Debt consolidation loans with Wells Fargo
Debt consolidation is a viable option to help you manage payment of debts and simplify your finances. This repayment method involves taking a new loan that helps you combine all other loans and make a single monthly payment. This method is extremely helpful for those with credit card debts and for those looking to reduce their monthly loan payments. Wells Fargo offers a variety of debt consolidation loan options for consumers like personal loans, home mortgage refinances and even private student loan consolidation.
Wells Fargo also offers secured and unsecured loans. While unsecured loans are offered based on your creditworthiness, secured loans are offered against collateral. Below is a brief overview of some of the debt consolidation loans offered by Wells Fargo.
Personal loans
Wells Fargo offers personal loans ranging between $3,000 and $100,000, without collateral. The online application process to get this loan is fairly simple and the funds are transferred by the following business day, upon approval. Wells Fargo also offers relationship discounts for select qualified customers. They don’t charge any origination fee or prepayment penalty. The interest rates on personal loans are fixed and range from 6.9% to 19.99% APR. To determine if a Wells Fargo personal loan will help in your debt consolidation you can use their debt consolidation calculator online.
Private student loan consolidation
Wells Fargo allows you to combine multiple private student loans and their corresponding payments into one loan with a single monthly payment. This ensures a lower monthly payment with reduced interest rates. Additionally, they offer a plethora of benefits. For instance, Wells Fargo allows you to select either competitive fixed interest rates ranging from 5.24% APR to 9.49% APR or variable interest rates ranging from 4.49%APR to 9.24% APR, at the time of application. They do not charge an application, origination or early repayment fees. They offer a customer discount of 0.25% interest rate reduction if you have held a Wells Fargo student loan or a checking account in the past, or a 0.25% interest rate reduction if you have enrolled for automatic repayment of loans.
