How to Apply for Personal Loans for Military Families

How to Apply for Personal Loans for Military Families

As a member of the military, the places you go and experiences you have each year significantly outnumber what an average civilian will encounter in an entire lifetime. Yet one area where civilians and active duty military often cross paths is with respect to their finances. From paying off the car loan, to tuition, to credit card bills and more, debt is not unique to most Americans – it affects millions of people, both inside and outside of the military. It comes with the territory when you’re raising a family.

But one thing you have at your disposal as a service member that others do not is Omni Financial. As an online lender, we provide personal loan options exclusively to military members, their families or their surviving spouse. This helps to get debt – and a number of other cost considerations – back under control once the funds are delivered. All you have to do is apply.

Before we elaborate on the application process, the loan amounts you can borrow and why more military service members choose Omni Financial as their preferred lender, let’s discuss the debt situation for the average American today and how it compares to the typical military service member. You just might be surprised by the similarities.

The typical adult in the U.S. today carries a debt load of nearly $90,500, according to CNBC. This total includes expenses such as unpaid credit card bills, car loans, mortgage payments and a few other sources of consumer debt.

Many families are also struggling with debt related to medical bills. Approximately 15% of Americans in a recent Gallup poll said that at least one person in their family has unpaid medical expenses. This may explain why nearly one-third of adults say that debt is a daily concern for them, according to a poll conducted by the Pew Research Center.

1 in 3 service members have taken out a payday loan or cash advance
A number of military service members are facing similar financial predicaments. According to a study conducted by the National Foundation for Credit Counseling, nearly 33% of active duty service members said they have taken out a cash advance or payday loan in the past year to pay off their debt load. That’s up from 13% in 2019 when a similar analysis was conducted by the NFCC.

Additionally, much like the third of Americans who can’t help but stress over debt, 43% of veterans worry about their current debt situation, as shown in the NFCC poll. With 1 in 3 active duty service members taking out a payday loan – whose lenders are notorious for charging an excessively high interest rate – they may have felt like they had no one else to turn for financial assistance.

But through Omni Financial, you not only have another recourse, but you also have a much better one. Unlike payday loan entities, which are often predatory in nature and are notorious for what they bury in the fine print, our personal loans for military families have a more competitive interest rate and we specialize in transparency.

Also, you get to decide how you use the military personal loan funds from as little as $500 to as much as $10,000. Whether it is toward unpaid credit card debt, a down payment on a car loan, permanent change of station expenses, medical debt or just about anything else, military loan funds can be applied however and to whatever you decide.

Here are a few other reasons why it really does pay to go to Omni Financial when you’re short on funds or are looking to improve your credit score:

Do more with your money than paying off debt

Given that debt is such a common issue in America, you can probably understand why so many of our current and former clients use their funds to pay down debt. But more service members choose us because they’re free to use the proceeds in whatever way they’d like. For instance, are you thinking about going on a vacation but don’t have the money to pay for the trip? A military loan can help make the weekend getaway possible.

Do you have a permanent change of station that is around the corner? If you’re taking care of the move yourself, rather than going through the military, all the costs involved can add up quickly (e.g. storage, temporary lodging, truck rental and registration, etc.). That could be a problem, since a PCS reimbursement can take some time to reach your bank account.

A military loan from Omni Financial can provide you with the financial cushion in the event the moving process puts you over budget.

Maybe you’re thinking about starting a business but need a business loan to get things off the ground when it comes to buying an office or purchasing the equipment. If you have bad credit, business loan approval may be next to impossible. This is another area where a military loan can set you up for success. While Omni Financial doesn’t provide business loans, taking out a military loan and adhering to the repayment schedule can help you build the credit profile you need to strengthen your credit score. The higher your credit score, the easier it will be to gain approval. It may also help you get a lower interest rate or be approved for larger loan amounts.

From extra spending money to buying holiday gifts for your children and spouse to purchasing the building materials for a home repair, you can cast a much wider net than paying off debt. As we see it, it’s your money; you should be able to spend it how you see fit.

