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Omni Military Loans Blog:

Advantages of military personal loans: Why and how to get one

By - Posted on April 12, 2021

A couple doing paperwork in their kitchen.

Regardless of your military branch, life as a service member comes with some truly epic advantages. From journeying to the far reaches of the world to developing leadership skills that are applicable in every aspect of life, it's very good to be on active duty.

But the benefits aren't exclusive to travel and personal development. The perks are financially related as well — and not necessarily in terms of salary. It comes from a standpoint of financial opportunity and loan eligibility. In short, if you're in a situation where you need money and need it fast, the mere fact that you're in the military works to your advantage.

This blog will elaborate and explain why a personal loan may be the perfect solution for your ongoing financial needs.

Where can military members get a personal loan?

Think about all the expenses you have. Depending on what stage of life you're in, the list can get long very quickly. Beyond the bare essentials like groceries, utilities, and other odds and ends, there are the major payments. These include both annual and monthly payments such as a mortgage, student loan debt (if you have kids in college), car loan or home insurance.

Missing any one of these payments may not be an option, which is why a personal loan can make a lot of sense.

A simple Google search for "military personal loan" produces a plethora of potential providers. These include credit unions, community banks, large financial institutions, and financial service organizations.

As Experian points out, the one you decide to go with will depend on your needs and what your situation is. For example, if you have a low credit score — or no credit whatsoever — one local bank or credit union may turn you down while another one will approve your request.

Should bad credit be an issue for you, Omni Financial is your military personal loan destination. For over 50 years, Omni Financial has fulfilled thousands of personal loan requests to soldiers and service members in general in a variety of financial circumstances. We may be a consumer finance company, but our offerings are exclusive to military members like you. No matter where you may be stationed in the world, service members are eligible to apply regardless of their credit history.

All too often, individuals think their low credit score prevents them from receiving a personal loan. That's not always the case, at least not with Omni Financial. We provide loan options that can get military members such as yourself adequate funds in a timely manner, even if their credit is less than stellar. To get started, Omni has satellite offices all around the country — including near many military bases and stations — but you can also call to apply or apply online. You may be surprised by the speed of the process.

Check out Omni's testimonials page for corroboration that bad credit loans really are possible.

How long does it take to get a personal loan?

In general, the length of time it takes to obtain a personal loan can vary considerably. Naturally, a lender must do its due diligence to ensure that any borrower has the means to repay the loan, which affects how quickly a borrower will know if they're approved or not.

Additionally, a lender may have certain policies that dictate when loans can be processed. When a decision comes down on a loan can also affect the time it takes to become available. For example, if a loan request is granted on a Friday afternoon, the funds may not be available for distribution until the next business day. At Omni Financial we strive to make a loan decision within hours of receiving and reviewing your application. This is another major plus a military loan borrower gets by choosing Omni.

As for the actual distribution of funds, you have two options to select from with Omni. You can choose the direct deposit method, which will allow you to draw the funds straight from your stateside checking or savings account. The funds will be available as soon as it's credited.

While that's fast, an even quicker option is to stop by one of our locations. You can find an Omni Financial office in the Pacific Northwest (Washington and California), Mountain West (Colorado) parts of the Deep South (Texas and Georgia) as well as some of the Mid-Atlantic (Virginia and North Carolina). We also have more than one location in several states, including three in Virginia, two in California and two in North Carolina. We strive for speed and convenience, and treat every military member as if they're our only customer. If you're in any way unsatisfied with how quickly you receive your loan, we want to hear about it; all of our services are backed up by our 15-day satisfaction guarantee.

Personal loans can be used for virtually anything

Here's another major perquisite of a military loan: The funds can go toward a wide variety of needs: services, products, or plans.

Think about other loans, like a VA loan or tuition. Those are for very specific purposes. A personal loan is different. As its title more or less implies, a personal loan can be used for individualized reasons that aren't confined to one thing.

A classic example is Army Emergency Relief, or AER. This is a non-profit organization that specializes in financial assistance when soldiers encounter an urgent situation that requires funding quickly. If a soldier's spouse or child were to require immediate surgery due to an injury, an AER loan could go toward that major expense.

However, there are many uses for an AER loan that don't necessarily fall in the emergency category. As listed on its website, soldiers granted approval can potentially use the funds for clothing, traditional furniture, monthly rent, appliance costs and even child car seats. While these uses may not seem like they're super pressing, context is everything. In other words, what may not be an emergency to one person or family absolutely is for another. That's just one reason why AER says that "all assistance requests are unique and considered on an individual basis."

Variety of uses is not unique to AER when it comes to personal loans. If you're approved for a personal loan from Omni Financial, you're free to use the funds however and wherever you see fit. That fact is what makes personal loans – personal. Yet unlike AER, which only supplies such loans to active duty and (some) veteran Army service members, our loan products are available to all military branches.

Furthermore, to receive financial assistance through AER, you have to be active duty for at least a year. This means that newly minted service members may be automatically ineligible. Omni Financial accepts applications from all active duty service members as well as those who are career retired.

A word on interest rates

What comes along with most loan products is the interest rate applied. Frequently, the interest rate can frighten a borrower away from applying — out of fear that they may not be able to pay the loan back once the interest rate is factored into the borrowed amount. Credit card companies are notorious for charging exorbitant interest rates and attaching fees.

This is yet another example of the advantages that come from a military loan. The Military Lending Act, which was passed in 2006, is a consumer advocacy-related legislation that provides certain rights, privileges and protections to service members who are on active duty. One of these protections is defense from predatory lending tactics. For example, lenders are barred from charging annual rates that are more than 36%.

In short, as an active or veteran service member, the federal government has your six. This means that lenders are required to keep interest rates competitive. At Omni, all our loans are covered under the Military Lending Act. Again, while bad credit is not a dealbreaker for loan approval, your score can influence the interest rate. Other factors are taken into consideration as well.

From flexibility to convenience to speed to simplicity, there's an awful lot to like about military loans. And at Omni Financial, we would love to be your preferred lender. Whether it's as little as $500 or as much as $10,000, our personal loans are ready for use when you need them with flexible repayment timelines. Approval is super simple and the distribution of funds comes when you need it.

For more information on anything we've mentioned here, don't hesitate to touch base with us by phone, email or in person. Contact us today.

The information provided in this blog post is for informational purposes only. It should not be considered legal or financial advice. You should consult with a financial professional to determine what may be best for your individual needs.

Posted in Financial Tips & Advice