Veterans Debt Consolidation Loans

The truth is debt consolidation loans and debt settlement companies don’t help you slay mammoth amounts of debt. In fact, you end up paying more and staying in debt longer because of so-called consolidation. Get the facts before you consolidate or work with a settlement company.

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In addition to combining debts under a single fixed-rate loan, debt consolidation loans can also help those struggling to pay off their current debt. If you are receiving calls from bill collectors, or using one line of credit to pay off another, a debt consolidation loan can put a stop to the madness.

With these online veteran loans, funding is always within easy reach. The reason for the loan is not a factor in calculating your interest rate or loan terms; only your credit score, loan amount, and preferred repayment period are considered. Debt consolidation is a preferred use of a personal loan.

Veterans, members of the Armed Forces and family members who incur debts as a result of their participation in most VA compensation, pension and education programs as well as home loans closed before January 1, 1990, receive letters from DMC notifying them of their rights as well as their obligation to reimburse the Department of Veterans Affairs.

Military & Veteran Debt Consolidation Loan Options. The rates advertised in early 2017 were as low at 5.99%, based on your credit score. The Military Lending Act of 2007 caps interest on personal loans at 36%. Active or retired service members also could explore numerous personal loan options available online.

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3. military debt consolidation loans (mdcl) If you went through the VA to get a mortgage with a VA home loan, you are eligible to use a Military Debt Consolidation Loan (MDCL). This loan acts as an intermediary borrower against the equity built up in your home, so it’s like a home equity loan specifically meant for veterans. 4.

At Veterans First, the minimum credit score for a VA consolidation loan is 600. And DTI ratios for approved loans are commonly below 43%. However, there is some wiggle room for borrowers with higher residual income. For more information about using VA home loan benefits for debt consolidation, contact one of our experienced VA loan professionals.

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