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Emergency Military Loans: What They’re About and Why You Might Need One

There is an unspoken, yet widely understood rule about emergencies: Everyone knows they can occur at any moment. And when they do happen, they’re almost always unexpected.

Military members are not immune from facing urgent scenarios in their day-to-day lives. Whether it’s something quite serious (like a broken ankle), or extremely ill-timed (such as an expensive car repair), we may not have the funds available to address these predicaments. You need the kind of assistance that only cash can resolve.

At Omni Financial, we may be able to help you get out of these financial predicaments with a loan for any emergency situations. If you are currently on active duty, reserve or are career-retired (20 years or more), loans through Omni Financial are geared for military members and are custom-designed to bring some helpful relief to stressful financial dilemmas.

What loans are covered under the Military Lending Act?

It’s possible that financial assistance may be brand new to you if you’ve never taken out a personal loan before. Omni Financial is one of the personal loan providers. We are one of many consumer loan companies that specifically lends to both active duty and veteran service members. Overdraft lines of credit, deposit advances, vehicle title loans, and payday loans fall under the auspices of the Military Lending Act. While Omni Financial does not offer these specific loan products, you can be confident that our decades of experience and expertise in responsible military lending are reflected in everything we do.

More than anything else at Omni Financial, we want military members to understand that they have good options, both in terms of loan products and providers. So when you experience an emergency and need financial assistance fast, there is truly no need to panic. However, by selecting Omni Financial, you have responsible options on your side. Here’s an example that may help to better illustrate our point.

What is an Army emergency relief loan?

Offered by the nonprofit organization of the same name (Army Emergency Relief), an Army emergency relief loan is a personal loan product offered to men and women who need emergency financial assistance and serve (active duty) or have served (veteran) in the United States Army. These loan offerings don’t carry any fees, have 0% interest and can be used for just about anything, emergency purposes or otherwise. It typically takes around two business days to receive the funds pending approval.

Army emergency relief loans can be difficult to be approved for, given the fact that they’re designed for soldiers and entail a plethora of paperwork verifying the urgent expense. While active duty or veteran military members in the Coast Guard, Navy, Air Force and Marines can apply for this type of financial assistance.

What emergency assistance for the military does Omni Financial Offer?

Our loans are not tied to the Army Emergency Relief and its organization, however they feature many of the same financial assistance benefits. These include the ability to use the money for virtually any purpose, relatively fast access to your cash, getting the funds in the manner that’s best for you (i.e. direct deposit, in-office pickup, Omni Financial Debit Card) and wide flexibility in how much you’d like to borrow. Better yet, you are eligible to apply for one of our installment loans if you are: United States Army; United States Air Force; United States Navy; United States Marine Corps; United States Coast Guard; and Career Retired. Fill out an application today and you may be surprised by how simple it is to get assistance from Omni.

Also, unlike Army emergency relief loan options, Omni Financial’s personal loan offerings can be used for debt consolidation. Generally speaking, debt consolidation isn’t an emergency use, but if that’s what you’re looking to do with it, then go right ahead. As we look at it, it’s your loan; you should be able to use emergency financial assistance where and how you need to. Additionally, while Army emergency relief loans can take 48 hours (at a bare minimum), active duty and veteran service members often get their funds within hours with Omni Financial.

Is an emergency loan the same as a payday loan?

Unlike emergency loans, which have a wider range of options in terms of how much you can borrow at once, payday loan providers typically restrict the amount to $2,000 or below. There is also a shorter window for repayment.

The thing about emergencies is they’re frequently very costly. For example, medical emergencies can cost thousands of dollars, and you may need more time than a few weeks to pay off the balance.

When you choose Omni Financial for financial assistance through a loan for whatever your emergency may be, you can receive as much as $10,000. We will also work with you to set up a repayment schedule that aligns with your capabilities. Emergency situations can create a lot of stress and strain. We totally understand that. First and foremost, our commitment at Omni Financial is to get you the funds you need when you need it.

As a full-time member of the military or career-retired veteran, the last thing you need during a crisis is a complicated application process. So if you don’t have an emergency fund, don’t press the panic button. With an assistance from Omni Military Loans, relief is just a phone or a click call away. You can also visit any one of our satellite offices around the country, from as far west as California to as far east as Virginia and several locations in between.

Please contact us today to learn more.