If you have found yourself in a situation when you urgently need to pay the bills or when you are not prepared for unexpected expenses, borrowing money from relatives and friends may be too embarrassing.
What Is a Wells Fargo Personal Line of Credit?
However, Wells Fargo personal line of credit can help you to achieve the flexibility you need and provide you with the needed sum to solve your financial problems at once.
A personal line of credit is a revolving and unsecured account that has a variable interest rate.
It allows you to borrow the needed amount of money when you need it. It is thought to be more flexible than personal loans and cheaper than credit card cash advance.
Moreover, it is not secured with collateral. At Wells Fargo the amount you are able to borrow varies from $3,000 to $100,000.
When applying for a personal line of credit at Wells Fargo, you are not made to tell what you need the money for and can access it online, by check or phone.
The minimum payment is 1% of the money you owe plus fees (Wells Fargo charges a $25 fee annually).
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Usually they are offered to people with good credit history who can prove the ability to pay back the money borrowed on time.
The bank claims the higher your credit score is, the better terms you will get when applying for a personal line of credit.
What Is the Main Difference between Personal Loans and Lines of Credit?
A personal loan is usually taken to pay off debts with high interest and have a fixed monthly payment and interest rate. You can receive the entire loan amount at once.
In contrast, a personal line of credit offers you an opportunity to borrow the sum of money you need and provides a variable interest rate which is usually lower than in other types of loans.
|Personal Loan and Line Options||Rates Ranging from:|
From $3,000 to $100,000 with no origination fee
|6.74% to 19.74% APR For a $10,000 loan with a 3-year term. APR includes a 0.25% relationship discount|
|Personal Line of Credit
From $3,000 to $100,000
|7.25% to 20.00% APR For a $10,000 variable rate line of credit. APR includes a 0.25% relationship discount.|
5 Benefits of a Personal Line of Credit:
- No collateral.
- Quick approval. You get a positive decision within two hours.
- Low annual fees.
- Immediate funding. You can access the funds within a short period of time (usually 1-2 business days).
- Minimum amount of money. Lines of credit start with $3,000.
- Competitive rates. Depending on your credit history you can get a discount from Wells Fargo.
So if you are in a difficult financial situation, Wells Fargo personal line of credit offers you a good way out.