You’ve done things and visited places in a single year that many Americans won’t experience in their entire life. Yet at the same time, no matter what branch of the armed forces you’re in — Air Force, Navy, Marine, Army or Coast Guard — you probably identify with many of the challenges that families throughout the United States encounter, from credit card debt to ongoing monthly payments for your car to a litany of other expenses that can come out of nowhere or are no surprise at all.
Personal loans for military members can serve as a seamless solution to virtually any need where you require some extra cash and need it fast. Whether it’s a financial emergency, an upcoming PCS or you’re looking to consolidate debt, a personal loan from Omni Financial gives you the resources to spend how, where and when you prefer.
You’ve probably heard about loans for military members but may not be too familiar with how they work, what types are available and the eligibility criteria. We’ve put together some of the most common questions military members ask us. This explainer should give you the background you need to determine if a personal loan is right for you.
What life events or circumstances might personal loans for military help address?
It’s said that life is measured not in minutes, but in moments; service members like you have surely been through a number of them both inside and outside of the armed forces. Said moments often involve money, from attending college to raising children to putting money down on your teenage son or daughter’s very first car. You name the milestone; a personal loan can be customized to fit your financial needs.
What types of military loans are available?
Generally speaking, loans made available to active duty and career-retired military fall into one of four categories:
- Bad Credit
- Short Term
Emergency loans are subject to stricter loan terms and are used for unexpected circumstances, such as a sudden death in the family or disaster relief. A debt consolidation loan would obviously not fall under the appropriate uses for an emergency loan.
Bad credit loans are typically exclusively for people whose FICO credit scores are low; they tend to carry higher interest rates and tighter limitations on borrowing amounts as a result. Short-term loans, meanwhile, may also have a higher annual percentage rate and require borrowers to pay back the loan more quickly. Short-term loans are often associated with payday loans.
Omni Financial – Military Loans
At Omni we specialize on an installment loan product. These personal loans range between $500 and $10,000 for various needs. Omni’s lending product offers more freedom and flexibility in loan terms, repayment timelines and how borrowed funds can be utilized.
What does it mean to be in an “eligible period of military service”?
This is a phrase you have probably come across if you’ve ever bought a house or sought certain benefits as an active or career-retired military person in one of the five branches of the armed forces or as a reserve. It refers to how long you have to be in the military to receive certain benefits. For example, a VA loan is a mortgage product that millions of both active duty and career-retired military have taken advantage of over the years so they can more easily become homeowners, but depending on the time, it can affect eligibility.
While Omni Financial doesn’t provide mortgages, we do assess whether borrowers have the appropriate qualifications to leverage loans for military service members. Similar to our no-nonsense application process, the qualification process is very straightforward. We accept loan applications from those who are in the Army, Air Force, Marines, Navy or Coast Guard or Active Guard Reserve and serving under Title 10 orders. Career-retired military — meaning those who have been in the service for 20 years or more — should also feel free to apply. After all, once a Marine, always a Marine. The same goes for the other branches.
Why don’t military service members always qualify for traditional loan products?
Our loan product at Omni Financial is defined as an installment loan product. It’s our privilege and high honor to serve the people that have served the country with honor and distinction. It’s something we take great pride in as we truly love to say yes. Even if a service member has less than perfect credit, we at Omni can still help you.
At the same time, though, we can’t always guarantee that borrowers will be given the green light for a loan simply by applying. There are a number of reasons as to why. For one, much of the decision process is based on credit and what credit score you have. While creditworthiness is just one aspect of loan approval, those with a very low credit score may not be approved after taking other factors into consideration.
Another reason is the period of service that we discussed earlier. While it’s rare, you may not be in the eligible timeline if you left the military on your own accord or were discharged.
One thing we can promise you is we take every application on an individualized basis and use context to inform our decision on whether to accept or reject. If there is something in your credit or other financial materials, we have questions about, we will be in touch to discuss it and try to work something out so you can ultimately be approved. So even if you think your credit score is too low to be considered eligible, doubt your doubts. You may be surprised by our answer if you decide to fill out an application.
From 6 to 36 months, $500 to $10,000, Omni Financial can get you the funds you need. We’ve been doing it successfully for over 50 years. Contact us today online or visit one of our locations around the country.
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.