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Resources from Wells Fargo Works for Small Business®

Sours: https://www.wellsfargo.com/biz/

Applying for an SBA loan

If you currently own a small business or plan to start one, you've no doubt heard about SBA loans. You probably know that they're business loans that are guaranteed by the U.S. Small Business Administration. You may also be wondering about the actual process of getting an SBA loan. 

Hi, I'm Chris Ledesma with Wells Fargo's SBA team. 

Today I'd like to help you understand how to take advantage of this program. 

The best tip I can give you is this: A knowledgeable banking team can make securing a loan as simple and as easy as possible. 

At Wells Fargo, our goal is to help guide you through every step of the process so you have a positive experience. We have trained people, resources, and a lot of experience to make that happen. 

Now, let's get started with a walk-through of the SBA loan process. 

Step one is the application process, in which you complete and collect all the application paperwork and the required documentation. Step two is the underwriting process, when the bank analyzes your application and makes a decision. And step three is the closing process, when you supply the final documentation, pay closing costs and fees, and seal the deal. Once closed, that's when you receive the funds. 

Now, let's take a look at each of these steps. 

Before you apply, it's a good idea to talk to an SBA loan officer at a bank to review the different programs and decide which one best meets your needs. You'll then work together to complete your application package. 

What's in the package? In addition to the application forms, you'll need to supply financial information about yourself and your business. At a minimum, expect to provide three years of business and personal tax returns, as well as updated financial statements. 

Now, you may have heard that the SBA program has more documentation requirements than for regular loans. Depending on your loan request, additional documents may be needed. 

These rules are in place to make sure all lenders follow consistent credit practices, and they may add some extra effort. Your loan officer will know exactly what's required and help you get it all together. 

Here are some tips to streamline this step. 

Let your loan officer help you. This person is your experienced guide throughout the process, so don't be afraid to ask questions. Double-check to make sure all your forms are complete with original signatures, and preferably in blue ink. Work with your team. Get any partners, co-borrowers, guarantors, or key managers onboard early, especially your bookkeeper, CPA, insurance agent, or your attorney. And get a head start on gathering the documents you may need in the underwriting and closing steps. 

Once everything is ready, your loan package goes to an underwriter who analyzes your application and makes the decision. 

What are they looking for? That's many people's number one question and it's really pretty simple. The underwriter's job is to ask: Can your business with the new debt from the loan repay it on time? 

To answer that question, they'll review your credit application, analyze all the financial information you provided. They'll work with you and your loan officer to do all they can to make sure everything is ready for the next step. Often, there are follow-up questions, so expect a phone call and be ready to fill them in. These folks are here to help you get your loan application reviewed and decision as quickly as possible. 

If the underwriters approve your request, the next call will be about your commitment letter. This commitment letter outlines the conditional loan approval, including structure, collateral requirements, and terms. Your interest rate and payments. An estimate of the total down payment, deposits and fees, and when they're due. And final documentation needed for closing, such as Articles of Incorporation and other similar documents, signed purchase agreements or contracts, and evidence of your down payment. 

Here are some tips for you during the underwriting process. 

Give the underwriter the best times and number to call you. Be proactive to clarify issues or questions. When it comes to information, remember, more is always better. Ask about the closing requirements and time frames, and be ready to pay initial fees or deposits. Then sign and return your commitment letter. 

If your application is not approved, we'd encourage you to work with your banker to consider alternative solutions. 

Once you return the commitment letter, you're on to the final step, closing your loan. At this point, your loan will be assigned to a loan closing officer who coordinates the process from here, and will keep you informed along the way. You also get a closing checklist, or a needs list, of all the documentation required to close your loan. 

The last hurdle is the actual closing. Your closing officer will work with a third party title company, closing agent, or attorney, to coordinate your closing. You'll also receive a final tally of the funds you'll need for any closing costs and fees. 

Once you sign the final loan documents, the loan is considered closed and the funds are dispersed to the appropriate parties. Congratulations. 

Here are some tips for this final step. 

Be sure to provide all the items on your closing checklist in a timely manner. Your loan can't close without them. Ask your closing officer about any down payment documentation required, and have this ready early in the process. Make sure copies of any corporate articles or permits have the appropriate state filing or city approval stamps. Plan ahead for the certified check and other funds you'll need for the down payment and final closing costs. 

And finally, make sure all the required parties attend the closing, including co-borrowers and guarantors. Again, your loan closing officer will outline this for you well in advance. 

This might seem like a lot of effort, and sometimes it can be, but it's the banker's job to get you through the process as smoothly as possible.

Thanks for visiting the Wells Fargo Works for Small Business site. Be sure to check out our video entitled, "Expand your opportunities: Get to know the SBA loan programs." You can also view other videos on how to build a strong credit profile and apply for credit. 

To learn more about how Wells Fargo business banking could help you, visit wellsfargo.com/biz. 

Thanks for watching, and we wish you continued success. 

