Options for When You are Overwhelmed with Personal Debt
It is not uncommon to find yourself battling a mountain of personal debt in this country. The average amount of household debt for American families in 2016 is $132,529. When you facing that amount of debt, you can easily feel like there is nowhere to turn for relief. However, the worst thing you can do in this situation is to sit by and allow penalties to add up because you will only dig yourself into a deeper hole.
One of the most readily available options for dealing with staggering personal debt is to consolidate all of it into a personal loan. If you can get yourself approved for a personal loan from a bank, then you will be in good shape to start paying off the balance and moving to a more sustainable budget. One of the barriers to getting approved for a personal bank loan is having a very low credit score.
Personal Loan Options from Wells Fargo
When you take out a personal loan from Wells Fargo, you will be offered a fixed interest rate. Variable rate options are currently not available from this bank. This means that you can expect to have the same minimum monthly payment throughout the entirety of your loan. You may be able to get an unsecured personal loan through Wells Fargo if you have a good enough credit score. However, keep in mind, that if your total debt obligatoin is more than $50,000, you may want to consider a secured loan as a way to increase your borrowing power. You can expect to be offered a payment plan for one to five years.
The Process of Applying for a Personal Loan from Wells Fargo
If you are not currently a Wells Fargo customer, then you are required to come to a branch in order to fill out an application. If you are an existing customer, then you may be able to apply for a personal loan online using your personal information. The upside of using a large institution, such as Wells Fargo, for your loan is that there are an abundance of local branch locations for you to choose from. You should be ready to provide current identification as well as a recent pay stub.
There is not a long waiting period for approval of a personal loan from Wells Fargo. If you are taking out an unsecured loan, then you will not have to worry about paying an origination fee for the loan. Also, you can feel free to pay off the personal loan sooner than your minimum payment schedule without any fees or penalties. Be careful of the $39 late charge that Wells Fargo will tack on if you miss any required monthly payments. This fee tends to be much higher than what other lenders will charge.