My Patriot Funding: Application and Approval Process

Combining your debts into one may be the best option for you, as there will be no need to pay separately, thereby having to incur high interest rates. A debt consolidation from My Patriot Funding can provide you with some needed relief.

My Patriot Funding: Application and Approval Process

Summing up your debt as one can make you save more money and help you pay your debt faster.

In this blog post, I’ll overview everything you need to know about getting my patriot funding debt consolidation loan, including What My Patriot Funding is, who are they best suited for and How the application and approval process work

What is My Patriot Funding?

My Patriot Funding is an online lender that specializes in debt consolidation loans. They were founded in 2013 initially to help military service members and veterans consolidate and repay debt by offering competitive rates and flexible repayment terms.

Now, My Patriot Funding’s debt consolidation loans are available to all creditworthy borrowers – not just veterans. While they aren’t a non-profit, their rates can be lower than some traditional banks, and they have more flexible eligibility requirements.

To qualify for a My Patriot Funding consolidation loan, you’ll need:

  • A minimum credit score of 580.
  • Steady income.
  • A U.S. citizenship or a permanent residency.

They recommend their loans for borrowers with fair to good credit, not necessarily flawless credit.

My Patriot Funding Debt Consolidation Loan Options

My Patriot Funding offers unsecured personal loans from $5,000 up to $40,000 for debt consolidation purposes.

Some key details about their consolidation loans:

  • Loan terms range from 2 to 5 years (24 to 60 months).
  • Interest rates range from 4.99% up to 24.99% APR.
  • No application, origination, or prepayment fees.
  • Fixed interest rates – your monthly payment won’t fluctuate.
  • Option to defer your first payment by 30 days.

The interest rate and loan term that you qualify for will depend on factors like your income, credit score, and existing debt balances.

Having a co-signer with good credit may help you qualify for a lower rate, too.

How the My Patriot Funding Application and Approval Process Works

Applying for a consolidation loan from My Patriot Funding can be done completely online in a few simple steps:

Go to their website and fill out the quick pre-qualification form. This gives them an initial snapshot of your credit profile.

If pre-qualified, you’ll fill out the full online application. You must provide personal and employment info, income documentation, and your debt account details to consolidate.

My Patriot Funding will do a soft credit check at this point that won’t impact your score. If they can pre-approve you based on the soft check and documentation, you’ll then agree to a full hard credit check.

Within 1 business day or less, you’ll receive a final loan decision and your loan offer details.

If approved, you’ll then assign your loan contract and My Patriot Funding will distribute your loan funds electronically, usually within 1-3 business days. They’ll pay off your debts directly, so you get a consolidated monthly bill.

It’s a pretty quick and straightforward process overall. The main documentation you need to provide is proof of income and your account/balance details for the debts being consolidated.

Pros of a My Patriot Funding Consolidation Loan

There are some nice advantages to consolidating debt through My Patriot Funding, such as:

Lower Interest Rate

By combining multiple high-rate debts into one new loan with a lower fixed rate, you can reduce your monthly payments and total interest costs. For example, consolidating $20,000 in credit cards at 20% APR to a 14% My Patriot loan would save over $2,000 in interest.

Single Monthly Payment

Instead of keeping track of 5 different credit card due dates, you’ll have just one fixed loan payment each month. Easier to budget and manage.

May Improve Credit

Having fewer open accounts with high balances can improve your credit utilization ratio, a key factor in credit scoring models. As long as you continue making on-time payments, a consolidation loan can help build your credit history.

Fixed Interest Rate

The single rate on your new loan won’t fluctuate over time like variable rate credit cards. This provides predictability in monthly payments.

Payment Deferment

My Patriot allows you to defer your first payment by up to 30 days to give you flexibility in managing the transition.

Potential Downsides to Consider

While debt consolidation loans offer some upside, be aware of a few potential cons too:

Origination Fees

My Patriot Funding does charge origination fees ranging from 0% to 8% of the total loan amount. So, if you borrow $20,000, you may pay $1,000+ in fees at closing. These get deducted from the loan proceeds.

Prepayment Penalties

Paying off your My Patriot loan early comes with a penalty equal to 180 days of interest if done within 3 years of getting the loan. You’d need to factor this cost if trying to pay down the balance faster.

Shorter Loan Terms

While you get a lower consolidated rate, loan terms of 2-5 years mean higher monthly payments than minimum credit card payments. Make sure the payments fit your budget.

Lose Flexibility

With credit cards, you have the option to pay down individual balances faster. A debt consolidation loan means you lose that flexibility somewhat and have to pay down the single loan.

Missed Payment Fees

A late or missed consolidated loan payment can result in fees, unlike credit cards that typically have grace periods before late fees.

Getting Approved for a My Patriot Funding Debt Consolidation Loan

If you think a My Patriot Funding consolidation loan may be right for your situation, here are some tips to boost your chances of getting approved for the best possible rate and terms:

  • Pay down balances – Lowering your debt utilization before applying can help improve your rate quote. Pay down cards to 30% or less of the limit if possible.
  • Check your credit – Getting errors on your credit report fixed prior to applying will help raise your score for better loan term offers.
  • Provide all documentation – Having pay stubs, tax returns, bank statements ready makes for a smoother application process.
  • Keep existing accounts open – Closing credit cards can actually hurt your credit utilization ratio. Leave accounts open even if consolidating the balances.
  • You can consider a co-signer – Adding a co-signer with good credit may help you qualify for better loan rate and terms when consolidating debt through My Patriot.


My Patriot Funding consolidation loan can be an effective way to streamline debt payments and save on interest costs.

Just be sure to run the numbers and consider both pros and cons before applying. And have a backup plan for paying off the new loan in case of any income disruptions down the road.

Consolidating debt is a big financial move, so do your homework. But for borrowers with fair credit, My Patriot Funding can be a viable option versus struggling with high-rate credit card and other unsecured debts.

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