Wells Fargo Business Lines of Credit

Wells Fargo Business Lines of Credit Review

Wells Fargo Business Lines of Credit is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo Business Lines of Credit is available in 50 states (and Washington, DC).

What APRs does Wells Fargo Business Lines of Credit offer?

Wells Fargo Business Lines of Credit offers a fixed APR product that starts at 5% APR.

Does Wells Fargo Business Lines of Credit charge an origination fee?

Yes, Wells Fargo Business Lines of Credit charges an origination fee.

What limitations does Wells Fargo Business Lines of Credit set on the purpose of the line of credit?

Wells Fargo Business Lines of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• Marketing
• Payroll
• Technology Investment
• Working capital

Does Wells Fargo Business Lines of Credit charge prepayment fees?

Yes, Wells Fargo Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Wells Fargo Business Lines of Credit?

Line of credit amounts start at $5,000 and go up to $100,000.

What is the maximum term you can get with Wells Fargo Business Lines of Credit?

Wells Fargo Business Lines of Credit offers business lines of credit with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Wells Fargo Business Lines of Credit?

Applicants with a credit score of at least 650 and up to 850 may be eligible for Wells Fargo Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Wells Fargo Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Wells Fargo Business Lines of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Wells Fargo Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

What are the business financing requirements for Wells Fargo Business Lines of Credit?

To apply for Wells Fargo Business Lines of Credit, the applicant needs to provide the following documentation:

• Business certificate.
• Business license
• Business bank account

Does Wells Fargo Business Lines of Credit report your account activity to credit bureaus?

Yes, Wells Fargo Business Lines of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What is the minimum percentage of business ownership that Wells Fargo Business Lines of Credit requirs from the applicant?

To apply for Wells Fargo Business Lines of Credit, the applicant needs to have at least 20% of business ownership. If you don't have enough ownership in the company, your application will most likely be denied from the Wells Fargo Bank.

What types of business lines of credit does Wells Fargo Bank offer?

Wells Fargo Bank only offers unsecured lines of credit.