Wells Fargo’s debt consolidation offers include personal loans, personal lines of credit, home equity lines of credit, and credit card accounts. Personal loans and personal lines of credit are best for long-term, unsecured consolidation. Home equity lines of credit offer lower APRs but are secured by the borrower’s house. And credit cards are best for much shorter debt consolidation periods and smaller loan amounts.
Wells Fargo Debt Consolidation Options
- Personal loan: Wells Fargo offers personal loans of $3,000 to $100,000 for 12 to 84 months. The APRs range is 5.99% - 19.99%, and there is no origination fee. You can use these loans for any purpose, including consolidating debt.
- Personal line of credit: Personal lines of credit let you borrow money at any time, up to a certain amount, similar to a credit card. The loan amounts are $3,000 to $100,000, and there is a $25 annual fee. The APRs range from 9.50% to 21.00%. You can use the money for anything.
- Home equity line of credit: HELOCs function the same was as personal lines of credit, but they are secured by your house. Because of this collateral, APRs as lower, at 4.275% to 9.375%. You can draw from your line of credit for 10 years and 1 month after you open it. The minimum line of credit is $25,000, and some applicants may be approved for as much as $500,000. You can use the money for anything.
- Credit card: You can do a balance transfer to a credit card with a lower APR than your existing debt. Wells Fargo has a number of different credit card options. The best type of credit card to use for debt consolidation is one with a 0% introductory APR. One disadvantage of credit cards is that they may not have a large enough credit limit to accommodate all of your debt.
Wells Fargo’s personal loans and lines of credit reportedly require a credit score of 660+. For home equity lines of credit, you may need a score of 700+. Wells Fargo has credit card options for a range of different credit scores.
When it comes to approval and funding, personal loans and lines of credit are the fastest, at 2 - 4 business days. Credit cards can take two weeks or more to get, and HELOCs may not provide funding for over a month.
Depending on how long you need to consolidate your debt and how willing you are to put up collateral, any of these options could be the best choice for you. And they are competitive with offers from other lenders.
Wells Fargo does not offer pre-qualification for their personal loans. However, they do have a calculator on their website that can help you estimate what rates you might get, based on the loan size, where you live and your credit rating. That same calculator also works for personal lines of credit. And there is a separate calculator for HELOCs. Unfortunately, there is no similar tool for credit cards.
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