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Debt Consolidation

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Feeling swamped by bills every month? If you have too much debt, you might be able to benefit from consolidating your debts. Instead of making multiple payments each month, you’ll make only one. Debt consolidation won't immediately improve your credit score. But it can help you effectively manage and reduce your debt over time.
The benefits
A debt consolidation loan can give you:
  • A lower monthly payment than your current payments. This allows you to have more discretionary spending money while you continue to pay your loans.
  • The simplicity of one bill to track.
To apply for a Wells Fargo consolidation loan, first let us know which debts you want to consolidate. If you’re approved we pay your creditors on your behalf, and then you repay your Wells Fargo loan.
Keep in mind
It's important to understand that a debt consolidation loan simply transfers the debt to a new lender, so you still have debt.
Additionally, a consolidation loan with a longer repayment period may lower your monthly payment, but increase the total amount you repay. However, you can always pay off the loan faster by making more than the minimum monthly payment.
Credit card balance transfer
You can roll other higher-interest debt into a lower-interest card.
Student loan consolidation
With Wells Fargo you can consolidate your private student loans with no prepayment penalties.
  • Wells Fargo Private ConsolidationSM Loan1. Consolidate your private student loans with up to a 20-year repayment term and competitive terms.

Consolidate debt with a personal loan
Consolidating debt with a Personal Loan can help you reduce interest costs and pay off debt faster. Check out the Debt Pay Down Solution® to learn more.
Options for homeowners
If you own your home, you can leverage your available home equity to consolidate any kind of debt. Getting a consolidation loan in the form of a cash-out refinance2 of your current mortgage or a new home equity loan or line of credit can be a smart way to manage your money.
Wells Fargo Home Mortgage® or Wells Fargo Home Equity debt consolidation loans:
  • Typically have lower interest rates than other forms of credit, meaning you can save on interest payments and potentially free up some of your cash to pay down more of the principal balance.
  • Are tax-smart. You may be able to deduct up to 100% of the interest, unlike with other kinds of financing.3
To find out about how you can consolidate your debt with Wells Fargo, click the button below to contact an expert or learn more online.
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1 Loan subject to qualification.
2 Product not available in all areas.
3 Consult your tax advisor regarding deductibility of interest.
NMLSR ID 399801
Equal Housing Lender