When it comes to financial wellness, improving your financial situation entails spending less and earning more. This can be done by being more budget conscious, obtaining a second job to supplement your career or eliminating unnecessary expenses. Such a strategy can even help you rack up good credit by being consistent with your payments.
But when you’re in the active duty military and have a family to support, the earn more/spend less formula may not be possible. Whether you’re in the Marine Corps, Coast Guard, Navy, Army, Air Force or Space Force, your duties and responsibilities to the military service addressing financial needs may not be a simple issue to resolve.
Your military lifestyle deserves a financial solution with an in-depth understanding of the unique needs of active duty service members hence there are personal loans for active duty military. If you’re in any of the branches of the armed forces, obtaining a loan for the military, a loan suitable for military personnel like yourself, can help you get into a more favorable financial position strategically and conveniently while maintaining your responsibilities to your family, military personnel and your dedication to our country.
What is a military loan?
A military loan is a loan for the military. A military loan in its essence is a personal loan. You borrow a certain loan amount of funds and pay back the total borrowed with interest over time. The only difference between a military loan and a traditional personal loan is the borrower, who the loan is for. Omni Financial provides responsible loan products to both active duty members and veterans (career retired) since our founding over 50 years ago. Whether it’s as little as $500 or as much as $10,000, Omni Financial customizes our loan products so they’re aligned with your financial needs, goals, obligations and repayment capabilities.
How the Military Lending Act has your back
The Military Lending Act is a law that provides several guarantees and protections to active duty military personnel as well as those who are in the reserves, like the National Guard. While Omni Financial has been in business for much longer than the Military Lending Act which was enacted in 2006 and we are proud to say we are committed to follow its precepts in our operations when servicing our family of military customers.
How do I apply for a loan for the military while on active duty?
A life in the service is a life often on the move. Since some loan application processes with different loan providers often take a lot of time to prepare the necessary paperwork, you may wonder how you’d be able to even try to qualify for a personal loan while on active duty — especially if you’re stationed overseas or were recently deployed.
With Omni Financial, we make our loan process easier and more straightforward than you may realize. Firstly, you have many avenues to apply, whether it’s in person (we have 17 brick and mortar offices around the country), over the phone (whether you call us or we call you) or our most popular method — entirely online. If you go the online route, you’ll be asked some simple questions to create an account with your email address as a username and a password for your security. From there, all you have to do is follow the onscreen prompts and instructions, which ask for basic pieces of information about yourself. This includes your name, mailing address, military credentials and how much money you would like to borrow. Our online application process takes minutes to complete from start to finish.
How much can I borrow with a loan for the military?
Speaking of borrowing, military loans are designed to adjust to your needs. In other words, you can use the proceeds however you’d like — whether it’s to pay off bills or to be spend quality time with your loved ones — and you get to decide how much to take out. Whether it’s only a few hundred dollars ($500 minimum), several thousand ($10,000) or somewhere in between, we’ll customize the loan amount so it’s just right for what you need when you need it.
Getting the funds is easier than applying for them. From direct deposit to in-office pickup, getting a loan for the military from Omni Financial are delivered your way in convenient options created so you can have access to your funds fast. You can opt for an Omni Financial Debit Card, which you’ll receive by obtaining your funds in person at one of our 17 conveniently located office locations nationwide.
Our loans are all backed by our 15-day money back guarantee. You have nothing to lose and everything to gain when you choose Omni for your first or next loan for the military, whether you’re on active duty or are a career-retired veteran. Please contact us today to learn more about our loan products, history and financial assistance resources.
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.