© 2020 Wells Fargo Bank, N.A. All rights reserved. All credit decisions subject to credit approval. Equal Housing Lender

Sours: https://www.wellsfargo.com/biz/wells-fargo-works/credit-financing/securing-using-credit/applying-for-an-SBA-loan/
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Business Lines of Credit

Offer valid 07/01/2021 – 12/31/2021. For customers who select the Wells Fargo Business Card Rewards® cash back program: To earn the one-time $300 cash back bonus, a total of at least $3,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) must post to your Wells Fargo business credit card account within the first 3 months after the account opening date. The $300 cash back bonus will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the cash back program for the full duration of the introductory period (3 months) in order to receive the $300 cash back bonus. If you switch or cancel rewards programs during the introductory period, you forfeit the cash bonus. Only one cash back bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

Offer valid 07/01/2021 – 12/31/2021. For customers who select the Wells Fargo Business Card Rewards® points-based rewards program: To earn the one-time 30,000 bonus points, a total of at least $3,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) must post to your Wells Fargo business credit card account within the first 3 months after the account opening date. The 30,000 bonus points will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the points program for the full duration of the introductory period (3 months) in order to receive the 30,000 bonus points. If you switch or cancel rewards programs during the introductory period, you forfeit the bonus points. Only one points bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

There is no annual rewards program fee. If you select the Wells Fargo Business Card Rewards® cash back program option, you will earn 1.5% on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) for the life of the account. Earned cash back is credited quarterly (March, June, September, and December) to your Wells Fargo business credit card account or to an eligible business checking or savings account. The cash back earned and transferred to the primary business credit card account from employee card accounts in March, June, September, and December cycles will not be credited until the next quarterly rewards distribution cycle. There is no limit to the cash back earned. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. Additional information about the cash back program will be mailed separately.

There is no annual rewards program fee. If you select the Wells Fargo Business Card Rewards® points program option, you will earn one point for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) for the life of the account. To earn the 1,000 bonus points each billing cycle, your total company spend must be a minimum of $1,000 in qualifying purchases. For companies with individual billing, bonus points calculation is based on owner points earned in the current statement cycle, plus employee points earned in the previous statement cycle. The bonus maximum is 1,000 points per company per month. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. See additional information about the points program at wellsfargo.com/businessrewards.

Offer valid 07/01/2021 ‒ 12/31/2021. Your initial rate will be a 0% fixed interest rate for the first 9 months after account opening as long as a default does not occur under the terms of your Customer Agreement. Introductory rates will not apply to balances remaining after the end of the introductory period or to cash advances, convenience check transfers, or noncheck transfers incurred at any time. You will be assigned a variable interest rate between Wells Fargo Prime + 7.99% and Wells Fargo Prime + 17.99%, depending on your personal and business credit evaluation. Rates are subject to change and may be higher or lower than the stated ranges. The interest rate that you are assigned applies to purchases after the expiration of the introductory period, unless a default occurs under the Customer Agreement and we elect to increase the rate, or we exercise our right to change the terms of the account. Balance transfer check transactions processed after the end of the introductory period will be subject to the standard rate for cash advances. The interest rate for cash advances, other convenience check transactions, and noncheck transactions incurred at any time will be Prime + 20.74%, unless a default occurs under the Customer Agreement and we elect to increase the rate, or we exercise our right to change the terms of the account. Prime refers to Bank’s announced Prime Rate, which is 3.25% as of 07/01/2021. If a default occurs under the Customer Agreement, the interest rate applied to all balances may be increased by the Bank to a rate equal to Prime + 24.74%, subject to a maximum rate of 29.99%. Three balance transfer welcome letter checks will be mailed to the business owner or primary cardholder for balance transfers after the account is open. There is a 4% ($10 minimum; no maximum) balance transfer fee per balance transfer check and convenience check transaction. There is a 4% of the withdrawal amount ($10 minimum; $175 maximum) fee for cash advances and noncheck transfers. The primary cardholder will be able to use the checks to pay off balances with other creditors using the available credit limit on the primary card. Checks cannot be used to pay off other Wells Fargo obligations. Payments will be applied to balances with lower introductory rates first, then to balances with standard interest rates. Therefore, the benefit of an introductory offer will be reduced if the account has existing balances or additional transactions that are subject to standard interest rates. Carrying any balance, including an introductory balance, from month to month will eliminate an interest-free grace period for purchases during that month.

Your credit limit will be in an amount between $500 and $25,000, based on the amount of funds deposited by you as security in a collateral account.

Offer valid 07/01/2021 ‒ 12/31/2021. For customers who select the Wells Fargo Business Elite Card Rewards® cash back program: To earn the one-time $500 cash back bonus, a total of at least $15,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) must post to your Wells Fargo Business Elite Signature Card account within the first 3 months after the account opening date. The $500 cash back bonus will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the cash back program for the full duration of the introductory period (3 months) in order to receive the $500 cash back bonus. If you switch or cancel rewards programs during the introductory period, you forfeit the cash bonus. Only one cash back bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

Offer valid 07/01/2021 – 12/31/2021. For customers who select the Wells Fargo Business Elite Card Rewards® points-based rewards program: To earn the one-time 50,000 bonus points, a total of at least $15,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) must post to your Wells Fargo Business Elite Signature Card account within the first 3 months after the account opening date. The 50,000 bonus points will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the points program for the full duration of the introductory period (3 months) in order to receive the 50,000 bonus points. If you switch or cancel rewards programs during the introductory period, you forfeit the bonus points. Only one points bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

If you select the Wells Fargo Business Elite Card Rewards® cash back program option, you will earn 1.5% cash back for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) for the life of the account. Earned cash back is credited quarterly (March, June, September, and December) to your Wells Fargo business credit card account or to an eligible business checking or savings account. The cash back earned and transferred to the primary business credit card account from employee card accounts in March, June, September, and December cycles will not be credited until the next quarterly rewards distribution cycle. There is no limit to the cash back earned. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. Additional information about the cash back program will be mailed separately.

If you select the Wells Fargo Business Elite Card Rewards® points program option, you will earn 1 point for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) for the life of the account. To earn the 5,000 bonus points each billing cycle, your total company spend must be a minimum of $10,000 in qualifying purchases. For companies with individual billing, bonus points calculation is based on owner points earned in the current statement cycle, plus employee points earned in the previous statement cycle. The bonus maximum is 5,000 points per company per month. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. See additional information about the points program at wellsfargo.com/businessrewards. 

