Debt Consolidation
If you’re under financial strain debt consolidation can be the solution. Consolidating debt with higher interest rates into a single loan with a lower interest rate can provide tremendous savings and enable you to meet your debt obligations while improving your credit score. There are many commercial sources to get a consolidated loan, but these resources are specifically targeted towards military members.
Armed Forces Bank
Borrow between $250 and $15,000 with a fixed rate. There is an origination fee.
Credit9
Get a consolidation loan with a 1-7 years pay off period.
First Command
Get an unsecured Consolidation loan in the amount of up to $50,000.
Military Loans
Get a Debt Consolidation loan of up to $40,000.
Navy Federal Credit Union
Get a same day funding debt consolidation loan with no origination or prepayment fees. Loans range from $250.00 to $50,000 with up to 60 months payment plan.
Omni Financial
They do not call it a debt consolidation loan specifically, but it can be used to pay off other debts. Loans range from $500 to $10,000 with 6-36 monthly payments.
PENFED Credit Union [Pentagon Federal Credit Union]
Borrow up to $50,000 with up to 5 years to pay it off. No origination fee or early payoff penalty.
SoFi
Whether you’re a veteran or active-duty service member who’s in a pinch because of a recent expense, or you’re considering a credit card consolidation loan to get a handle on high-interest debt, a personal loan can help provide the funding military families need to stay on track financially. Fixed interest rate and no collateral requirement.
The Federal Savings Bank
Their consolidation loan requires active-duty and retired veterans to have a credit score of at least 600.
USAA
Get a consolidation loan with a fixed interest rate and up to 84 months to pay it off.
VA Cash Out Refinance Loan
This VA refinance loan allows borrowers to borrow at the full current value of their home and use the equity portion to consolidate debts and make payments at a lower interest rate. Unlike other debt consolidation loans above this one is secured with the home. There is no origination or pre-payment fees with this one.