US bank Wells Fargo has launched a new digital-only credit offering to help customers meet short-term cash needs.
Called Flex Loan, the new product is a small-dollar loan that offers ‘convenient and affordable’ access to funds, the bank said.
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For a fee of $12 or $20, respectively, eligible customers can receive credit in sums of either $250 or $500.
Flex Loan does not require any application and it can be accessed via the bank’s mobile app.
The loan, which does not come with late charges or interest fees, is deposited into the customer’s account once the customer accepts the loan and sets up a repayment schedule, which can be up to four months.
Wells Fargo head of personal lending and retail services Abeer Bhatia said: “Our customers are at the heart of everything we do. Flex Loan is Wells Fargo’s latest innovation to give customers peace of mind and flexibility as they manage their daily finances.
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By GlobalData“What makes Flex Loan different from other payment options is its certainty of approval for eligible customers, the simplicity of obtaining funds in minutes, and clarity around how much it will cost to pay for things like holiday gifts, travel, or an unexpected home or car repair expense.”
Wells Fargo said that the new offering forms part of efforts announced in January this year to reduce overdraft fees and meet short-term cash needs.
