Elaborating The Emergency Loan Service for WF

The new service we are elaborating on for Wells Fargo can be compared to a payday loan. A short loan for a decent amount of cash. The part we missed was that payday loan interest rates are typically very high. We chose 5% before doing any research and am learning our interest rate for this loan must increase for Wells Fargo to profit from this service. In class we discussed common credit card interest rates, such as 18%. We aim to find a happy -medium rate so students can find this service useful while Wells Fargo does to. It is apparent there will be some risk factors involved if Wells Fargo decided to go forward with this emergency loan. With that, our qualifications will seclude most students and only be available to those who are approved after intensive consideration. Wells Fargo's goal is not to accept every student that applies for this loan, but help the few students that do qualify for their help. With the aspiration of truly helping students in need Wells Fargo should have no problem doing this payday loan in a more reputable way than typically payday loaners do. Wells Fargo would also gain praise from families who have students going to college, and those who support higher education. This can really boost Wells Fargo's reputation and humanize this financing company.