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Home»Fintech»Wells Fargo launches small dollar digital loan product
Fintech

Wells Fargo launches small dollar digital loan product

November 16, 2022No Comments2 Mins Read
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To assist meet short-term money wants, eligible clients now have another choice with the most recent product from Wells Fargo & Firm (NYSE: WFC) – Flex Mortgage. Flex Mortgage is a digital-only, small-dollar mortgage that can present hundreds of thousands of eligible clients handy and reasonably priced entry to funds after they want it most.

Flex Mortgage is offered now in choose markets and can be accessible nationwide by the tip of the 12 months.

“Our clients are on the coronary heart of every part we do. Flex Mortgage is Wells Fargo’s newest innovation to present clients peace of thoughts and suppleness as they handle their day by day funds,” stated Abeer Bhatia, head of Private Lending and Retail Providers for Wells Fargo. “What makes Flex Mortgage totally different from different fee choices is its certainty of approval for eligible clients, the simplicity of acquiring funds in minutes, and readability round how a lot it can price to pay for issues like vacation presents, journey, or an surprising dwelling or automotive restore expense.”

Flex Mortgage is accessible by way of a seamless, straightforward expertise inside the Wells Fargo Cell Banking app:

Flex Mortgage is offered to eligible clients in quantities of both $250 or $500 for a flat price of $12 or $20, respectively.
Eligible clients will see the supply of their cell app. As soon as a buyer accepts the mortgage and units up their reimbursement plan (payable in 4 equal month-to-month installments), the funds are deposited into their Wells Fargo account inside seconds, permitting them to make use of their Wells Fargo debit card to make a purchase order or fee instantly.
There aren’t any purposes, hidden charges, late fees, or curiosity fees.
Not like different typically costlier choices, Flex Mortgage presents an reasonably priced, clear approach to handle a short-term money want – whereas offering handy and practically immediate entry to funds.

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Flex Mortgage is one in all a number of efforts Wells Fargo introduced in January to assist clients keep away from overdraft charges and meet short-term money wants. Along with Flex Mortgage, these improvements embrace:

Early Pay Day: Provides clients entry to eligible direct deposits as much as two days early
Additional Day Grace Interval: Provides clients an additional enterprise day to make deposits to keep away from overdraft charges
Clear Entry BankingSM: Provides clients the choice of a checkless banking account with no overdraft charges 

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