Patriot Funding Reviewed In-Depth

Patriot Funding is a small, reputable debt consolidation company in operation since 2018. They’re dedicated to helping their clients achieve financial freedom through personalized debt management solutions, with a focus on debt consolidation loans. Patriot Funding is known for its quick and easy application process, flexible repayment terms, and competitive interest rates. 

Patriot Funding was founded with the goal of offering high-quality loan and debt-management products to people in need of help managing significant consumer debt.

Who is Patriot Funding?

As a mid-size loan provider, Patriot Funding is known primarily for its offerings to residents of the states of California, New York, Texas, Illinois, Minnesota (where they are based), and Michigan, though they do have loan products on offer for residents of all 50 states. Patriot Funding started out as a family business, founded by two brothers who have a collected 52 years’ experience in the finance world.

Since the company was founded in 2018, Patriot Funding has grown to include dozens of financial consultants who are well-trained and at the ready to talk clients through their best options. So there is still a family feel to their business operations, even though they have a wide range of products on offer.

Pros of Patriot Funding

• Connects clients to a range of options
• Specializes in debt consolidation 
• Patriot can disburse funds for many loans within 24 to 48 hours of approval.
• Patriot has lower credit score requirements than many lenders.
• Interested clients can speak with Patriot consultants with no impact to their credit score.

Cons of Patriot Funding

• Not everyone qualifies for the advertised rates.
• There are origination fees for the loans, which vary depending on the loan. Be sure to inquire.
• Patriot Funding loans start at $7,500, so those people seeking smaller loans are not well served by Patriot.

Services Offered by Patriot Funding

Patriot Funding specializes in personal loans used for debt consolidation purposes. However, since their primary offerings are personal loans, they can and do issue unsecured loans for any purpose, assuming the client meets the threshold requirements. This means that Patriot Funding does not offer secured loans of any kind, i.e. those loans used to purchase a house, car, or other asset.

Patriot Funding offers a wide range of loans, primarily for debt consolidation purposes, starting at $7,500. Records indicate that their average loan size is $38,500. Larger loans, up to $80,000 are also available, depending on the client’s credit history, debt-to-income ratio (DTI), and other factors that are considered in the underwriting process. Patriot Funding begins each consultation with a conversation to assess the client’s current needs, which then leads to access to a range of loan products.

What Patriot Funding Doesn’t Offer

How Are Patriot Funding Reviews?

Patriot Funding has received generally positive reviews on review platforms across the web. One client recently commented on the BBB: “Excellent service: They tell you the truth; not what you want to hear.” Other reviewers have commented on excellent service, the time taken by the consultants with the clients on the phone, and on the range of options on offer. Negative reviews are written by those who do not qualify for the lowest rates advertised, or by those who were met with customer service they found rude or unhelpful.

Debt Consolidation Loan Savings

The primary benefit of a debt consolidation loan is that you can earn significant savings across the term of your loan due to the lower interest rates that loans can offer over the very high interest rates that most credit cards charge. The power of “compounding” means that credit card debt will snowball and get larger over time if you are making only nominal monthly payments — and you are always at risk that those interest rates will increase. The second sizable advantage is that with a debt consolidation loan, your interest rate and your term (i.e. the length of the loan) are both fixed, meaning you know exactly what you need to pay each month until the loan is paid off.

Potential clients can enter some personal information on the Patriot Funding website without triggering a “hard credit pull,” meaning that this initial inquiry does not impact your credit score. If you submit your personal information during average business hours (8am to 6pm ET), you will often receive a call from a consultant within two hours or less. The consultant will then ask you questions about your finances and your debt, and begin to assess your best options. After that initial consultation, you can provide consent for the hard credit pull which allows the consultant to connect you with specific loan options, based on the information you provided. Once you are connected with your best solution, it is often just 24 to 48 hours before you are approved and funds are disbursed.