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Wells Fargo launches small dollar digital loan product

Source: Wells Fargo

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.

“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 

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