Wells Fargo offering .60% Discount on Savings Secured Line of Credit

Wells Fargo bank logoWhether funding is necessary for a new home purchase, an updated vehicle or simply as a cash-flow cushion, borrowing is a staple of most individual’s financial lives. When interest rates are relatively low, individuals are more apt to take advantage of lending from banks and credit unions because the cost of borrowing is more affordable than in high interest rate markets. To encourage lending and help banking customers take advantage of the low interest rate market, some financial institutions are offering special discounts to customers that make the total cost of borrowing that much more affordable.

Wells Fargo is currently offering a special relationship discount for certificate of deposit and savings-secured lines of credit, valid through the end of September 2015. The promotional rate is offered to Wells Fargo banking customers as a relationship discount, qualifying them for up to a 0.60% reduction in the interest rate assessed on personal lines of credit between $5,000 and $250,000. Compared to a personal loan, a personal line of credit offers more flexibility for the long-term as it is an open-ended credit account. Additionally, personal lines of credit secured with a certificate of deposit or savings account present less risk to the bank offering to the credit, allowing for a lower interest rate than personal loans or credit cards.

The relationship discount offered to Wells Fargo customers on secured personal lines of credit requires one to maintain a PMA Package or qualifying Wells Fargo consumer checking account, and automatic payments are required to be made from a Wells Fargo deposit account. For PMA Package customers, the relationship discount is 0.60%, while qualifying consumer checking account holders receive a 0.35% discount. An annual fee of $25 is assessed for secured personal lines of credit, but no transaction fees are assessed. Borrowers are allowed to tap into the line of credit for any amount at any time, and interest continues to accrue on the deposit account used to secure the line of credit over time. Wells Fargo requires specific credit qualifications to be met in order to secure a new personal line of credit.

Personal Loans up to $35,000 at PersonalLoans.com

Get a Personal Loan up to $35,000

  • Choose from peer-to-peer loans, installment loans, and traditional bank loans
  • Simple and secure online loans from a vast network of trusted lenders
  • Use for a vacation, to pay off medical expenses, debt consolidation or something else
  • Get approved within minutes and receive next-day funding

Wells Fargo is one of the largest financial institutions, currently serving more than 70 million banking customers each year. The bank offers full-service branch locations in 35 countries around the world, along with a vast network of ATMs.

Individuals interested in the Wells Fargo relationship discount on secured lines of credit can speak with a customer service representative at any branch location, may call a loan specialist at 1-888-667-5250 or may view additional information and apply online.

Posted on September 15, 2015 by in Personal Loans,

Email Updates

Get hot tips, exclusive deals and the latest news sent directly to you.



Comments & Discussion



 

12/15/2015