Wells Fargo Line of Credit - A Wells Fargo Line of Credit is a type of borrowing option that allows you to access funds up to a certain limit, and pay interest only on the amount you use. Wells Fargo offers different types of lines of credit for different purposes, such as :
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* Business Lines of Credit :
These are designed for businesses that need flexible financing for working capital, inventory, or other expenses. Wells Fargo has two products for businesses in operation for two or more years and less than two years, respectively.
* Home Equity Line of Credit (HELOC) : This is a way to use the equity in your home as collateral for a revolving credit line. You can use it for home improvements, debt consolidation, or other needs. However, due to current market conditions, Wells Fargo is temporarily suspending new applications for HELOCs.
* Prime Line of Credit :
This is a competitive prime-based credit line for businesses with $2-10 million in annual sales and eligible collateral. It is secured by business assets and renewable annually.