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Wells Fargo is closing all existing personal lines of credit, CNBC reported on Thursday. Some customers are likely thinking: Now what?
Fortunately, there are alternatives for clients looking for ready cash, according to financial experts.
They may turn to other lenders that offer personal lines of credit or personal installment loans. Homeowners may consider opening a home equity line of credit, retirement savers could tap a 401(k) plan loan and those with certain types of life insurance may be able to borrow against the policy, for example.
Each comes with its own advantages and caveats, experts said.
“Every consumer is going to have…