Wells Fargo is discontinuing personal lines of credit. Here are your options: Via ForbesAdvisor
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.Wells Fargo customers with personal lines of credit have been told their accounts are being closed. But it’s not because they misused the product: the bank is discontinuing the product altogether.mailed to customers, lines of credit will be closed with 60 days notice.
A line of credit allows users to draw from an available amount when they want to access money. It differs from a personal loan in that a loan gives you all the money you’re eligible to borrow at once, then requires you to pay back that amount in fixed payments. Interest rates for personal lines of credit tend to be at least 10%.With a line of credit, borrowers don’t have to pay anything back—or start accruing interest—until they actually draw funds from their line of credit.
Senator Elizabeth Warren tweeted about the announcement, saying customers shouldn’t face repercussions in their credit scores because of the bank’s actions.
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