Top 100 consolidating lenders

19-May-2019 03:42 by 6 Comments

Top 100 consolidating lenders

According to the NFCC, the average military member who contacted a credit counselor had $10,000 in debt and 60% of the service members used payday lenders to help make ends meet.

Depending on the circumstances and amount of debt you owe, there are some other avenues for military members to get relief.

Among other things, the SCRA caps interest rates on credit cards and mortgages at 6%, prevents lenders from foreclosing on homes and allows military personnel to cancel leases without penalty.

Still, the youth and financial inexperience of many members of the armed services — especially enlisted personnel — make dealing with debt a regrettable part of the experience.

Most of the offers have a transfer fee, which ranges from 3–5%, but if you pay off your balance in the introductory time period, you still come out way ahead.

Another option is to speak with a nonprofit credit counseling agency to find out if you qualify for a debt management program.

While it’s believed the VA makes home loans, this isn’t actually the case. The VA guarantees as much as 25% of the loan and puts some restrictions on what banks can charge for loans, but does not decide who gets a loan or how much they get. Still, the myth persists that a VA loan is made by the VA and it’s just one of many misunderstandings about finances among military members.

A 2014 survey by the National Federation for Credit Counseling (NFCC) found that military families had 7% more unsecured debt (about 0-to-0 on average); about ,000 less in tangible assets and spent 0 a month more on debt-related expenses than their civilian counterparts.

Qualifying standards for a MDCL loan are easier than for conventional consolidation loans.

One of the overlooked aspects of every loan is closing costs, which often add a significant sum to the total amount being repaid.

Banks and lenders dealing in VA loans are restricted by rules on how much they charge for closing costs.

There are two significant rules to consider before closing a VA loan: origination fee cost and VA funding fee.

The advantage of a Military Debt Consolidation Loan (MDCL) is that you typically pay a lower interest rate and closing costs than civilians and far less interest than you would trying to pay the same bills with credit cards.

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