Wells Fargo recently announced that it’s shutting down all existing personal lines of credit in the coming weeks and has stopped offering new lines of personal credit. This particular product was very popular with the bank’s customers, and this shutdown has, not surprisingly, angered a lot of them. What makes this cancellation all the more devastating for consumers is that it will negatively affect their credit scores, making it harder for them to get a loan in the future – or could at least jack up the rate.
For credit unions, this presents an opportunity to reach out to potential members. Offering personal loan services not only allows you to expand your member base, but you will also be reaching out to consumers who still need this service, as well as giving them the chance to get their credit score back up. The Loan Lead Generator can help you accomplish this by allowing your potential members to start the application process online at any time of day.