Receive your funds within the same business day

Another way we prioritize speed at Omni Financial – beyond the application and approval process – is how quickly you can actually obtain the funds, be it $500 to $10,000 or somewhere in between. Choose from one of two options:

By direct deposit – With our military loan direct deposit option, the money that you’re approved for will be transferred directly into your stateside bank account. Similar to how you may receive your weekly wages from the military, Omni Financial’s direct deposit electronically delivers you your cash almost instantaneously. Once the funds are credited, they’re available for immediate withdrawal. Plus, you won’t have to worry about check cashing fees with this method; there are none.

By prepaid debit card – If you decide to apply for a military loan by visiting us at one of our branch locations, you may want to access your funds with a prepaid debit card. The Omni Financial Money Network Card is accepted anywhere that you can buy products and services with a Visa credit card. The Omni Financial Money Network Card allows you to manage your money while you’re on the go with the Money Network Mobile App, which is downloadable on your phone or tablet. The app enables you to see how much money you have left and allows you to load cash on an as-needed basis.

Whichever option you choose, we aim to get all of our customers their money within the same business day that they’re approved. However, the fastest of the two is by visiting one of our local branches.

Our primary mission is loan approval
Our motto at Omni Financial is “We Love to Say Yes.” That truly is our overarching goal. We know how much our active duty and career-retired military clients have done for this country; the nation needed someone to lend a hand, and you offered yours. Providing military loans to those who now or have served is our way of saying thank you.

Because of this, we evaluate each loan application individually, after taking into consideration the other pieces of information pertaining to eligibility. So even if you have bad credit or no credit score at all, that doesn’t mean that you won’t be approved. But at the same time, if you do have bad a credit score, it may prevent you from receiving the loan amount you want if there are other issues that compromise your ability to repay the loan.

Bottom line: We will do everything within our power to provide you with a loan, but the only way to know for sure is by submitting your application.

Pay the loan back on your timeline
You get to decide how quickly or slowly you’d like to pay back the loan. Need only a few months? Fine by us. Is it easier to pay back in smaller portions over two to three years? That works too. From 6 to 36 months, the repayment plan is customized to your needs and capabilities. We won’t box you in, either. In other words, if during one month you’d like to pay more than what you normally do, you can make additional payments whenever you’d like. Since all of our military loans adhere to the Military Lending Act, and Servicemembers Civil Relief Act, there are no prepayment penalties.

How do I apply?
Now that you know why you should apply, here’s how. There are three main ways of applying for personal loans for military families:

  • Over the phone
  • In person at one of our office locations
  • Online

If you’d like to call us, simply dial our toll-free number at 1-877-OMNI-USA. One of our loan specialists will walk you through the process. Alternatively, if you’d prefer that we do the calling, that works for us. Just leave the best number to reach you and we’ll be in touch regarding your loan request.

Another great method is by visiting us. We have 18 office locations all throughout the country, from as far west as Washington State to as far east to Norfolk, Virginia. You may want to call to set up an appointment first, but it’s not mandatory.

Last but not least, the most popular application method is to do it all online. As you’ll see on the application page, this starts by creating an account. Just fill in your first and last name, your social security number, email address, date of birth and your password. You’ll also be asked about your military service, such as if you’re on active duty, are in the National Guard or reserves, or have since retired. Most of our loans go to those who are on active duty and career retired, where they served for 20 or more years.

You’ll be asked to select your military service branch. We serve all the military service branches, including:

  • Army
  • Air Force
  • Navy
  • Marine Corps
  • Coast Guard

Omni Financial goes to great lengths to ensure that all the information you fill out is secure. Since we’re fully verified and certified by TrustedSite, you can apply with confidence, knowing that your personal data is 100% confidential.

We typically require a few more pieces of information, but from beginning to end, completing the application should take around 15 to 20 minutes. With over 50 years in the military lending business, Omni Financial has the application process down to a science so we only ask for the items that inform our approval decision.

Expenses and debt may be unavoidablae when you’re in the military or are now retired. But addressing them is possible with a military personal loan from Omni Financial. Contact us today and become an Omni Insider for the latest updates on our loan offerings.

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.