Success in the active-duty military — or anywhere else, for that matter — is largely a function of playing your cards right. There are no shortcuts, which is why rank in the military is contingent upon earning it. You must put the time and effort in, and more often than not it pays off.
But due to the unknown nature of life, everyone gets dealt a bad hand at one point or another. These trying circumstances can be particularly troublesome when they're related to finances, which may sometimes lead to bad credit. While you may be able to solve such issues on your own, there's no shame in acknowledging that your best isn't always enough.
An armed forces loan can serve as a helping hand.
What are armed forces loans?
An armed forces loan is a type of personal loan. Unlike a traditional personal loan, for which any credit worthy borrower is eligible, armed forces loans are exclusively for active-duty military personnel. In some instances, armed forces loans may be for a particular branch, but those furnished by Omni Financial are for all active duty service members as well as career-retired veterans. Those who serve or have served in the Army, Navy, Marines Corps, Air Force and Coast Guard are eligible to apply.
What makes armed forces loans particularly relevant to today's military members?
You have confidence in your abilities as a member of the armed forces, and Americans have confidence in you. A recent Gallup poll found 72% of respondents have "a great deal" or "quite a lot" of trust in the military as a highly capable and effective institution. But due to the stresses of life for soldiers and service members on active duty, you may not be as financially resilient as you'd like to be. You're not alone. A 2019 poll conducted by the Military Family Advisory Network found more than a quarter of military members currently serving have less than $500 in emergency savings to their name, some having no funds whatsoever.
Financial circumstances are even worse among veterans, as nearly half of respondents who no longer serve in the military reported having less than $500 set aside for urgent purposes — or nothing at all, the survey said.
Perhaps more worrying are those military members who have no plan of action as to how they'd resolve a financial emergency if one were to arise. While 36% said they'd turn to family members for help, over 23% of respondents said they had no practical solution to an urgent issue that only money could fix.
With an armed forces loan, however, these problems can easily get solved.
What issues can armed forces loans help to address?
You name the financial problem, and the armed forces loans can get to the bottom of it. Whether it's a medical emergency, paying off an outstanding bill you weren't aware you owed or needing to get your car back from the shop due to an expensive repair, an armed forces loan is there for you when you need it most.
Omni Financial is a leading provider of armed forces loans. If you have bad credit score, no credit or are looking for a lender that truly understands the demands of military service, choose Omni Financial. We've helped active duty and veterans with their financial needs since 1970 through flexible, customized installment loans that come in a variety of sizes, from as little as $500 to as much as $10,000.
For more information on our process, locations or customer testimonials, please contact us.
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.