fbpx
Omni is open for business during the health crisis ... More
Offices Call
Search
Menu
Omni Military Loans Blog:

Loans for Veterans with Bad Credit: Where Can You Turn For Financial Assistance?

By - Posted on October 23, 2020

Couple looking over bills

When it comes to matters of money, service members often have many of the same expenses as civilians. But when you’re a member of the military – be it an active duty or career-retired veteran – and have family members to financially support, those expenses can also add up in a hurry. From credit card debt to paying off medical bills or home loans, the day-to-day costs of living can make for quite sticky situations.

You undoubtedly do your best and diligently ensure all your bills get paid in full and on time, but balancing work, family, and financial responsibilities can be a difficult juggling act even for those who always have all their ducks perfectly aligned while protecting our country. According to recent polling conducted by the National Foundation for Credit Counseling, approximately two-thirds – 63% – of service members say they’re consistent about paying off their expenses before they’re due. Although that’s a clear majority, the rate is down rather significantly, from as high as 84% back in 2014 when a similar NFCC survey was conducted. This may explain why close to 90% of service members say they can’t help but be concerned about their personal finances from time to time, which goes for 84% of military spouses.

Everyone misses a payment now and then, but all too often, late payments tend to build on one another, turning an otherwise stellar credit score into bad credit – seemingly overnight. Your FICO score serves as a three-digit representation of your financial standing. Much like maintaining an ongoing exercise regimen for your body, it can be hard to get it looking great, but only a few misses or mistakes can set you back.

So, where do you go when you need financial assistance fast but your credit score is less than what counts as good credit? Omni Financial is a great option to consider when you find yourself in this situation. We provide loans for veterans as well as the active duty military with bad credit, giving you the helping hand you need when you need it the most.

“Omni has helped us any time we were in a pinch financially. We appreciate them!” -SSG Glenn, Ft Campbell

What personal loans are available to veterans with bad credit?

When you think of a personal loan, a variety of types likely come to mind, such as car loans, home loans or VA loans, which is a specific type of mortgage product. What you may have a hard time picturing are personal loans for veterans with bad credit, as traditionally, approval requires a superior track record in terms of credit history.

The personal loans offered by Omni Financial are installment loans – you pay them off on a regularly occurring basis, be it every few weeks or once per month, as repayment terms are determined prior to approval. However, unlike other financial institutions, Omni Financial offers unsecured personal loans. This means that you don’t have to put up any kind of collateral to receive approval, even if your FICO score is below where you want to be.

Applying for a loan from Omni is easy and convenient. Apply online, in person, or over the phone at 1-877-OMNI-USA. Amounts typically range between $500 and $10,000. Just as all financial situations are different, so too is our approval process. We process each application on a case-by-case basis with an in-depth understanding of a military lifestyle. What we can guarantee is transparency (no hidden fees), fast approval (often within the same business day), and competitive interest rates.

Where else can veterans get financial help?

Whether you’re active duty or a career-retired veteran, your contribution to the country’s health and freedoms is priceless. So it’s only fitting you have plenty of options to turn to if you need assistance including financial assistance. Here is a list of a few of the organizations that may be able to lend a hand, several of which you may have had prior experience with:

  • U.S. Department of Veterans Affairs Aid & Attendance/Household Assistance
  • The American Legion Temporary Financial Assistance
  • Coalition to Salute America’s Heroes
  • Hope for the Warriors
  • Operation First Response

All of these organizations are out there, so that alone is good and helpful to know. However, some financial assistance programs are only available to those who were severely injured in the line of duty. Those injuries may also have to have occurred while deployed in certain parts of the world, such as Iraq or Afghanistan.

Timeliness may be an issue

Receiving assistance when you need it is important to all of us. Sometimes in a financial situation, the funds we need immediately may take a while to get in our hands or the bank account we maintain at a branch or credit union. The VA offers debt help to veterans and their families, subject to approval.

For over 50 years, Omni Financial has served as one of the leading lenders in the nation, specializing in financial guidance and financial assistance to the military community in all five branches. When you’re in a financial situation, Omni Financial can offer help when no one else will. Whether you need a little bit extra to pay off a medical bill or are looking to transform a bad credit score into a good one by showing your ability to repay in a timely manner, turn to Omni Financial for personal loan access. We love nothing more than 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