Wells Fargo Business Lines of Credit is a type of small business lending product classified under unsecured business lines of credit. This financing solution allows customers to draw against a predetermined credit limit, as needed. The company provides credit lines from $5,000 to $100,000 depending on an applicant’s eligibility. In this review, we shared the fees and rates associated with it.
Summary of Wells Fargo Business Lines of Credit User Reviews
As of the date this article was written (08/22/18), there are no recent user reviews of Wells Fargo Business Lines of Credit online. If you are a past or current Wells Fargo Business Lines of Credit customer, leave a review to help other small business owners that are deciding whether or not to use the company.
Wells Fargo Business Lines of Credit Pricing
Wells Fargo charges annual fees based on the line of credit amount: $0/year ($5,000 – $9,999), $95/year ($10,000 – $25,000), and $175/year ($25,001 – $100,000). Additionally, borrowers also need to pay the interest of the amount withdrawn from their limit with rates as low as Prime amount + 1.75%.
Prime is a rate determined by Wells Fargo and is subject to change anytime.
Wells Fargo offers a revolving line of credit — which means that predetermined funds are always available and you only pay for the interest of the amount that you borrow (on top of the annual fee). No collateral is required to secure a credit line. Depending on your eligibility, you could qualify for either of the following: Wells Fargo BusinessLine Line of Credit (for businesses in operation for 2+ years) and Wells Fargo Small Business Advantage Line of Credit (for businesses in operation for less than 2 years).
Wells Fargo Business Lines of Credit Features
Check out the list below of some of Wells Fargo Business Lines of Credit’s features.
- Mastercard Access Card
- Business Bill Pay
- Automatic Payments
- Overdraft Protection
- No Collateral
- Revolving Line of Credit
- No Foreign Transaction Fees
- Access Online or by Phone
Helpful Lenders Resources
Business Line of Credit: What It Is, Where to Get One, & More — A small business line of credit (LOC) allows you to draw against a predetermined credit limit, as you need it, instead of receiving the full loan amount at one time like a term loan. Learn more about it in this guide.
5 Best Small Business Line of Credit 2018 — A line of credit can give you access to capital over and over again without reapplying. We’ve reviewed many small business line of credit providers and compared the best — including their terms and qualifications.
Small Business Line of Credit – Find Your Best Financing Options — There are numerous types of line of credit products, each right for different borrowers. Learn about your options in this article.
Wells Fargo Business Lines of Credit FAQ
How can I apply for a business line of credit?
You can apply online or in person for all types of unsecured business line of credit. Visit their website for more information.
What are the requirements to secure a business line of credit?
You need to provide the following when you apply for a business line of credit: legal business name, address, and phone number, date of business establishment, business tax identification or Social Security number, ownership type, number of owners, and gross annual revenue. An applicant must be a US citizen or a permanent resident.