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wells fargo PLOC personal line of credit

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Creditfan1234
Contributor

Re: wells fargo PLOC personal line of credit

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. 

Message 11 of 16
vanillabean
Valued Contributor

Re: wells fargo PLOC personal line of credit


@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!

 

Message 12 of 16
iv
Valued Contributor

Re: wells fargo PLOC personal line of credit


@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.

 

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Message 13 of 16
vanillabean
Valued Contributor

Re: wells fargo PLOC personal line of credit

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.

 

Message 14 of 16
iv
Valued Contributor

Re: wells fargo PLOC personal line of credit


@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.

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EQ9:847 TU9:847 EX9:839
EQ5:797 TU4:807 EX2:813 - 2021-06-06
Message 15 of 16
Thomas_Thumb
Senior Contributor

Re: wells fargo PLOC personal line of credit

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?

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Message 16 of 16
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