Wells Fargo Business Loan Review

Wells Fargo Business Loan is a business financing offering by Wells Fargo Bank, based in San Francisco, CA. Founded in 1852, Wells Fargo Bank offers access to business loans in 50 states (and Washington, DC).

What are Wells Fargo Business Loan’s rates?

Wells Fargo Business Loan offers a fixed APR business financing product that ranges from 6.25% APR.

Does Wells Fargo Business Loan charge an origination fee?

Yes, Wells Fargo Business Loan charges a loan origination fee.

What limitations does Wells Fargo Business Loan set on the purpose of the loan?

Wells Fargo Business Loan considers loan applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• Product or Service Expansion
• Technology Investment
• Working capital

What types of business loans does Wells Fargo Business Loan offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Wells Fargo Business Loan provides access to the following business loan types:

• Unsecured term loans

Does Wells Fargo Business Loan charge prepayment fees?

No, Wells Fargo Business Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow from Wells Fargo Business Loan?

Loan amounts start at $10,000 and go up to $100,000.

What is the maximum loan term you can get with Wells Fargo Business Loan?

Wells Fargo Business Loan offers business loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Wells Fargo Business Loan?

Wells Fargo Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 580 and up to 850 may be eligible for Wells Fargo Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

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 Loan. 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 Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent bank statements
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

Does Wells Fargo Business Loan report your account activity to credit bureaus?

Yes, Wells Fargo Business Loan 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.