As of 5/26/2020, Unsecured Business Loans rates range from 6.25% to 22.99% and will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history and amount of credit requested. The interest rate is fixed for the life of the loan. Please talk to a banker for information on the most current rates.

FastFlex Small Business Loans require an existing Wells Fargo Business Demand Deposit account for at least 12 months to qualify. We evaluate each application on its merits. All credit decisions are subject to credit approval.

Instant decision based on approvability. Some applications will result in a pending status, which requires further review before final decision is rendered.

You must access funds from the Equipment Express® loan account within 60 days of account opening.

As of 5/26/2020, vehicle loan rates start at 4.50% based on term length, credit history, and vehicle being financed. As of 5/26/2020, equipment loan rates start at 5.00% based on term length, credit history, and equipment being financed. Rates assume automatic payment from an eligible Wells Fargo business checking account, and may be higher if the borrower fails to provide collateral, or an account default occurs.

Offer valid 07/01/2021 - 12/31/2021. The annual fee is waived for the first year only. The annual fee of $95 (if line amount is $10,000 – $25,000) or $175 (if line amount is more than $25,000) will be assessed on your anniversary month in subsequent years. No annual fee is charged if line amount is less than $10,000.

You may qualify for a Wells Fargo Small Business Advantage line of credit with a line from $5,000 to $50,000. Speak with a banker for more information.

Your rate will be between Prime + 1.75% and Prime + 9.75% depending on your personal and business credit evaluation. Prime refers to Bank's announced Prime Rate, which is 3.25% as of 07/01/2021. Bank's announced Prime Rate is subject to change at any time. The interest rate that you are assigned will continue unless a default occurs under the Customer Agreement and we elect to increase the rate, or we exercise our right to change the terms of the account. Rates are subject to change, and may be higher or lower than the stated ranges. Interest accrues immediately whenever you use your line of credit account, including by use through Mastercard purchases, checks, and transfers.

Customers are automatically enrolled in the Wells Fargo Business Line Rewards program at the time of new account opening, with no annual program fee. One dollar spent using the Mastercard access card earns one Business Line Rewards point, based on qualifying purchases (purchases less returns and credits), and does not include any fees posted to the account. If you have at least $1,000 in qualifying purchases, made with the Mastercard access card, on the account in a billing cycle, you will earn 1,000 bonus points. Valid as long as a default does not occur and subject to change under the Customer Agreement. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the Program at any time without notice. Some restrictions may apply. See the Wells Fargo Business Line Rewards Program Terms and Conditions for details at wellsfargo.com/businessrewards.

Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.

The security interest taken will be a first priority lien on all present and future accounts receivable, inventory, equipment, general intangibles and certain other non-cash personal property owned by the applicant business, and a Uniform Commercial Code financing statement will be filed against the applicant business to perfect the security interest.

The Prime Line of Credit has a term of 1 year, but may be renewed annually, subject to credit approval.

If environmental insurance or an environmental assessment is required, you will be responsible for this one-time fee. You will be responsible for any mortgage or deed of trust filing fee imposed by a state or other taxing authority. You will be responsible for all title and escrow fees and costs, including all title-related closing or attorney fees and costs.

You will need to pay a deposit of up to $1,000 when accepting the conditional approval terms of any loan. The deposit is nonrefundable if the loan transaction does not close for any reason. However, if the loan transaction does close, the deposit will be applied to any applicable fees due at closing, and if there is any unused portion of the deposit, it will be returned or credited to you after closing. For purchase loans, the customer will need to provide proof of funds for the required down payment. All financing is subject to credit approval.

Your rate locks upon receipt of a completed application and underwriting package. If your loan does not close within 90 days, you may be subject to current rates.

Loans for the purchase of investor commercial real estate are available only to established Wells Fargo customers. An established Wells Fargo customer is either (i) a borrower who has a Wells Fargo business checking or savings account that has been open for a minimum of six months at the time of the applicable credit application, or (ii) a borrower or guarantor who is a Wells Fargo consumer banking customer with $2 million in deposits and/or Wells Fargo investments under management at the time of the applicable credit application. Alternatively, a borrower or guarantor who has (i) a Wells Fargo consumer checking or savings account, that has been open for a minimum of two years at the time of the applicable credit application, and (ii) two years of commercial real estate investor experience with like property, will also satisfy the established Wells Fargo customer requirement. All accounts must be in good standing.

Based upon analysis of application, appraisal and origination fees, and interest rates, for competing U.S. lenders as compiled by an independent third-party research firm on a quarterly basis.

We'll match or beat a competing offer (rate and fee combination), when a competitor's formal written approval is provided to us, or pay you $200. Terms and conditions apply.

Financing from $50,000 to $1,000,000 on purchase and refinance loans in first lien position; $50,000 to $500,000 for equity loans, cash-out on refinance loans, and second lien position refinance loans.

If environmental insurance or an environmental assessment is required, you will be responsible for this one-time fee. You will be responsible for any mortgage or deed of trust filing fee imposed by a state or other taxing authority. Wells Fargo Bank will pay title policy costs, but you will be responsible for all other title-related closing or attorney fees and costs.

You will need to pay a deposit of up to $1,000 when accepting the conditional approval terms for any loan. The deposit is nonrefundable if the loan transaction does not close for any reason. However, if the loan transaction does close, the deposit will be applied to any applicable fees due at closing, and if there is any unused portion of the deposit, it will be returned or credited to you after closing. All financing is subject to credit approval.

Second lien loans and lines are only available behind a Wells Fargo Bank first mortgage for established Wells Fargo business checking or savings account customers. Commercial condo and special purpose properties are not eligible for second lien loans or lines.

