Wells Fargo partners with Amazon to offer student loans
Wells Fargo is rolling out a new program that is offering student loans days after it announced plans to launch a robo-advisor service in early 2017. The bank states that it is the largest student lender of U.S. commericial banks is offering an interest rate discount of 0.5% to Amazon prime customers that are students.
This sounds like a great idea and shows just one of the many ways Amazon is constantly innovating.
“We are focused on innovation and meeting our customers where they are – and increasingly that is in the digital space,” said John Rasmussen, Wells Fargo’s head of Personal Lending Group. “This is a tremendous opportunity to bring together two great brands. At Amazon and Wells Fargo, delivering exceptional customer service and helping customers are at the center of everything we do.”
The discount can also be added on to the .25% interest rate cute for those in an automatic monthly loan repayment plan.
"In the second quarter, the bank’s total loans grew 8% from a year ago to $957.2 billion. Student loans, securities-based lending and other personal lines (which do not include mortgages, auto loans or credit cards) expanded 6% to roughly $40 billion in Q2’16 from Q2’15"
