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Wells Fargo Launches Short-Term Flex Loan

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Banking major Wells Fargo has rolled out a new short-term Flex Loan for eligible customers to gain access to funds on the go through the Wells Fargo Mobile Banking app, without the hassles of formally applying for the loan and within minutes. It is currently available in select markets and will be extended nationwide by the end of the year.

Flex Loan a digital-only, small-dollar loan that offers the customer an affordable, transparent way to manage short-term emergency cash needs to pay for things such as an unexpected home or car repair expense, holiday gifts or emergency travel. It also offers customers a convenient and nearly instant access to funds in a cheaper way.

The Flex Loan is available to customers in amounts of either $250 or $500 for a flat fee of $12 or $20, respectively. It does not require the customer to apply for it and without any hidden fees, late charges or interest charges.

The bank says eligible customers will see the offer in their mobile app and once the customers accepts the loan and sets up their repayment plan, the funds are deposited into their Wells Fargo account within seconds.

The customer can then access the funds to make a purchase or payment immediately using their Wells Fargo debit card. The repayment is to be made in four equal monthly instalments, without any other additional fees, late charges or interest.

Flex Loan is part of the several innovations that Wells Fargo announced in January to enable customers to avoid overdraft fees and meet short-term cash needs in a cheaper way.

Wells Fargo had launched "Early Pay Day" that gives customers access to eligible direct deposits up to two days early and "Extra Day Grace Period" that gives customers an extra business day to make deposits to avoid overdraft fees.

The bank also rolled out "Clear Access Banking" that gives customers the option of a checkless banking account with no overdraft fees.

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