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:
- Personal Line of Credit: establish a revolving credit line to access funds when you need them.
- Visa Signature® Rewards Card: earn points on purchases that combine with HomeFREE Checking debit card points for more earning power.
- Classic Visa® Credit Card: enjoy a low fixed-rate and free balance transfers — making it the perfect tool for building credit or transferring balances from high rate cards.
- Personal Loan: use a low-cost term loan to consolidate debt or tackle projects.
- Home Equity Line of Credit (HELOC): are you a homeowner? Tap into your home’s value to establish a revolving line of credit with the flexibility to borrow funds as needed.
- Vehicle Loans: save money with a low-rate vehicle loan or refinance.
All loans subject to credit union approval. See rates and terms at sesloc.org. Membership in good standing required for all credit union benefits.