Student Emergency Loans
- Li
- Oct 22, 2015
- 1 min read
Our group brainstormed ideas for a new service that Wells Fargo could offer to customers. We decided Wells Fargo could implement a new service called “student emergency loan”. This product is a 15 business day loan helping students who have steady job but currently finding themselves in emergency financial distress. For example, many students drive used cars without warranties, which can sometimes have issues that need to be fixed in a timely matter. Students find themselves in trouble with no money to fix their car, and cannot wait until their next paycheck. Here is where Wells Fargo comes in and loans students a short term amount. Every eligible student can get a loan maximum of half their monthly salary with 5% monthly compound interest rate.
Students who are eligible need to meet following requirements:
1) Steady Job, proof by your employers.
2) 3 - 6 months of bank statements as proof of income.
3) No bad debts last 3 - 6 months.
4) Currently UM Full Time student.
As a typical college town Missoula has a natural advantage to do this short term loan business which will benefit both students and Wells Fargo. This new service pertains to students who are working and need a hand every once in a while. Wells Fargo would help students sustain success when they deserve it the most.