Wells Fargo has announced that it offer debt consolidation loans as it can help customers to effectively manage and reduce their debt over time.
The bank said that debt consolidation loans, which can be classified as student loan obligations, car loans, and credit card debt, but will not improve the borrower's credit score immediately.
Wells Fargo revealed that it aim to lower the borrower's payments and total obligation as lower payments will increase the discretionary spending of the borrower.
The bank, which offers several options, including rolling the debt into a balance transfer credit card, also provides a very low initial interest rate which allows cardholders to pay off the loan with zero or near zero interest.
"Consolidating debt with a Personal Loan can help you reduce interest costs and pay off debt faster," the bank said, stating that personal loans are another option.
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