Wells Fargo launched a digital-only small-dollar loan offering Wednesday in select markets, the bank announced.
Flex Loan, as the bank calls the product, gives eligible customers $250 for a flat $12 fee, or $500 for a $20 fee.
The loans can be repaid over four equal monthly installments, the bank said, and customers can access the funds within seconds of setting up the repayment plan.
Wells Fargo plans to rollout the product nationwide by the end of this year, it said.
In a press release, Abeer Bhatia, Wells Fargo’s head of personal lending and retail services, touted Flex Loan’s “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.”
It wouldn’t be the first move Wells has made this year with an eye on small expenses. The bank said in January it would eliminate non-sufficient funds fees and transfer fees for certain customers and provide a 24-hour grace period to cover an overdraft before customers incur a fee.
