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PLOC are great options like others have mentioned are good for a short term cash need. Nothing long term because they can become due at anypoint in time and that is up to the lender. Wells Fargo since you already have a banking relationship with them would be a good option. I will let you know though that it cannot be added as overdraft protection for your checking account. That is what most people use their PLOC for. I have one at my credit union for this purpose and I feel that is how a PLOC best suits me. If you are looking into more in depth about rates, you might be suprised but a CC and a PLOC from Wells might have the same interest rate tacked on. Defiantly do your research and go talk to a banker to see if you have any offers.
@Creditfan1234 wrote:Nothing long term because they can become due at anypoint in time and that is up to the lender.
I had no idea a bank could do that when monthly payments take place!
@Anonymous-own-fico wrote:
@Creditfan1234 wrote:Nothing long term because they can become due at anypoint in time and that is up to the lender.
I had no idea a bank could do that when monthly payments take place!
Always, always, always read the full contracts you sign.
Even the fine print.
Especially the fine print.
If the fine print says "callable", or has a list of conditions under which the loan can become callable.... then yes, yes they can.
I was just thinking that while you receive a copy of important terms upfront, how can you be sure there is no additional small print in the full contacts presented to you for final signing? It's not like you have your real estate agent by your side at a mortgage.
@Anonymous-own-fico wrote:I was just thinking that while you receive a copy of important terms upfront, how can you be sure there is no additional small print in the full contacts presented to you for final signing?
...by ...reading them?
Seriously, would you sign legally-binding documents without reading them?
I wouldn't. You shouldn't.
@Anonymous-own-fico wrote:It's not like you have your real estate agent by your side at a mortgage.
That's what your real estate attorney is for.
They can call out specfic issues that may be a problem (or that are non-standard), and explain any parts you don't understand.
Use one.
I can't read small print, but I do have a 5x magnifier for such situations.
Takes a while to read with the 5x, but who cares - it's my money and they can wait an extra 30 minutes (or forever if the fine print is objectionable). Recommend you read the fine print - real estate attorneys can help but, you are the one who signs.
The buck stops where?