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How Consolidation Works

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Debt consolidation* means taking out a single fixed-term loan to replace multiple high-interest rate debts. Consolidation can help you cut costs by lowering your interest rate and it provides you with the convenience of a single monthly payment.

Is debt consolidation right for me?

Consolidation with a Wells Fargo unsecured personal loan may be useful for you if:

  • You have high-interest debt between $3,000 and $100,000;

  • You want to pay off your consolidated debt in 5 years or less;

  • You have good credit; and

  • You don't own a home or you don't want to use your home as collateral.

Use our debt consolidation calculator to calculate your interest savings and find out if debt consolidation is right for you.
If you are a homeowner and aren't sure if you should consolidate debt with a personal loan or a home equity loan, Compare Debt Management Solutions.

How does consolidation work?

Consolidation is quick and easy with a Wells Fargo unsecured personal loan.
  1. Apply online (if you are already a Wells Fargo customer), by phone, or at a Wells Fargo location.
  2. Get your credit decision. We'll send you a decision in as little as 2 hours when you apply online.
  3. Sign your loan documents in a Wells Fargo store.
  4. Get access to your funds right after you sign your documents. We'll give you a check or deposit the money into your Wells Fargo account.
  5. Use the money to pay off your other debt.
Then make payments on your Wells Fargo loan.

Are there any fees?

  • There is no pre-payment penalty or loan origination fee for the Wells Fargo Personal Loan.
  • Check with your other creditors to see if they charge a pre-payment penalty.
*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.