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  Wells Fargo Business Loan

Wells Fargo Business Loan

in Business Loans from Wells Fargo Bank

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Wells Fargo Business Loan

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in Business Loans from Wells Fargo Bank

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Highlights
Loan Amount $10,000 - $100,000
APR  (Fixed APR) Starting at 6.25%
Loan Term (Months) 12 - 60 months

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).

Wells Fargo Business Loan FAQ

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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Application Fee $0
No Prepayment Fee
Business Financing Requirements
  • Business Certificate
  • Business License
  • Business Bank Account
Credit Score Range 580 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Verification Documents Required
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Employer Identification Number
Business Loan Type Unsecured Term Loan
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • Product or Service Expansion
  • Working Capital
  • Inventory
  • Technology Investment
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options Automatic Payments
Loan Amount $10,000 - $100,000
APR (Fixed APR) Starting at 6.25%
Loan Term 12 - 60 months

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