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Omni Military Loans Blog:

The Best Personal Loans for the Military: What to Look For

By - Posted on August 20, 2020

Looking for tips on the best personal loans for military personnel?

To spend money or to save money: That is the question. From home improvement projects to highly anticipated vacations, service members buy in a variety of ways. And often by putting some of their ongoing income aside. According to recent polling conducted by the National Foundation for Credit Counseling, over 85% of active duty military members have at least some savings to draw from, as do 75% of military spouses. Given that the same can be said for 7 in 10 of the country at large, it’s clear that service members try to be conscientious about their finances.

Yet as you may be well aware, being responsible about money management frequently isn’t enough. Some 75% of active duty say they have applied and been approved for certain loan offers in the past year, compared to 49% in 2014, the same survey revealed. Almost 30% estimated that their non-credit card debt was upwards of $50,000.

At Omni Financial, we have an in-depth understanding about the various unique financial needs which may arise from a military lifestyle. Fortunately, there are a number of ways in which you can obtain financial assistance for your situation, in the form of a personal military loan. They’re available through a company like ours, certain banks and credit unions around the country.

You may wonder how you can determine which loan offers are truly the very best personal loans for military members like you. These tips may help:

Compare and contrast interest rates

Several factors influence what you’re charged when borrowing money from a lender. This includes actions by the Federal Reserve, the U.S. economy’s health, your credit score and the type of loan you take out, such as an installment loan, one of the most common types of personal loans. If you have bad credit, interest rates tend to run higher.

Regardless of which lender you go with, they should make it easy for you to shop around. They should also be fully transparent about their interest rates so you know what you’re getting into at the outset.

Transparency is very important to us at Omni Financial. We’ll answer all and any questions you may have about your loan application. Our team of friendly and knowledgeable customer service representatives provide a personalized service for every loan application. Even if you have bad credit, our loans are highly competitive.

Assess how much you can take out

Because every loan applicant’s financial situation is different and so many aspects are evaluated, it can be difficult for lenders to indicate the amount of money borrowers are eligible to take out at any given time. They should at the very least, however, give you some general guidelines. In other words, you shouldn’t have to apply in order to find out.

At Omni Financial, our loan amounts are wide ranging. You can borrow as little as $500 to as much as $10,000. There may be some situations and circumstances that allow you to borrow more or less than this range, but the amounts are typically within this window.

Ask friends for recommendations

It’s not uncommon for people to ask their friends about potential places to go for different types of loans. You may be reluctant to ask about personal loans. Don’t be. You’d likely be very surprised as to how many people have taken one out at some point in their lives. Your friends may be able to provide insight on military loan lenders that have worked best for them.

Omni Financial specializes in providing installment loans exclusively to military members. In fact, most of the loan specialists who evaluate loan applications formerly served in the military, whether in the Army, Navy, Marines, Air Force or Coast Guard. In short, Omni Financial’s loan products were founded and put together by a military service member and are geared for military members, both current and veteran.

If you like us, you may want to refer a friend to Omni. You’ll receive a $25 Omni gift card for doing so should they go on with a funded loan. Visit our Friendship Rewards page for more information.

Look for bad credit loan options

We all aim for a sterling credit score, particularly when we’re in the market to buy a house. While a VA loan is designed to be flexible and affordable, military members may have a hard time getting one if their score is considered too low.

That’s not the case with installment loans – or at least it shouldn’t be. Whether you have average credit, poor credit or even no credit at all, a loan offer is well within your reach at Omni Financial. We look at each applicant on an individual, case-by-case basis. This gives us the context we need to determine why you may have bad credit and what we can do to get you the funds quickly.

Aim for a loan provider that prioritizes your satisfaction

You don’t just want a loan with competitive interest rates or favorable loan terms, you deserve to have the best experience at every phase of the application process.

Each and every loan from Omni Financial is backed by our 15-day 100% satisfaction guarantee. If for whatever reason you’re not fully satisfied, you can cancel the transaction. Our customers’ happiness is what we aim to achieve and it’s what we deliver.

Whether it’s your safety and security, the speed with which you obtain loan funds, the amount that you’re able to borrow or the variety of ways you can access your cash – by direct deposit or in-office pickup – we are confident you’ll agree that Omni Financial offers the best personal loans for military members. Our history traces back to 1970 and we are committed to our family of customers when they need a helping hand. Contact us today to learn more.

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