Debt consolidation may be your answer when you want to lower your monthly loan payments and pay off credit card debts.
With a consolidation loan, you can simplify your repayment process by combining multiple debts into a single loan.
If you have a good to excellent credit score, you can even get lower rates and flexible terms on your consolidation loan. This will allow you to reduce your monthly payments and save some hard earned cash.
Wells Fargo Debt Consolidation Options
Wells Fargo is one of the largest financial institutions in the United States and it offers a wide array of banking products and services, including debt consolidation loans.
Unsecured Personal Loan
The bank offers unsecured loans and lines of credit that you can get to consolidate your high-interest debts into a single loan having one monthly payment.
With a personal loan from Wells Fargo, you will get fixed rate and fixed term having predictable monthly payment. You can use your good credit to qualify for an affordable rate lower than the rate on your existing loans.
Consolidate your multiple high-rate debts with a personal loan from Wells Fargo and get the following advantages:
- competitive fixed interest rate
- single fixed monthly payment
- no collateral required
- fast credit decisions
- fast and easy application process
Unsecured Personal Line of Credit
Personal lines of credit with Wells Fargo provides fast access to funds when you need it. You can use your line of credit to get funds and pay down your loan balances.
You can borrow up to your credit limit and you only have to pay interest on what you owe on your line of credit.
On the other hand, you can pay less on your interest by transferring your balances from other high-interest credit cards to a low-interest Wells Fargo credit card.
If you have a Wells Fargo credit card, you can sign on to check whether you have a balance transfer offer from the bank. You just need to keep in mind that availability of all credit cards at Wells Fargo are subject to credit qualification.
Secured Loans and Lines
The bank also offers secured loans and lines of credit that you can borrow by putting your home, car, or savings account as collateral.
You can use the proceed from these secured loans and lines of credit to pay off your existing debts. Depending on your credit status, you may also get an interest rate that may be lower than your other individual loans.
You need to handle your debts as fast as you can and decide what consolidation options would suit your needs.
Wells Fargo Debt Consolidation Calculator
Debt consolidation calculator is an effective tool that can help you estimate the amount that you could save by consolidating your existing debts with a personal loan.
To make the calculation, you need to provide some information such as the types of debts, current balance, annual percentage rate, and estimated monthly payments that you want to consolidate.
You can visit the official website of Wells Fargo to use this debt consolidation calculator. It is recommended that you seek the assistance of a professional credit counselor as they will be able to decide the best debt management plan for you.