You will need to pay a deposit of up to $1,000 when accepting the conditional approval terms of any line of credit. The deposit is nonrefundable if the line of credit transaction does not close for any reason. However, if the line of credit transaction does close, the deposit will be applied to any applicable fees due at closing, and if there is any unused portion of the deposit, it will be returned or credited to you after closing. All financing is subject to credit approval.

Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.

Sours: https://www.wellsfargo.com/biz/business-credit/lines-of-credit/
Wells Fargo Business Secured Credit Card Review - Reports to DnB

Wells Fargo Business Loans Review

Pros

  • Multiple types of financing available
  • High borrowing amounts
  • Rates tend to be inexpensive
  • Few additional fees
  • Website advertising is clear & informative

Cons

  • High credit score requirements
  • Funds can take a while to disburse

Wells Fargo Business Loans Overview

Wells Fargo is an international bank and financial services holding company based in San Francisco; it is one of the largest banks in the world by assets.

Wells Fargo has deep pockets and an exhaustive list of products available to its business customers. But despite the bank’s overwhelming success in many areas, Wells Fargo has had a difficult time managing its reputation since the 2008 credit crisis and subsequent, ongoing scandals.

Whether Wells Fargo ends up being a good choice for your business lending needs will depend on your existing relationship with the bank, your credit rating, the size of your accounts and, in some cases, your location.

Table of Contents

Business Lending Products

As a large national bank, Wells Fargo offers a full slate of business lending products, as well as banking services. For the purposes of this review, we’ll be looking specifically at their business lending products.

Wells Fargo offers both secured and business loans. A secured loan requires collateral, which in turn lowers the risk to the bank. As a result, secured loans usually have better rates and higher lending amounts than unsecured loans. All of Wells Fargo’s business loans are term loans, meaning they are paid back in regular installments.

Wells Fargo also offers secured and unsecured business lines of credit. Lines of credit, rather than coming in a single lump sum, allow customers to borrow against an established credit limit, drawing upon it at will. They can draw as many times as they want so long as they don’t exceed the credit limit, paying interest only on the amount they use.

The bank also offers SBA loans, which are partially guaranteed by the federal Small Business Administration. This guarantee allows borrowers to access terms and rates that would otherwise be unavailable to them.

Borrower Qualifications

Wells Fargo uses a number of different guidelines to evaluate potential borrowers. In addition to the prerequisites below, Wells Fargo will also look at your capacity to convert assets to cash. If you’ve declared bankruptcy within the last 10 years, the bank will be unlikely to extend you credit. You’ll also need to have been profitable for the last two years. Note that Wells Fargo’s cash flow requirements are on the steep side, so businesses with revenue problems will probably have a hard time meeting them.

Time in business:At least two years (varies by product)
Credit score:640
Revenue:$1.50 in cash flow for every $1 borrowed
For relaxed credit requirements, consider Lendio:

Terms & Fees

As a large bank, Wells Fargo offers a wide variety of products through multiple divisions. Below is a look at what the bank offers small businesses.

Unsecured Business Loans

These are the terms and fees for Wells Fargo unsecured business loans:

Borrowing amount:$10,000 – $100,000
Term length:1 – 5 years
Interest rate:6.25%-22.99% fixed rate
Origination fee:$150 opening fee
Collateral:N/A

Wells Fargo’s small business lending products offer a good bit of versatility to customers with decent credit and strong cash flow.

While big banks have a reputation for being slower and more conservative than alternative online lenders, Wells Fargo’s unsecured business loans fill a similar niche, with fast turnaround times and simplified applications. These loans come in two flavors: Wells Fargo BusinessLoan and FastFlex.

The Wells Fargo BusinessLoan is the more traditional of the two and features fixed monthly payments, lower interest rates (starting at 7.00%), and higher borrowing limits (up to $100,000). These are medium-term loans of one-to-five years.

Both of the unsecured loan products use the same application, but the FastFlex loan more closely resembles an alternative short-term loan. The borrowing limit is lower ($35,000) and the rates begin at 14.99%. With a term of only a year, you’ll be making weekly instead of monthly payments, which will be deducted directly from your Wells Fargo business account.

Additional fees are minimal: a flat $150 “opening fee” is deducted from your loan proceeds. As the loans are unsecured, there’s no collateral beyond your associated business accounts. This fee is waived for Wells Fargo Business Choice Checking and Platinum Business Checking customers. Some customers may be asked to sign personal guarantees.

Secured Business Loans

These are the terms and fees for Wells Fargo secured business loans:

Borrowing amount:$10,000 – $500,000
Term length:1 year, then 5 years (see below)
Interest rate:Variable
Origination fee:0.5% of opening amount
Collateral:Accounts receivable, inventory, equipment, or cash

The Wells Fargo Advancing Term Loan is an unusual product that combines elements of a term loan with those of a line of credit. For the first year of the loan, you’ll be able to draw on it up to your credit limit like a line of credit. You can draw as often as you want during that time.

After the first year, or earlier if you request it, your remaining balance will convert to a fully amortized 5-year loan. Rates are based on competing lenders, as researched by an independent third party firm on a quarterly basis.

Lines Of Credit

These are the terms and fees for Wells Fargo lines of credit:

Borrowing amount:$5,000 – $100,000
$100,000 – $500,000 (Prime LoC)
Term length:5 years (Small Business Advantage)
Interest rate:Prime + 1.00% and up
Origination fee:$50 – $175 annually
0.50% of opening amount (Prime)
Collateral:Wells Fargo savings account or CD
Accounts receivable, inventory, equipment, or cash (Prime LoC)

Businesses looking for something more open-ended may prefer to get a revolving line of credit. Wells Fargo offers three versions to small businesses: two secured, one unsecured. For the uninitiated, a revolving line of credit functions similarly to a credit card. In fact, you can get it linked to a Mastercard access card for more convenient usage. You pay interest only on the amount of credit you’ve drawn upon and, as you pay off your debt, you free up your credit to be used again. It’s, you know…revolving.

