Wells Fargo Flex Loan Reviews: Pros, Cons, and Alternatives

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Key takeaways

The Wells Fargo Flex Loan is the latest personal loan offered by the bank.
It is a small dollar loan only for current customers.
The personal loan comes with a small fee and instant funding.

The Flex Loan from Wells Fargo lets customers access a small amount of cash quickly and easily. Current customers can borrow $250 or $500 with a flat fee of $12 or $20, respectively. The money is repaid in four monthly installments to ensure it is affordable.

The small dollar loan is perfect for borrowers who are low on cash and need a little extra to fill in the gaps between paychecks. Let’s dive in further to see if it’s the right choice for you.

Flex Loan for borrowers needing a small amount

Wells Fargo Flex Loans can be a practical solution if you need a small amount of cash fast. It is designed to help people cover emergencies or fill the gaps between paychecks without resorting to high-interest payday loans. Eligible customers are pre-approved and receive instant access to the cash.

Many large banks are offering similar small-dollar loans. Regions Bank, Truist, Bank of America, Huntington Bank, and U.S. Bank all offer personal loans ranging from $250 up to $1,000. Pew found that these personal loans are priced 15 times lower than payday loans. The lower costs make them a good alternative. Even so, they should be used sparingly. Smaller loans can become expensive if you start to rely on them.

Wells Fargo Flex Loan requirements and fees

Only for Wells Fargo customers

Wells Fargo does not disclose its eligibility requirements for the Flex Loan other than you must be an existing customer. Most likely, you will need to have a Wells Fargo account for at least 12 months (a requirement for their other personal loans) and have a good relationship with the bank. This means a positive bank balance and regular direct deposits. It doesn’t hurt to also have a good credit score.

The bank states that customers can only take out one Flex Loan at a time and are limited to three per 12-month period. Additionally, if you receive one, you are not guaranteed another.

Competitive fees

The Wells Fargo Flex Loan comes with a flat fee of $12 or $20 based on the loan amount. There are no hidden fees and no origination fees. Nor are there fees for late payments or any interest charges. This means you will know the total cost right away.

The total borrowing cost is expressed as a percentage, known as the annual percentage rate (APR). Wells Fargo calculates the APR for their Flex Loans so that customers can understand the exact costs. Borrow $250 with a $12 fee, you get a 22.82% APR. While borrowing $500 with a $20 fee equals a 19.05% APR. Compared to the 400% APR charged by most payday lenders, Wells Fargo’s Flex Loans are a much better deal.

Affordable loan terms

Flex Loans are repaid in four equal monthly installments. The four installments are designed to make payments affordable and not stretch out too long.

If you borrow $250 with a $12 fee, the total amount due would be $262. Split that into four equal payments, and it’s $65.50 per month.

You can always repay the money early without any prepayment penalties.

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How to apply for the Flex Loan

The Wells Fargo’s Flex Loan is unique. There is no application process, so no credit check. Instead, you are preapproved by the bank. This is why you must be an existing Wells Fargo customer to qualify.

You can check if you’re pre-approved by going onto the Wells Fargo app. Click the Explore tab and then select Loans. If you’re pre-approved, you can accept the offer and the funds will be deposited into your bank account in seconds.

Payments can be made online. You can set up automatic payments or do online transfers every month via the Wells Fargo app or site.

Who is the Flex Loan good for?

The Flex Loan is a good choice for current Wells Fargo customers who need quick access to a small amount of cash and have a regular source of income. It is intended to cover unexpected expenses, help customers avoid overdraft fees, or bridge gaps in paychecks. The single flat fee equals a 19.05% or 22.82% APR. Both are well below 36%; the maximum APR small personal loans can have and be considered affordable, according to the National Consumer Law Center.

Who is the Flex Loan not good for?

It is not a good option for those who are not Wells Fargo customers. It’s also not ideal for borrowers seeking large loan amounts or those with excellent credit who may qualify for personal loans with lower APRs. You must earn enough to afford the monthly payments. Lastly, if you live in a state where it isn’t available, you’ll need to explore other lending options.

