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Omni Military Loans Blog:

The Basics of Loans for Military Members

By - Posted on September 25, 2020

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Military members share a lot in common with one another. Leadership, courage, discipline, grit, and tenacity are all characteristics found in spades among active duty service members.

If you’ve ever searched for “loans for military members” using Google, you’re not alone. Many people within the armed forces have taken out a personal loan for emergencies and other needs. According to polling conducted by Harris on behalf of the National Foundation for Credit Counseling, active duty service members are approximately 1.5 times more likely to have submitted a loan application in the past year than they were in 2014. Nearly 30% sought financial assistance due to debt, averaging a load of $50,000, making them potential candidates for debt consolidation.

When service members do leverage personal loans, they’re two times more likely to seek financial assistance from an off-base lender, the survey revealed.

All of this is to say that if we’re in a situation where we’re short on funds, many fellow service members can empathize. But if this experience is new and one is not sure how the personal loan process works, Omni Financial can make it simple. We specialize in loans for military members and will guide you through the process so you know what’s what.

What personal loans are available to military personnel?

At Omni Financial, we specialize in installment personal loans, which are basically installment loans that allow a borrower to receive a lump sum, which can then be paid off over time, typically monthly. Personal loans fall under the “traditional loan” banner, but there are several other types aside from traditional. These include emergency loans, bad credit loans and short-term loans. Emergency loans are designed to fund issues in life that often come unexpectedly, such as a death in the family or medical expenses. Bad credit loans, as their title suggests, are for people whose credit scores are less than optimal and typically carry more restrictive repayment terms. Short-term loans are similar, in that borrowers have a smaller window of time to pay off the loan.

Which loan is best for a borrower depends on their situation, but at Omni Financial, the installment loans we offer allow a borrower to do things that are typically confined to only one type of loan product. For example, if you have an emergency expense, the funds can go toward that. Omni Financial aims to keep interest levels as competitive as possible by closely reviewing your financials so we can determine the right rate.

What type of loans are covered under the Military Lending Act?

According to the Consumer Financial Protection Bureau, the following types of loans fall under the purview of the Military Lending Act:

  • Installment loans
  • Deposit advance products
  • Overdraft lines of credit
  • Vehicle title loans
  • Payday loans

There are a few exceptions relating to installment loans, according to the CFPB. When there is actually property involved – such as a house – lenders are not obligated to adhere to the rules and regulations of the Military Lending Act. The same is true for auto loans, as the vehicle itself serves as the security for the borrowed funds.

At Omni Financial, we don’t do auto loans or mortgages; our specialty is installment loans for the military, the funds can be utilized for various needs and emergencies you may have. We are committed to our customers, as we have been for decades, and abiding by the Military Lending Act because it is in the best interests of military families and essential to maintaining our reputation.

How to apply for a personal loan from Omni Financial

Just as you have the freedom to choose how to use the funds from a military loan, you have several ways to apply. Whichever you select, the process is straightforward. You can do so online, via phone by calling 1-877-OMNI-USA or by visiting us at any one of our service locations around the country. There are several ways to access your loan funds upon approval.

OurĀ loan process makes it easier than ever for you to obtain fast access to your money. With Omni, you have convenient options for receiving your funds almost immediately after your loan closes.

Choose direct deposit or in-office pickup. No matter where you are stationed around the world, these options will give you quick access to the money you need, for whatever you need. Enjoy convenience, personal service, and the peace of mind that comes with doing business with a respected military lending leader.

What loan options are there for active duty with bad credit?

Bad credit is an equal opportunity offender; everyone is potentially vulnerable to it. At Omni Financial, we don’t want to add to the frustration of bad credit by excluding people from military loan eligibility. We are here to help you every step of the way.

Every loan application we receive and the decision we make is with the proper context in mind.

Whether this is your first time getting a loan or you expect it to be your last time, get it from Omni Financial. You’ll see why more people choose us. Contact us to learn more or if you have any questions.

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