Family enjoying picnic worry-free because they bank at SESLOC.

Wells Fargo Closing Your Line of Credit? Here’s What You Can Do

July 12, 2021
by Team SESLOC

Last week, Wells Fargo announced they are discontinuing the personal line of credit and will be closing any existing credit lines — which may negatively impact the credit scores of affected customers. A line of credit is an unsecured revolving loan that offers the flexibility to borrow money at any time after it’s opened, commonly used for debt consolidation, home improvement projects, emergency cash flow, or for peace of mind. If you’re a Wells customer concerned about losing your line of credit or are simply disappointed by this news, maybe it’s time to break up with your bank. Here’s what you can do:

1. Consider a Credit Union

SESLOC is headquartered and operated by local decision-makers, and as a not-for-profit, we have fewer fees and lower loan rates compared to big banks. That’s why we offer the best checking account on the Central Coast, the HomeFREE™ Checking account — with no minimum balance requirement and no monthly fees. Plus, get reward points with every debit card purchase and free Identity Theft Recovery and mobile phone insurance.

2. Join Today

Joining SESLOC is quick and easy — you can apply online in minutes. We would be thrilled to have you as a member!

3. Explore Your Financing Options

Once you’re a member, you have access to a variety of financing options to support your financial goals or offer peace of mind:

All loans subject to credit union approval. See rates and terms at Membership in good standing required for all credit union benefits.




Share this post

Like this post