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In the realm of personal finance, debt is a reality that many of us face. No need to feel ashamed—it's a common challenge, especially among Americans. In 2023, the average debt per person exceeded $90,460 (CNBC). out loans has become a financial lifeline for the major aspects of our lives, including our homes, cars, education, and health. However, there are instances when the weight of debt becomes daunting. If you find yourself in this situation, it might be the right moment to explore the option of debt consolidation. In this blog, we'll discuss what debt consolidation entails, how it works, and how our Access Loan can be the key to simplifying your financial journey.
Debt consolidation simplifies your financial obligations by combining multiple debts into a single, more manageable one. Instead of juggling various monthly payments, you can streamline the process, making your financial life more straightforward. Beyond the convenience, debt consolidation can often lead to improved repayment terms, such as lower interest rates and monthly payments.
When you opt for debt consolidation, you essentially secure a new loan that covers your existing debts. This new loan, provided by a different lender, allows you to streamline your payments and potentially negotiate more favorable terms. Unlike debt settlement, debt consolidation does not reduce the actual amount you owe, but it significantly reduces the number of creditors you owe. This not only eases your financial burden but can also save you money in the long run.
For instance, if you have an auto loan with a 14% interest rate and a credit card with a 28% APR, consolidating these debts into a single loan with a lower interest rate can result in substantial savings over the life of the loan. Armed Forces Bank's Access Loan is designed to help military members take advantage of opportunities for debt consolidation.
At Armed Forces Bank, we take pride in serving those who serve. Our Access Loan is tailored to meet the unique needs of the military community, providing fast and easy approval processes. Whether you're an existing client or an active or retired military borrower with less-than-perfect credit, this loan offers flexible and customizable credit options to meet your needs. Features include:
To apply for the Access Loan, complete our online application for instant approval.* Once approved, you'll gain quick access to the funds in your Armed Forces Bank account, whether you're an existing client or new to our services. The loan can be a valuable tool not only for debt consolidation but also for improving credit scores and addressing various financial needs.
If you are already an Armed Forces Bank client, your loan will be deposited directly to your account. If you are new to Armed Forces Bank, a new checking account will need to be set up first, and then your loan proceeds will be deposited there.
As a family-owned military bank with over 115 years of service, Armed Forces Bank understands the distinctive banking needs and challenges faced by military families. Our commitment is to provide a superior banking experience with fast, easy, and personal service.
With unsecured military loans offering flexible terms and no early repayment fees, our Access Loan can be used for various purposes, including debt consolidation, covering household expenses, education costs, travel, and more.
Armed Forces Bank is dedicated to being your partner in financial health. If you're seeking a reliable lender for your debt consolidation journey, the Access Loan is your solution. Apply today and experience the convenience of streamlining your financial obligations with the support of a trusted military bank. Let’s get started!
*Subject to credit approval. Restrictions apply. Annual Percentage Rate is based on credit score. Only one personal loan allowed to any borrower at any time. Loan terms are based on the loan amount. Origination fee applies. Demand deposit relationship required. Refinance applicants must qualify for a minimum of $250 in additional cash for approval.