Wells Fargo’s credit line products are the BusinessLine line of credit, which comes in secured or unsecured flavors, and the Small Business Advantage line of credit, which is an unsecured line of credit for businesses that have been in operation for fewer than two years. All of these products are functionally similar with a few caveats:

  • The Small Business Advantage line of credit has a lower limit, between $5,000 and $50,000.
  • The Small Business Advantage line of credit has a 5-year term. The others have no scheduled annual review.
  • Unsecured accounts have no annual fee for credit lines less than $10,000. Above $10,000, you’ll be assigned a tiered fee based on your credit limit. Secured accounts have a flat annual fee of $50 regardless of credit limit.
  • Unsecured accounts are eligible for the Wells Fargo Business Line of Credit Rewards Program, earning 1 point per $1 in net purchases made with your linked Mastercard.
  • Secured accounts have slightly lower interest rates than unsecured accounts.
  • Secured accounts use a Wells Fargo savings account or CD as collateral.

For businesses with sales between $2 million and $5 million, there’s also the Wells Fargo Prime Line of Credit. This is a secured line of credit. It has different collateral requisites and higher credit limit than the other products. It also features interest-only payments.

SBA Loans

These are the terms and fees for Wells Fargo SBA loans:

Borrowing amount:Up to $5 million (SBA 7(a) loans)
Up to $6.5 million (SBA 504 loans)
Term length:Up to 7 years (SBA 7(a))
Up to 10 or 20 years (SBA 504 equipment or real estate, respectively)
Interest rate:See current rates
Origination fee:0% – 3.5% (SBA)
Collateral:Varies by product

Finally, Wells Fargo is an approved SBA lender, offering both 7(a) and 504 loans to qualifying businesses. With SBA 7(a) loans, expect to make a 10 percent down payment and provide collateral in the form of assets or real estate. Wells Fargo charges no first party fees on 7(a) loans up to $150,000. Loans from $150,001 to $750,000 are charged 3 percent of the guaranteed part of the loan. That percentage rises to 3.75% for loans above $1 million. All SBA 504 loans are charged a fee of 3.5 percent of the SBA debenture amount.

Application Process

Depending on the product you’re applying for, and whether or not you are an existing Wells Fargo customer, you can apply online or in person at your local branch. Note that SBA loan applications will need to be completed in person.

Unsecured loans use a simplified application that can be completed online. It’s a little bit more involved than you might find with an alternative lender — you’ll need to provide a guarantor, for instance. If all goes well, you can be approved immediately and get funding as soon as the next day, although some applications will take longer to process.

The unsecured and secured lines of credit use a similar form, though it asks some additional questions about your relationship to Wells Fargo and any existing accounts you have with the bank.

Sales & Advertising Transparency

While Wells Fargo has a developed a reputation for behind-the-scenes hijinks, you might be surprised to find that they actually offer one of the most transparent websites of any large bank, with exhaustive breakdowns of fees and terms.

As large banking websites go, Wells Fargo’s site is easy to navigate. Bank personnel seem to be similarly transparent, although you may have to get transferred a few times to reach someone able to answer all of your questions.

Customer Service & Technical Support

Again, keep in mind the size of the company and prepare for automated directories and transfers. That said, I was easily able to get the name of the person I needed to speak with and my message was returned within a couple hours. While my experience was good, there are massive amounts of complaints online, which we’ll touch on below.

Wells Fargo can be reached through their 24-hour phone service, through their website, or by contacting a local branch. You can also interact with them on Twitter and Facebook.

User Reviews

While Wells Fargo can offer a lot of value to small businesses, the bank’s name is almost synonymous with “questionable business practices.” Wells Fargo isn’t accredited with the BBB, but they have an F rating with the organization due to a combination of government actions taken against the bank over the past three years, as well as a few thousand customer complaints. It should be noted that most of these complaints concern personal bank accounts and employment practices more than business loans, but regardless, you’re looking at doing business with a company that is, shall we say, ethically challenged.

Negative Reviews & Complaints

Among the multitude of complaints about Wells Fargo are:

  • Customer Service: Most complaints involved customer service, which often comes across as hard to navigate and ineffective at resolving problems. Note that most of these involve banking service complaints, like overdraft disputes.
  • Technical Issues: Related to customer service, a number of customers report running into glitches and technical problems that make it difficult to use accounts, accurately track their balances, and have payments credited when they need to be.
  • Scandals: This is where it gets wild. Wells Fargo’s reputation has suffered due to a number of scandals, including customers being signed up for fake accounts, fraudulent charges, overcharging for credit cards, and retaliation against whistleblowers. Will they ever straighten themselves out? They haven’t yet.

Positive Reviews & Testimonials

While Wells Fargo’s reputation has taken a bit of an online beating, there are positive reviews that praise elements like:

  • Efficiency: A number of customers found Wells Fargo’s lending processes to be smooth, efficient, and more modern than many of its competitors.
  • Accessibility: Wells Fargo operates in most of the country, making it easy to access and meet representatives face-to-face when necessary.
  • Willingness To Work With Small Businesses: While many large banks have become wary of loaning to small businesses since 2008, Wells Fargo offers a robust line of products to customers who don’t have enormous, commercial resources.

Final Verdict

Wells Fargo’s rates, terms, and fees are significantly better than you’ll find in most of the alternative market and, unlike a lot of other their big bank competitors, they’re not completely out of reach of small businesses.

