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Are you one of the many people who have received a pre-qualification mailer from Patriot Funding offering a debt consolidation loan at an attractive 3.87% interest rate? If so, you may be wondering whether this company is legitimate and whether you’re actually likely to get the loan if you apply.
While you may not have heard of Patriot Funding before, it’s important to do your due diligence and research the company thoroughly before deciding whether to move forward with your loan application. Be sure to read online reviews, check the company’s ratings with the Better Business Bureau, and verify that the company is licensed to operate in your state.
Legitimacy
When you read through the Patriot Funding mailer below, it states that you are pre-approved for a debt consolidation loan (image below).
Source: tryascend.com
This mailer looks similar to recent Loyal Lending mailer. That said, it’s unclear whether anyone actually gets a debt consolidation loan or whether you would be pitched a debt consolidation program where your debt falls behind and you can be sued.
If you are looking for a debt consolidation loan, I have two favorite debt consolidation loans options that you can check your rate WITHOUT affecting your credit score. Here’s where you can check your rate now.
While the rate will most likely not be lower than 4%, the company has an impressive track record where more than 2/3 of the loans are approved instantly and are full automated, are automatically approved. And, this company has actually originated $1.5 Billion (with a B) in the fourth quarter of 2022.
Patriot Funding BBB
Despite many searches, I could not find a BBB for this Patriot Funding. For example, there was a Patriot Funding Company, which is a mortgage broker. This is not the same company. There is also a Patriot Funding LLC that pitches itself as a real estate investment firm.
Other Reviews
There were very few other reviews for Patriot Funding. There’s reviews for Patriot Finance, which is a completely different company.
The only somewhat legitimate Patriot Funding review that I found was from a user on reddit who alleges that it’s a classic bait and switch as we had mentioned could be happening earlier.
Where Can I Find a Debt Consolidation Loan?
If you are looking for a legitimate debt consolidation lender, you may want to check out your rate Upstart. As stated earlier, Upstart has provided $1.5 billion of debt consolidation loans, just in the fourth quarter of 2022. It also allows you to check out your rate without affecting your credit score.
If you cannot get approved for a debt consolidation loan and need some sort of relief, you may consider taking a free debt relief calculator to help compare options such as non profit debt management, debt settlement or bankruptcy.
