A spokesman for Wells Fargo confirmed the development and said the decision to eliminate its own credit lines would allow the company to focus on its credit card and personal loan services.
“As we simplified our product offerings, we decided last year to no longer provide a personal line of credit because we felt we could meet our customers’ lending requirements through credit card and credit card products. personal loan, ”a Wells Fargo spokesman told Fox. News and other news outlets.
“We know the change can be frustrating, especially if the customer’s credit could be affected,” the spokesperson added. “We provide a 60-day notice period with a series of reminders before closing, and we are committed to helping each customer find a credit solution that fits their needs.”
The move affected the bank’s offer of credit lines, which generally allow customers to borrow between $ 3,000 to $ 100,000. For example, own lines of credit are often used for home repairs.
Personal lines of credit generally have lower interest rates than credit cards and offer much higher limits on how much you can borrow. However, they do have a fixed draw period, while credit cards can remain open indefinitely – but usually have a higher interest rate. – READ MORE
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