On the other hand, the company’s scandal-prone behavior adds a wrinkle into our calculations. Are the legitimately good products worth dealing with a troubled institution? It all depends on your appetite for chaos, but I’d recommend taking your time, Googling recent news about the bank, and doing your own risk assessment. The bank does appear to be more stable than it was a few years ago, at least.

Looking for a loan or line of credit and want an alternative to Wells Fargo? See how they compare to other banks.

If you’re having trouble qualifying for a bank loan, you aren’t out of luck yet. Take a gander at our alternative lender comparison chart for other options.




To learn more about how we score our reviews, see our Business Loan Rating Criteria. Sours: https://www.merchantmaverick.com/reviews/wells-fargo-business-loans-review/

Business loan fargo secured wells

Small Business Administration Lending

appetite for business

An appetite for business.

When Sadaf Salout isn’t busy running her Persian restaurant or buying a franchise, you’ll likely find her in the classroom, where she most recently earned her doctorate degree.

a love story

A love story written in frosting

From working together in a supermarket to owning 10 Party Cake Bakery locations throughout Miami, the chronicle of Olga and Juan Montano has always been about dedication and devotion.

Customers may finance with a longer term which decreases their monthly payment, but may increase the total interest paid over the life of the new loan.

Lower down payments may result in higher monthly payments and a higher loan balance.

Some small manufacturers or specific types of energy projects (as described in the energy project section) may qualify for a $5.5 million debenture.

For discussion purposes only. All financing is subject to credit approval and determination of SBA eligibility by Wells Fargo SBA Lending. Additional collateral may be required.

Equal Housing Lender

Sours: https://www.wellsfargo.com/biz/sba/
How to get a business line of credit from Wellsfargo #lineofcredit #businessloan #wellsfargo

Business Credit Cards

Offer valid 07/01/2021 – 12/31/2021. For customers who select the Wells Fargo Business Card Rewards® cash back program: To earn the one-time $300 cash back bonus, a total of at least $3,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) must post to your Wells Fargo business credit card account within the first 3 months after the account opening date. The $300 cash back bonus will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the cash back program for the full duration of the introductory period (3 months) in order to receive the $300 cash back bonus. If you switch or cancel rewards programs during the introductory period, you forfeit the cash bonus. Only one cash back bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

Offer valid 07/01/2021 – 12/31/2021. For customers who select the Wells Fargo Business Card Rewards® points-based rewards program: To earn the one-time 30,000 bonus points, a total of at least $3,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) must post to your Wells Fargo business credit card account within the first 3 months after the account opening date. The 30,000 bonus points will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the points program for the full duration of the introductory period (3 months) in order to receive the 30,000 bonus points. If you switch or cancel rewards programs during the introductory period, you forfeit the bonus points. Only one points bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

There is no annual rewards program fee. If you select the Wells Fargo Business Card Rewards® cash back program option, you will earn 1.5% on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) for the life of the account. Earned cash back is credited quarterly (March, June, September, and December) to your Wells Fargo business credit card account or to an eligible business checking or savings account. The cash back earned and transferred to the primary business credit card account from employee card accounts in March, June, September, and December cycles will not be credited until the next quarterly rewards distribution cycle. There is no limit to the cash back earned. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. Additional information about the cash back program will be mailed separately.

There is no annual rewards program fee. If you select the Wells Fargo Business Card Rewards® points program option, you will earn one point for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) for the life of the account. To earn the 1,000 bonus points each billing cycle, your total company spend must be a minimum of $1,000 in qualifying purchases. For companies with individual billing, bonus points calculation is based on owner points earned in the current statement cycle, plus employee points earned in the previous statement cycle. The bonus maximum is 1,000 points per company per month. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. See additional information about the points program at wellsfargo.com/businessrewards.

Offer valid 07/01/2021 ‒ 12/31/2021. Your initial rate will be a 0% fixed interest rate for the first 9 months after account opening as long as a default does not occur under the terms of your Customer Agreement. Introductory rates will not apply to balances remaining after the end of the introductory period or to cash advances, convenience check transfers, or noncheck transfers incurred at any time. You will be assigned a variable interest rate between Wells Fargo Prime + 7.99% and Wells Fargo Prime + 17.99%, depending on your personal and business credit evaluation. Rates are subject to change and may be higher or lower than the stated ranges. The interest rate that you are assigned applies to purchases after the expiration of the introductory period, unless a default occurs under the Customer Agreement and we elect to increase the rate, or we exercise our right to change the terms of the account. Balance transfer check transactions processed after the end of the introductory period will be subject to the standard rate for cash advances. The interest rate for cash advances, other convenience check transactions, and noncheck transactions incurred at any time will be Prime + 20.74%, unless a default occurs under the Customer Agreement and we elect to increase the rate, or we exercise our right to change the terms of the account. Prime refers to Bank’s announced Prime Rate, which is 3.25% as of 07/01/2021. If a default occurs under the Customer Agreement, the interest rate applied to all balances may be increased by the Bank to a rate equal to Prime + 24.74%, subject to a maximum rate of 29.99%. Three balance transfer welcome letter checks will be mailed to the business owner or primary cardholder for balance transfers after the account is open. There is a 4% ($10 minimum; no maximum) balance transfer fee per balance transfer check and convenience check transaction. There is a 4% of the withdrawal amount ($10 minimum; $175 maximum) fee for cash advances and noncheck transfers. The primary cardholder will be able to use the checks to pay off balances with other creditors using the available credit limit on the primary card. Checks cannot be used to pay off other Wells Fargo obligations. Payments will be applied to balances with lower introductory rates first, then to balances with standard interest rates. Therefore, the benefit of an introductory offer will be reduced if the account has existing balances or additional transactions that are subject to standard interest rates. Carrying any balance, including an introductory balance, from month to month will eliminate an interest-free grace period for purchases during that month.

