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Omni Military Loans Blog:

How to Apply for Personal Loans for Military Families

By - Posted on September 21, 2020

Mother with baby applying for a military personal loan.

Few experiences in life are more fulfilling than raising a family.

At the same time, though, being a military family can be challenging, particularly when it comes to finances. Dealing with credit card debt, funding emergency repairs, staying on top of ongoing expenses, and maintaining a budget isn’t easy. With unexpected emergency expenses sometimes occurring – which never come at a convenient time – things can get out of hand quickly, resulting in bad credit and the feeling of drowning in debt.

Omni Financial can be your lifeboat here to help you every step of the way. As one of the nation’s leading and most respected personal loan lenders, we have the experience, compassion, and capability to help you get out of dangerous financial waters and back on dry land. This is made possible by our signature products and services that have rescued thousands of military families since our founding over 50 years ago.

Before we dive into how you go about the application process and what it takes to be approved for a loan, you may wonder what options are available to you when it comes to how you use the funds from a personal installment loan.

What can a personal loan be used for?

You name the financial need, a personal loan for military families can provide the necessary proceeds to make things happen for you in a time when you need it. Raising a family today comes with all sorts of expenses, many of which aren’t necessarily emergency nature, however is an important need. Vacations are a classic example. While some consider vacations to be a luxury, numerous studies show that travel is extremely important to your mental health and can provide the rest and relaxation you need to be more effective on the job and responsive as a spouse, parent, or guardian.

The problem is traveling is often not cheap, whether you go by car, train, or plane.

If you don’t have the money to take advantage of your leave from the armed forces, a personal loan can make up the difference. We’ll work with you to arrange a plan that suits your lifestyle so you can pay back the loan through simple monthly payments.

Here are a few other purchase options you have pertaining to how you use a personal loan:

  • Debt consolidation
  • Medical bills
  • Home repairs
  • Emergency expenses
  • Moving costs
  • Permanent change of station expenses

A word on interest rates

If you’ve never applied for a personal loan before, you’ve undoubtedly been told about interest rates. Perhaps you’ve been warned by a friend, relative or acquaintance not to bother applying because of predatory lending practices, which unfortunately exist.

For the last 50 years, nothing is more important to us than your satisfaction, which is why we back up all of our products and services with a 15-day satisfaction guarantee.

What is the application process like?

You’ll be delighted to know that applying for a loan with Omni Financial is simple and straightforward. For most of our applicants, it starts online, where you’ll fill out some basic information about yourself, like your name, address, and status in the military (i.e. active duty, career retired, active guard/reserve) and your military branch (i.e. Army, Navy, Air Force, Marine Corps, Coast Guard).

Then you’ll receive a call from one of our loan specialists who will guide you through the remainder of the process to make sure your application is all set, complete and straightforward. Our representatives are not just highly trained to assist you with what financial need you may have, but they also speak from experience, as many have served in the military or are military spouses and know about the unique challenges military families encounter.

It’s not unusual for an approval turnaround time to be within the same business day.

While we provide an in-person service in handling approval from wherever you are, you may want to come visit one of our brick and mortar offices so you can get to know our team a bit better and so you can get to experience Omni’s fast, friendly, and trustworthy service first-hand. We have a presence throughout the U.S., including Washington State, Tennessee, Texas, North Carolina, Kansas, California, and several other brick and mortar office locations.

What credit score do you need to qualify for a personal loan for military families?

Every single person’s circumstances are unique. Because of this, we evaluate each customer on a case-by-case basis after taking into account their income level, available savings and credit history. In short, there really is no minimum credit score. So even if you have “bad credit,” you should definitely not let it deter you from applying and receiving financial assistance from Omni Financial. Loan amounts range from as little as $500 to as much as $10,000.

Providing for your family isn’t always easy especially with a demanding military lifestyle; but getting the funds you need can be – through Omni Financial. Contact us today – we love to say yes.

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 blog, Financial Tips & Advice, Military Tips and Advice