the Flex Loan by Wells Fargo?

The Flex Loan is a digital-only small-dollar loan offering eligible customers access to $250 or $500 for flat fees of $12 or $20, respectively.

When will the Flex Loan be available nationwide?

The Flex Loan is currently available in select markets and will be available nationwide by the end of the year.

What are the repayment terms for the Flex Loan?

Eligible customers can repay the Flex Loan in four equal monthly installments.

How does the Flex Loan compare to other loan options?

Unlike many other loan products, the Flex Loan has no hidden fees, late charges, or interest charges, making it a more affordable choice.

How quickly can customers access funds from the Flex Loan?

Once a customer accepts the loan, funds are deposited into their Wells Fargo account within seconds.