How do I apply for a term loan?
What you’ll need to apply online:
- Legal business name, address and phone number
- Date business was first established
- Business Tax Identification or Social Security Number
- Ownership type
- At least one applicant who is responsible for managing the business
- Number of owners
- Gross annual revenue
- All applicants must be a US citizen or permanent resident
Plus, for each applicant (excluding non-profit businesses), you'll need:
- Each owner with 25% or more interest in the business must be listed as a guarantor in the application
- Percentage of ownership
- Name, address and phone number
- Social Security Number(s)
- Date(s) of birth
- Gross Annual Income(s)
- Personal checking and savings account number(s) and balance(s)
Can I choose the length of my loan?
For Unsecured Business Loans:
Have 1 – to 5 year terms
For the Equipment Express Loan:
You can chose:
- Up to 6 years on new vehicles (up to 72 fixed monthly payments)
- Up to 5 years on new equipment and used vehicles
- Up to 4 years for used equipment
Do I need to be a Wells Fargo customer to apply for a loan online?
For the Unsecured Business Loans or Equipment Express Loan:
To apply online for Unsecured Business Loans or Equipment Express Loan, you must be a Wells Fargo customer with a business or personal relationship for a minimum of 1 year.
What happens after I submit an application online?
Unsecured Business Loans
You may receive an instant approval upon submission of your online application. Otherwise, we may need up to 2 business days to review your application.
- A Wells Fargo loan consultant will contact you to inform you of approval and loan terms options or request additional information.
- Once approved and you accept the loan terms, you will receive your funds via automatic transfer to your designated account as soon as the next business day.
- If we are unable to approve your application, you will receive an explanation letter by mail within 5 to 7 business days.
Equipment Express Loan
- Your application will be reviewed.
- A Wells Fargo loan consultant will contact you with a decision or a request for additional information.
- Once your account has been credit approved, you will receive a phone call from an equipment funding specialist to help you submit the required vehicle title documentation and/or invoice for purchase of equipment.
Pricing and fees
Are there fees associated with term loans?
Unsecured Business Loans fees
There are no application, annual, or pre-payment fees.
There is a $150 opening fee, which can be waived if you have a Wells Fargo Business Choice or Business Platinum checking account.
Equipment Express Loan fees
There are no application, annual, or pre-payment fees.
There is a $150 documentation fee, which can be waived if you have a Wells Fargo Business Choice or Business Platinum checking account.
What will my interest rate be?
As of December 1, 2016, Unsecured Business Loans rates range from at 6.50% to 22.99% and will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history and amount of credit requested. Unsecured Business Loans include Wells Fargo BusinessLoan Term loan which requires monthly payments and FastFlex Small Business Loan which requires 52-weekly payments from an eligible Wells Fargo business checking account. Cancelling automatic payments on a FastFlex Small Business Loan will result in default of the loan, at which point your loan will become due and payable.
As of December 1, 2016, Equipment Express Loan rates for vehicle loans start at 5.50% based on term length, credit history, vehicle being financed and assume monthly payments are automatically deducted from a checking account. As of December 1, 2016, Equipment Express Loan rates for equipment loans start at 6.00% based on term length, credit history, equipment being financed and assume monthly payments are automatically deducted from checking account. Rates may be higher if the borrower fails to provide collateral, or an account default occurs.
Using your FastFlex Small Business Loan or Wells Fargo BusinessLoan Term Loan
How do I use my FastFlex Small Business Loan?
Funds can be used for just about any business purpose. Funds are automatically disbursed to a designated account as soon as the next business day after you accept the loan terms. Having financing secured in the event of a business borrowing need can help provide you peace of mind.
How do I use my Wells Fargo BusinessLoan Term loan?
Funds are for business purposes, including capital expenditures, business expansion, long-term working capital, leasehold improvements, or any other project that requires a one-time financing solution. Funds are available via direct deposit into your designated account as quickly as the next business day.
Can I make additional payments on my term loan?
For FastFlex Small Business Loan
Yes, you can make additional payments and pay off the loan early with no penalty. These payments can be made via Wells Fargo Business Online® and will not reduce the amount of your next weekly payment but will reduce your total loan balance.
For Wells Fargo BusinessLoan Term loan
Yes, additional payments to your principal may be made through Wells Fargo Business Online® or by mailing in additional payments. These additional payments will not reduce the amount of your next payment but will reduce your total loan balance. You may pay off the loan before the end of term without an early payment penalty fee.
To make additional principal payments for FastFlex Small Business Loan and Wells Fargo BusinessLoan Term loan:
- Sign on to Wells Fargo Business Online®
- Select Business Accounts from the Select Account View dropdown
- Find this account under Commercial Lines and Loans
- Select Make Principal Payment
- Follow instructions and submit
Where do I send my monthly payments for my Wells Fargo BusinessLoan Term loan?
Please refer to the payment address on your current statement or call 1-800-225-5935 for assistance.
How do I set up automatic bill payments on my Wells Fargo BusinessLoan Term loan?
With our Automatic Payment Service, have your monthly loan payment made automatically from any business checking account — it's easy and free. You can also call the National Business Banking Center at 1-800-225-5935 to set up automatic payments.
Equipment Express Loan
Will I need to submit a purchase order or dealer invoice when I apply?
No, you do not need to submit a purchase order or dealer invoice when you apply for an Equipment Express Loan. This information will be collected when you are ready to finalize your loan and receive funds.
How do I use my Equipment Express Loan to finance a vehicle or equipment purchase?
When you are ready to make a purchase, call an Equipment Finance Specialist at 1-800-416-0056 to validate collateral qualifies for an Equipment Express Loan.
- Upon credit approval, an Equipment Finance Specialist will work with you to collect the necessary collateral documentation prior to finalizing the loan.
- Once we receive your documentation, funding will take place within one business day in most instances.
What types of vehicles or equipment can I purchase with my loan?
You may purchase many types of business equipment and vehicles. Considered collateral, the equipment or vehicles financed must have marketable value. Before you buy, contact an Equipment Finance Specialist at 1-800-416-0056 to be sure your equipment or vehicle purchase qualifies.
Can I make multiple purchases with my Equipment Express Loan?
Yes, you can make multiple purchases with the Equipment Express financing option. The minimum invoice amount is $5,000. You have 60 days from time of approval to utilize funds on your available credit. This enables you to get pre-approved and shop for the best opportunity.
Can I refinance business equipment or vehicles I have already purchased?
Yes, you can refinance your existing equipment or vehicles, if you purchased them within 60 days prior to approval and they are owned free and clear.
What do I do if I suspect fraud on my account?
If you have questions about your account, please contact the National Business Banking Center at 1-800-225-5935 immediately.