Your credit limit will be in an amount between $500 and $25,000, based on the amount of funds deposited by you as security in a collateral account.

Offer valid 07/01/2021 ‒ 12/31/2021. For customers who select the Wells Fargo Business Elite Card Rewards® cash back program: To earn the one-time $500 cash back bonus, a total of at least $15,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) must post to your Wells Fargo Business Elite Signature Card account within the first 3 months after the account opening date. The $500 cash back bonus will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the cash back program for the full duration of the introductory period (3 months) in order to receive the $500 cash back bonus. If you switch or cancel rewards programs during the introductory period, you forfeit the cash bonus. Only one cash back bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

Offer valid 07/01/2021 – 12/31/2021. For customers who select the Wells Fargo Business Elite Card Rewards® points-based rewards program: To earn the one-time 50,000 bonus points, a total of at least $15,000 in qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) must post to your Wells Fargo Business Elite Signature Card account within the first 3 months after the account opening date. The 50,000 bonus points will be posted to the account 1 - 2 statements after the spend requirement is met. You must remain in the points program for the full duration of the introductory period (3 months) in order to receive the 50,000 bonus points. If you switch or cancel rewards programs during the introductory period, you forfeit the bonus points. Only one points bonus per company. This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months.

If you select the Wells Fargo Business Elite Card Rewards® cash back program option, you will earn 1.5% cash back for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) for the life of the account. Earned cash back is credited quarterly (March, June, September, and December) to your Wells Fargo business credit card account or to an eligible business checking or savings account. The cash back earned and transferred to the primary business credit card account from employee card accounts in March, June, September, and December cycles will not be credited until the next quarterly rewards distribution cycle. There is no limit to the cash back earned. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. Additional information about the cash back program will be mailed separately.

If you select the Wells Fargo Business Elite Card Rewards® points program option, you will earn 1 point for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, or any fees or interest posted to the account) for the life of the account. To earn the 5,000 bonus points each billing cycle, your total company spend must be a minimum of $10,000 in qualifying purchases. For companies with individual billing, bonus points calculation is based on owner points earned in the current statement cycle, plus employee points earned in the previous statement cycle. The bonus maximum is 5,000 points per company per month. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. See additional information about the points program at wellsfargo.com/businessrewards. 

As of 5/26/2020, Unsecured Business Loans rates range from 6.25% to 22.99% and will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history and amount of credit requested. The interest rate is fixed for the life of the loan. Please talk to a banker for information on the most current rates.

FastFlex Small Business Loans require an existing Wells Fargo Business Demand Deposit account for at least 12 months to qualify. We evaluate each application on its merits. All credit decisions are subject to credit approval.

Instant decision based on approvability. Some applications will result in a pending status, which requires further review before final decision is rendered.

You must access funds from the Equipment Express® loan account within 60 days of account opening.

As of 5/26/2020, vehicle loan rates start at 4.50% based on term length, credit history, and vehicle being financed. As of 5/26/2020, equipment loan rates start at 5.00% based on term length, credit history, and equipment being financed. Rates assume automatic payment from an eligible Wells Fargo business checking account, and may be higher if the borrower fails to provide collateral, or an account default occurs.

Offer valid 07/01/2021 - 12/31/2021. The annual fee is waived for the first year only. The annual fee of $95 (if line amount is $10,000 – $25,000) or $175 (if line amount is more than $25,000) will be assessed on your anniversary month in subsequent years. No annual fee is charged if line amount is less than $10,000.

You may qualify for a Wells Fargo Small Business Advantage line of credit with a line from $5,000 to $50,000. Speak with a banker for more information.

Your rate will be between Prime + 1.75% and Prime + 9.75% depending on your personal and business credit evaluation. Prime refers to Bank's announced Prime Rate, which is 3.25% as of 07/01/2021. Bank's announced Prime Rate is subject to change at any time. The interest rate that you are assigned will continue unless a default occurs under the Customer Agreement and we elect to increase the rate, or we exercise our right to change the terms of the account. Rates are subject to change, and may be higher or lower than the stated ranges. Interest accrues immediately whenever you use your line of credit account, including by use through Mastercard purchases, checks, and transfers.

Customers are automatically enrolled in the Wells Fargo Business Line Rewards program at the time of new account opening, with no annual program fee. One dollar spent using the Mastercard access card earns one Business Line Rewards point, based on qualifying purchases (purchases less returns and credits), and does not include any fees posted to the account. If you have at least $1,000 in qualifying purchases, made with the Mastercard access card, on the account in a billing cycle, you will earn 1,000 bonus points. Valid as long as a default does not occur and subject to change under the Customer Agreement. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the Program at any time without notice. Some restrictions may apply. See the Wells Fargo Business Line Rewards Program Terms and Conditions for details at wellsfargo.com/businessrewards.

Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.

The security interest taken will be a first priority lien on all present and future accounts receivable, inventory, equipment, general intangibles and certain other non-cash personal property owned by the applicant business, and a Uniform Commercial Code financing statement will be filed against the applicant business to perfect the security interest.

The Prime Line of Credit has a term of 1 year, but may be renewed annually, subject to credit approval.

If environmental insurance or an environmental assessment is required, you will be responsible for this one-time fee. You will be responsible for any mortgage or deed of trust filing fee imposed by a state or other taxing authority. You will be responsible for all title and escrow fees and costs, including all title-related closing or attorney fees and costs.

You will need to pay a deposit of up to $1,000 when accepting the conditional approval terms of any loan. The deposit is nonrefundable if the loan transaction does not close for any reason. However, if the loan transaction does close, the deposit will be applied to any applicable fees due at closing, and if there is any unused portion of the deposit, it will be returned or credited to you after closing. For purchase loans, the customer will need to provide proof of funds for the required down payment. All financing is subject to credit approval.

