Wells Fargo offers three general types of consolidation loans for those who have multiple debts that are too difficult or stressful to manage. On their website, Wells Fargo lays out the details on each type of loan in simple, easy-to-understand language. They are also upfront about what’s important to consider before taking out a credit card consolidation loan. Here is a brief overview of your consolidation options at Wells Fargo:
Is a Consolidation Cheaper and Faster?
On their website, Wells Fargo advises people to seriously consider if the credit card consolidation is really the best choice for them. Before committing to a credit card debt consolidation, you should look at whether or not you would end up paying more with a consolidation. In some cases, a consolidation won’t speed up or decrease the amount a person must pay back. If you’re not careful, you’ll end up with a consolidation plan that makes you pay more overall to clear the debt. Interest rates are what you need to pay attention to the most when searching for a credit card consolidation plan.
Why a Wells Fargo Credit Card Consolidation is Beneficial
One of the benefits of consolidating debt is you only have ONE debt repayment each month instead of multiple. It can be confusing and time-consuming to keep up with several debts and to try preventing the nasty interest rates from hurting you more. Consolidating it allows you to breathe a breath of fresh air. For this reason, it’s usually worth it to consolidate your debt even if the amount you owe stays about the same. What’s important is you don’t have more to pay back with consolidation.
Three Types of Consolidation Loans at Wells Fargo
Wells Fargo offers three different types of consolidation: unsecured loans, secured loans, and private student loans. Those who have good credit can take out an unsecured loan at Wells Fargo to consolidate their debts into one loan. Wells Fargo is sometimes able to offer lower interest rates for people who consolidate into an unsecured loan.
If your credit score isn’t high enough, you may qualify for a Wells Fargo secured loan to consolidate debt instead. A secured loan for consolidation borrows against the value in your savings account. Just as with an unsecured loan, you may qualify for a lower overall interest rate than your existing rates.
Wells Fargo offers a special type of loan for those who are bogged down with student debt. If you have multiple student loans, then you can consolidate them into one private student loan at Wells Fargo. Parents are allowed to consolidate a private student loan for their children at Wells Fargo.
What’s most important when seeking a credit card consolidation is a reasonable interest rate. Wells Fargo offers three different types of consolidation loans that may be an ideal choice for your situation, but it’s up to you to do the math to estimate if consolidation really is the better choice for you or not. If you struggle to make the calculations, Wells Fargo can help. They are a trusted brand with good customer service, making their consolidation loans a good choice.