Wells Fargo Consolidation Loans Review

Are you inundated with separate loan payments each month and want this to change? A personal loan for debt consolidation with Wells Fargo could be an option worth your consideration.

wells fargo
Flexible Loan Terms Best for
2 /5
$ /mo
Starting Price
Visit Site
Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score:

    Rates APR: 5.74% to 20.24%
    Loan amounts min to max: $3,000 to $2500,000
    Origination fee: $0-$75
    Terms: 12-84 months
    Late payment fee: Up to $39
    Prepayment penalty:$0

    Pros and Cons


    • The option for Wells Fargo to pay your debtors directly
    • Potentially low APRs
    • Extensive loan terms
    • No prepayment penalties
    • No origination fees for unsecured loans
    • Secured loans available to some
    • Several ways to apply


    • APRs high for those with a low credit rating
    • High late payment fees
    • Not available to those with low credit scores

    Why should you consolidate your loans with BLANK?

    • Debts paid directly - Debt consolidation loans are used primarily to lower monthly debt payments, but many people also seek to reduce the number of bills and paperwork they have to deal with each month. If you wish, this service will pay your debtors directly, so all you need to do is maintain a sufficient bank balance.
    • Extensive loan terms - There’s no escaping that a loan of this type will lead to a greater cost in the long run. However, with terms as long as 84 months with secured loans, your monthly repayments should reduce significantly.
    • Secured loans - For applicants with existing Wells Fargo accounts, this can be used as collateral for access to more funding. It’s worth considering, though, that this collateral can’t be accessed during the loan period.
    • No origination fees in some cases - Unsecured loans charge no origination fee, but secured loans charge $75. 

    What are the eligibility requirements?

    • Social Security number
    • Proof of citizenship (for unsecured loans)
    • Marital status (for Wisconsin residents)
    • Proof of income/employment
    • Other details may be requested such as utility bills or tax return forms

    How to apply for a Wells Fargo consolidation loan? 

    Unlike some competitors, Wells Fargo offers more than one way to apply, each of which is simple and will require information regarding your employment, income, personal details, and the loan type desired.

    Your options are:

    1. Online
    2. In your local branch
    3. Over the phone

    What are the terms rates and fees for consolidation loans? 


    5.74% to 20.24%


    12-60 months for unsecured, rising to 84 for secured

    Late payment fee

    Up to $39

    Origination fee

    $0 for unsecured, $75 for secured

    Customer Service

    • Online help center
    • Customer helpline available 24/7
    • Social care support on Facebook/Twitter available 24/7

    What types of debt can be consolidated with Wells Fargo?

    Most common debt types can be consolidated with this personal loan. Common examples include medical bills, credit cards, home renovation, and auto repairs.

    Bottom line

    Wells Fargo has something to offer applicants facing a particular set of circumstances. For those looking for a company to handle debts directly, this could certainly be a decent choice. Yet, with high late payment fees, and most successful applicants needing a credit score over at least 660, there are better options on the market.

    SoFi could be a wonderful alternative. It offers pay deferrals in some circumstances, so customers can change their payment dates once each year. Eloan is another lender worth taking a look at.