If you need a loan to grow or expand your business, Wells Fargo can help.
Running a business is no easy task. Whether you’re laying the groundwork or ready to upgrade equipment, Wells Fargo offers loan solutions with no annual fees and no prepayment penalties to fit your needs.
|Product Name||Wells Fargo Business Loans|
|Loan Term||1 to 5 years|
|APR||8% to 22.99%|
- Have good to excellent credit
- Must be at least 18 years old
- Must be an American citizen or a permanent resident of the US
- Must own a business with a business tax ID or Social Security number
What are Wells Fargo business loans?
Wells Fargo offers two kinds of unsecured business loans, and one for equipment purchases. All three loan types have varying APRs, loan amounts and terms. You can apply for both secured and unsecured personal loans with Wells Fargo. Secured loans require collateral, but generally attract lower interest rates than unsecured loans. Collateral can be anything from specialty equipment from your business to new or used vehicles.
If you don’t have collateral, you can still receive a discount if you have an existing relationship with Wells Fargo. All loans offer APRs based on your credit application. They take into account your credit history, the amount you request and repayment terms. In the case of the equipment loan, they also account for any collateral you provide.
What types of business financing does Wells Fargo offer?
- Unsecured term loan. Receive a lump sum of up to $100,000 for things like planned purchases or expansion costs.
- Line of credit (secured and unsecured). Use a revolving line of credit of to fund ongoing business expenses. Credit limits range from $5,000 to $100,000.
- Equipment loan. Finance the purchase of business equipment for up to $100,000.
- SBA loans. Get a fixed-term loan backed by the Small Business Administration for as much as $6.5 million.