Wells Fargo Bank Credit Checking Business Unit
Wells Fargo Business Line of Credit are provided by Wells Fargo Bank, founded in 1852 and headquartered in San Francisco, California. Wells Fargo Business Lines of Credit are available in 50 states (and Washington, DC).
Wells Fargo Line of Credit Frequently Asked Questions
What is the APR offered by Wells Fargo Business Lines of Credit?
Wells Fargo Business Lines of Credit offers fixed APR products at 5% APR.
Is there a setup fee for Wells Fargo Business Lines of Credit?
Yes, Wells Fargo Business Lines of Credit charges a handling fee.
What limits does Wells Fargo Business Lines of Credit impose on credit lines?
Wells Fargo Business Lines of Credit reviews applications for lines of credit for business purposes, eg. :
- Hiring
- Equipment Purchase
- Inventory
- Marketing
- Lease Improvement
- Payroll
- Working capital
- Technology Investment
Does Wells Fargo Business Lines of Credit charge a prepayment fee?
Yes, the Wells Fargo Commercial Line of Credit charges additional fees to borrowers who prepay the line of credit. Take this into consideration when choosing a lender, as the prepayment penalty can reduce or even offset the interest savings from prepaying the loan.
How Much Can You Borrow Through Wells Fargo’s Business Line of Credit?
Credit lines start at $5,000 and go up to $100,000.
What is the maximum term you can get with a Wells Fargo business line of credit?
Wells Fargo Business Lines of Credit offers business lines of credit for up to 60 months. The longer term option allows borrowers to borrow larger amounts while keeping monthly repayments more affordable. However, the longer the borrowing period, the more interest you will pay.
What do you need to qualify for a Wells Fargo business line of credit?
Applicants with a credit score of at least 650 to 850 may be eligible for a Wells Fargo business line of credit. The minimum age for eligibility is 18 or the state minimum age, whichever is higher.
Wells Fargo Business Lines of Credit have no minimum annual income eligibility requirements.
The Military Lending Act (32 C.F.R. §232) prohibits lenders from charging service members more than 36% APR on loans to insured borrowers. Active duty members and their insured dependents are eligible to apply for loans through Wells Fargo Business Lines of Credit. Their rates are within the scope of the Military Loan Act.
U.S. citizens are of course entitled to the services provided by Wells Fargo Business Lines of Credit. Permanent residents/green card holders are also eligible to apply.
What are the business funding requirements for Wells Fargo Business Lines of Credit?
To apply for a Wells Fargo business line of credit, applicants must provide the following documents:
- Business license
- Business bank account
- Business certificate.
Does Wells Fargo Business Lines of Credit report your account activity to the credit bureaus?
Yes, Wells Fargo Business Lines of Credit reports your account activity to the following credit reference agencies:
- Equifax
- Experiential
- Transfer
Regular and timely payments to creditors who report to one or more credit reporting agencies demonstrate your financial responsibility and help improve your credit score.
What is the minimum percentage of company ownership that Wells Fargo Business Lines of Credit requires an applicant to own?
To apply for a Wells Fargo business line of credit, applicants must own at least 20% of company assets. If you do not have sufficient business ownership, your application will likely be rejected by Wells Fargo.
What types of business loans does Wells Fargo offer?
Wells Fargo only offers unsecured lines of credit.