Your rate locks upon receipt of a completed application and underwriting package. If your loan does not close within 90 days, you may be subject to current rates.

Loans for the purchase of investor commercial real estate are available only to established Wells Fargo customers. An established Wells Fargo customer is either (i) a borrower who has a Wells Fargo business checking or savings account that has been open for a minimum of six months at the time of the applicable credit application, or (ii) a borrower or guarantor who is a Wells Fargo consumer banking customer with $2 million in deposits and/or Wells Fargo investments under management at the time of the applicable credit application. Alternatively, a borrower or guarantor who has (i) a Wells Fargo consumer checking or savings account, that has been open for a minimum of two years at the time of the applicable credit application, and (ii) two years of commercial real estate investor experience with like property, will also satisfy the established Wells Fargo customer requirement. All accounts must be in good standing.

Based upon analysis of application, appraisal and origination fees, and interest rates, for competing U.S. lenders as compiled by an independent third-party research firm on a quarterly basis.

We'll match or beat a competing offer (rate and fee combination), when a competitor's formal written approval is provided to us, or pay you $200. Terms and conditions apply.

Financing from $50,000 to $1,000,000 on purchase and refinance loans in first lien position; $50,000 to $500,000 for equity loans, cash-out on refinance loans, and second lien position refinance loans.

If environmental insurance or an environmental assessment is required, you will be responsible for this one-time fee. You will be responsible for any mortgage or deed of trust filing fee imposed by a state or other taxing authority. Wells Fargo Bank will pay title policy costs, but you will be responsible for all other title-related closing or attorney fees and costs.

You will need to pay a deposit of up to $1,000 when accepting the conditional approval terms for any loan. The deposit is nonrefundable if the loan transaction does not close for any reason. However, if the loan transaction does close, the deposit will be applied to any applicable fees due at closing, and if there is any unused portion of the deposit, it will be returned or credited to you after closing. All financing is subject to credit approval.

Second lien loans and lines are only available behind a Wells Fargo Bank first mortgage for established Wells Fargo business checking or savings account customers. Commercial condo and special purpose properties are not eligible for second lien loans or lines.

You will need to pay a deposit of up to $1,000 when accepting the conditional approval terms of any line of credit. The deposit is nonrefundable if the line of credit transaction does not close for any reason. However, if the line of credit transaction does close, the deposit will be applied to any applicable fees due at closing, and if there is any unused portion of the deposit, it will be returned or credited to you after closing. All financing is subject to credit approval.

The minimum credit limit for a Business Platinum credit card, provided you meet credit qualifications, is $2,500.

Credit cards are subject to credit qualification.

Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.

Wells Fargo Bank, N.A. Member FDIC.

Sours: https://www.wellsfargo.com/biz/business-credit/credit-cards/

You will also be interested:

Wells Fargo Business Secured Credit Card

There is no annual rewards program fee. If you select the Wells Fargo Business Card Rewards® cash back program option, you will earn 1.5% on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) for the life of the account. Earned cash back is credited quarterly (March, June, September, and December) to your Wells Fargo business credit card account or to an eligible business checking or savings account. The cash back earned and transferred to the primary business credit card account from employee card accounts in March, June, September, and December cycles will not be credited until the next quarterly rewards distribution cycle. There is no limit to the cash back earned. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. Additional information about the cash back program will be mailed separately.

There is no annual rewards program fee. If you select the Wells Fargo Business Card Rewards® points program option, you will earn one point for every dollar spent on qualifying purchases (purchases less returns and credits, and excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interest posted to the account) for the life of the account. To earn the 1,000 bonus points each billing cycle, your total company spend must be a minimum of $1,000 in qualifying purchases. For companies with individual billing, bonus points calculation is based on owner points earned in the current statement cycle, plus employee points earned in the previous statement cycle. The bonus maximum is 1,000 points per company per month. Wells Fargo reserves the right to cancel, alter, or temporarily suspend the program at any time without notice. Some restrictions may apply. See additional information about the points program at wellsfargo.com/businessrewards.

Your credit limit will be in an amount between $500 and $25,000, based on the amount of funds deposited by you as security in a collateral account.

Prime refers to the rate that Wells Fargo announces from time to time as its Prime Rate, which is 3.25% as of 07/01/2021. The Wells Fargo Prime Rate is subject to change at any time. The Prime + 11.90% interest rate applies to purchases only. Cash advances are subject to an interest rate of Prime Rate + 20.74%.

A $24 redemption fee will be assessed for each airline ticket redemption, and tickets must be redeemed online at wellsfargo.com/businessrewards or the Business Rewards Service Center.

The offer varies based on merchants participating in the Earn More Mall® site. Earn More Mall bonus points are earned on qualifying purchases (purchases minus returns/credit) only at the participating merchants. To see the complete Terms and Conditions, please visit Earn More Mall.

Subject to account eligibility requirements. If you choose to link your account to your Wells Fargo business checking account for Overdraft Protection, please note the following: Depending on your account terms, an Overdraft Protection advance fee may be charged to your account each day an Overdraft Protection advance is made, and the fee varies based on the amount of the advance. Advances from your credit account are treated as cash advances and interest will accrue from the date each advance is made. Your credit card must be activated; if it is not activated, no money will transfer to cover the overdraft. Once your credit card has been activated, please allow up to 3 business days for your Overdraft Protection service to be fully enabled. Refer to your Customer Agreement for details about Overdraft Protection advances. For information about overdraft services, please visit www.wellsfargo.com/checking/overdraft-services/.

Sign-up may be required. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Wells Fargo Bank, N.A. Member FDIC.

Sours: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/


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