Are you curious about the legitimacy and trustworthiness of Patriot Funding for your debt consolidation journey? Look no further! This article offers a comprehensive Patriot Funding review, an overview of their services, and crucial insights to empower you in making a well-informed decision.
In their words, Patriot Funding stated that they have a mission to rescue individuals grappling with diverse forms of debt within 24 to 48 months. It is said that Patriot Funding distinguishes itself through a streamlined debt consolidation process, unparalleled customer service, and an innovative, fee-free, straightforward fixed-rate structure.
With the information you will be exposed to in this article, you can deduce at the end if Patriot Funding is legit or if it is a good debt consolidation service to try out.
Is Patriot Funding Debt Consolidation Legit?
It cannot be categorically stated whether Patriot Funding is legit or not. However, you need to note that Patriot Funding is not registered in the State of Michigan and refrains from disclosing a physical address. Patriot Funding is positioned as a paid marketing lead generator rather than a direct lender. The Better Business Bureau (BBB) has assigned Patriot Funding a non-rated status.
Going through the debt consolidation process, it is shown that Patriot Funding does not have a generalized standard debt consolidation process. It implements a meticulously designed debt consolidation process tailored to each client’s unique financial circumstances. The journey commences with thoroughly evaluating your debts and financial position, creating a personalized plan, and consolidating debts into a single, manageable payment. Negotiations with creditors follow to secure lower interest rates and establish a practical repayment schedule. Throughout this process, clients benefit from the expertise and support of Patriot Funding’s knowledgeable team.
Characteristics of the debt consolidation process that you ought to know include:
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Tailored Solutions for Each Client: Patriot Funding recognizes the individuality of each client’s financial scenario and crafts customized debt consolidation plans. Considering each client’s circumstances and aspirations, they formulate personalized solutions that enhance the likelihood of successful debt repayment and financial recovery.
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Comprehensive Support System: Beyond delivering debt relief solutions, Patriot Funding offers a robust support system for clients. Their team of experts is readily available to address queries, alleviate concerns, and guide clients through the debt consolidation journey. This steadfast support is pivotal in assisting clients in regaining financial control and steering towards a debt-free future.
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Fixed Rate Patriot Funding distinguishes itself with a noteworthy feature a fixed rate structure. In contrast to competitors, they abstain from hidden fees or additional costs. Clients enjoy a transparent pricing model, allowing them to focus on debt repayment without apprehension about unexpected charges.
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Educational Resources: Besides its debt consolidation services, Patriot Funding provides valuable educational resources to enhance clients’ financial literacy. These resources, encompassing articles, videos, and webinars, cover various topics related to debt management, personal finance, and credit. By offering these tools, Patriot Funding empowers clients to take charge of their financial futures and avoid relapses into debt.
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Community Involvement: Patriot Funding not only dedicates itself to assisting individuals in regaining financial stability but also actively engages in community initiatives and charitable causes.
Patriot Funding Cost Review
The information regarding Patriot Funding’s fees is somewhat limited. Reports have surfaced about a “bait and switch” tactic that has misinformed specific customers. While Patriot Funding seems like a legitimate company, it is paramount to exercise caution and understand the terms and costs before engaging in its services.
On average, debt settlement programs usually charge 15-25% of the enrolled debt amount, while non-profit credit counseling varies, often charging lower or no fees.
Patriot Funding Review: Pros and Cons
Patriot Funding presents several advantages, but being mindful of potential drawbacks is equally essential.
Pros of Patriot Funding:
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Experience and Connections: Patriot Funding boasts a wealth of experience as a debt consolidation service provider and valuable connections to reputable lenders. This enables them to offer diverse options and personalized services tailored to individual needs.
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Competitive Interest Rates: A notable advantage of Patriot Funding lies in its competitive interest rates. By consolidating multiple debts into a single entity, borrowers can secure a potentially lower overall interest rate, translating to potential long-term savings.
Cons of Patriot Funding:
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Failed Deals: There have been instances where customers reported unsuccessful deals when engaging with Patriot Funding. It is imperative to thoroughly assess any debt consolidation service provider’s success rate and track record before reaching a decision.
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Potentially Higher Fees: Reports suggest Patriot Funding’s fees may lean towards the higher side. A comprehensive understanding of the fees and costs associated with their services is crucial before proceeding with any commitments.
Is It Smart To Consolidate Debt?
If you have a good credit score, consolidating debt can be smart because it will qualify you for a good and competitive term, and you can easily afford the monthly payments. However, consolidating debt might not be smart if your credit score is low, your debt is small, or you are in a dire debt situation.
It is important to note that debt consolidation is not a one-size-fits-all remedy for all debt issues. There must be a comprehensive assessment of your circumstances and objectives to ascertain its suitability for debt consolidation.
