Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.
• Unsecured loans allow you to use your good credit to consolidate multiple debts into a single loan with one monthly payment. You may even qualify for an overall lower interest rate than your existing interest rates.
• Secured loans and lines allow you to borrow against the value in your savings account to consolidate multiple debts into a single loan with an interest rate that may be lower than your existing unsecured rates.
• Private student loans allow you to consolidate multiple private student loans into one. At Wells Fargo, you may consolidate jointly with your spouse, and parents may also combine private student loans for multiple children. Wells Fargo Private Consolidation SM loan
If you’re facing financial challenges, don’t wait – lenders want to work with you. Visit Wells Fargo Assist page or the National Foundation for Credit Counseling for help.
When you’re choosing the term of a loan, consider the total amount of interest and fees you’ll pay. A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple loans means you’ll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you.
The Wells Fargo Private Consolidation SM student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination. Federal student loans cannot be consolidated into a Wells Fargo Private Consolidation student loan.