Flex Loan pros and cons

The Flex Loan is certainly a more affordable than other short term cash loans. Like anything else, it has its pros and cons.

Pros:

Only charges a flat fee
Smaller loan of $250 or $500
No hard credit check
Fast funding
No late fees
No prepayment penalties
Affordable monthly payments
No application required

Cons:

Available only for current customers
Only comes in two loan amounts
Has one fixed repayment term
Must be pre-approved
Cannot change your due date
Must have the mobile app

Check the Wells Fargo Flex Loan reviews and consider your own financial situation before you make a decision.

Additional Wells Fargo personal loans

Wells Fargo offers other unsecured personal loans. As with most personal loans, they are versatile and can be used for multiple purposes, including debt consolidation, home improvements, or financing large purchases. Best yet, qualifying customers can apply online and receive same-day approval and fast funding.

Personal loan details:

Fixed interest rates: APRs range from 7.49% to 24.99%
Loan amounts: $3,000 to $100,000
Terms: 12 to 84 months
Fees: No origination fees, no closing fees, and no prepayment penalties
Relationship discount: Set up automatic payments from your Wells Fargo checking account
Minimum credit score: Not disclosed

Wells Fargo lets you check your rates without any impact on your credit score. If you’re interested in a Wells Fargo debt consolidation loan, the debt consolidation calculator can help you evaluate your choices. The calculator shows you what you will potentially pay and save with consolidation.

A Wells Fargo personal loan is a good fit for current customers thanks to the variety of loan amounts, flexible repayment options, and the ability to prequalify before applying.

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Other borrowing options

We’ve put together a few alternative borrowing options in case personal loans from big banks are not for you.

Cash advance apps: These apps provide small, interest-free advances on your next paycheck without a credit check. Simply link your bank account, and the app will determine how much to lend. They will ask for a small fee – usually a monthly subscription, flat fee, or optional tip.

Payday alternative loans (PALs): Offered by some federal credit unions, PALs are small, low-cost loans designed to provide an alternative to high-interest payday loans. Their interest rates are capped at 28% APR and repayment terms tend to be manageable. You do have to be a member of a credit union to apply.

Borrow from friends and family: This can be a very affordable option as most people will not charge interest or fees to loved ones. It is very important to clearly lay out a repayment plan and stick with it. Good communication and repaying the money responsibly can help avoid strains on the relationship.

Buy Now, Pay Later Apps (BNPL): BNPL apps let you split purchases into smaller, manageable payments. Payments are typically made over a few weeks or months on a predetermined schedule. Pay on time and there’s usually no interest or fees.

Financial assistance programs: Look for charities or non-profit organizations that provide financial aid for essential expenses like utilities, rent, or medical bills. If you need help finding local resources, call 211 for guidance.

Looking for larger loans?

Check out the best $2000 loans!

Frequently asked questions

1. Does Wells Fargo’s Flex Loan affect my credit score?

Yes, it can impact your credit score once you accept the money. Any late payments, missed payments, or defaults are reported to the credit bureaus – Equifax, Experian, and TransUnion – and will be listed on your credit report, hurting your score.

2. Is it easy to be approved for the Flex Loan?

Wells Fargo does not disclose the criteria it uses to pre-approve customers for the Flex Loan so it is not possible to say.

3. What are the disadvantages of the Flex Loan?

These loans are only available for existing Wells Fargo customers on a pre-approval basis. Besides not being able to apply, you are limited to two set loan amounts with a predetermined repayment period. While the flat fee equals a lower APR than most small loans for bad credit, it is a high APR if you have a good credit score. Lastly, these loans are not available in all states.

Bottom line

The Flex Loan is a quick and hassle-free way to borrow money when you need a little extra cash. The personal loan is designed to be an alternative to payday loans with its fast funding and reasonable flat fee. True, it is only on a pre-approval basis for existing customers, but if you qualify, it can be the right solution.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Wells Fargo Personal Loan 2024 Review

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Flex Loan for borrowers needing a small amount