When to Consider Debt Consolidation:
Here are several situations where it is considered wise to invest in debt consolidation:
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Good Credit and Qualification: You possess good credit and can secure improved loan or credit card terms.
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Budget Compatibility: Your budget accommodates the new monthly payment without compromising essential expenses and other debt obligations.
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High-Interest Debt Load: You are burdened with substantial high-interest debt.
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Multiple Payments Simplification: You have numerous monthly payments and seek consolidation into a single, manageable one.
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Lower Monthly Payments: The objective is to reduce your monthly payment burden.
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Interest Rate Stability: You wish to transition from variable interest rates to a fixed rate.
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Commitment to Financial Discipline: A commitment exists to alter spending habits to avoid accumulating additional debt.
When Debt Consolidation Might Not Be a Smart Move
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When your credit score is low, you cannot qualify for more favorable terms.
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When the new monthly payment surpasses the sum of your existing payments.
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When you can pay off your debt within a year without consolidation.
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When your income and employment status are uncertain or unpredictable.
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Even with reduced monthly payments, your debt situation remains financially unmanageable.
Pros and Cons of Debt Consolidation
Debt consolidation offers several benefits. Below are some of the benefits you derive from consolidating your debt.
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Simplify Payments: Consolidating debt involves combining multiple debts into a monthly payment. If managing various payments is challenging, consolidating can make keeping track of your finances easier.
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Lower Interest Rates: Securing a lower interest rate through consolidation may save you money in the long run. Combining high-interest debts into a lower-interest consolidation loan can reduce overall interest payments.
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Fixed Interest Rates: Some consolidation options offer fixed interest rates, providing predictability in monthly payments. This can be beneficial if you want to avoid the uncertainty of variable interest rates.
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Improve Credit Score: Successfully managing a consolidation loan and making timely payments can positively impact your credit score. It demonstrates responsible financial behavior, which may help improve your creditworthiness.
However, it’s essential to consider the potential cons of loan consolidation:
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Extended Repayment Period: While monthly payments may become more manageable, consolidating debt could lengthen the repayment period. This might mean paying more in interest over the long term.
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Fees and Costs: Fees may be involved depending on the consolidation method. It’s essential to understand all costs associated with the consolidation process.
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Risk of Further Debt: Consolidating debt doesn’t eliminate the root cause of financial challenges. Without addressing spending habits and financial discipline, accumulating more debt is risky.
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Qualification Criteria: Not everyone may qualify for favorable consolidation terms. Lenders typically consider credit history and financial stability when approving consolidation loans.
Will A Debt Consolidation Ruin My Credit?
Consolidating your debt can ruin your credit score if you are not disciplined in paying regularly. Debt consolidation requires a hard credit check, which can affect your credit score.
Also, a notable risk with debt consolidation is the possibility of accumulating more debt once your recently freed-up credit cards become accessible again. For instance, if you transfer existing credit card balances to a balance transfer card and resume using your old cards, you may have a higher debt burden, potentially affecting your credit score.
Beyond this, bet consolidation does not affect your credit score. If you can keep the monthly payment, you can positively build your credit score when consolidating your debt.
Frequently Asked Questions (FAQs)
What is Patriot Funding?
Patriot Funding on their LinkedIn stated that they are a National Commercial & Equipment Lending Broker that advises on Commercial Loans from HUD/ FHA, USDA, SBA, Conventional, and Equipment lending. It is a reputable debt consolidation company crafting personalized debt management solutions. The company aims to guide individuals toward financial freedom by consolidating their debts into a manageable payment. Patriot Funding strives to ensure a seamless and efficient debt consolidation journey for its clients with an expedited and straightforward application process, flexible repayment terms, and competitive interest rates.
What is the Phone Number for Patriot Funding?
The contact phone number is (888) 852-6241 to access Partirot Funding. You can dial the phone number to schedule a free, no-obligation service consultation with an expert.
What is the Minimum Credit Score for a Debt Consolidation Loan?
It states that you can quickly and easily get a debt consolidation loan if your credit score exceeds 580. Anything below 580 is considered poor credit, so it is not advised to consolidate a loan. You tend to have more options and better terms if you have a good credit score when applying for a consolidation loan.
Does a Debt Consolidation Loan go into Your Bank Account?
A debt consolidation loan is deposited directly into your bank account to pay off your credit card and financial debts.
Conclusion
Despite offering debt consolidation programs, weighing the pros and cons of partnering with Patriot Funding is essential. Concerning whether Patriot Funding is legit, the answer is yes, it seems legit. However, the cost details of Patriot Funding’s debt consolidation program are not explicitly disclosed. Check for personal Patriot Funding reviews from credible sources to make more clarification.
Before deciding to consolidate debt, it’s advisable to carefully assess your financial situation, explore alternative options, and, if needed, consult with a financial advisor. Consider the terms of the consolidation, weigh the potential benefits against the drawbacks, and ensure that it aligns with your long-term financial goals.
