Answering Your Main Questions About Loans for Military Members

Answering Your Main Questions About Loans for Military Members

Updated June 15, 2022.

From as close as Cuba and Puerto Rico to as far away as Japan and Australia, America’s military personnel have maintained a global footprint for decades. With approximately 750 military installations located in 80 countries, according to estimates from David Vine, a professor of political anthropology at American University, the U.S. has strategic interests and home bases throughout the world. Each and every individual who is currently deployed – or soon will be – is overseas for a reason.

As active-duty members of the Air Force, Marines, Coast Guard or any of the other branches can readily attest, life back home doesn’t just push the pause button while you’re away. In fact, we understand that the pace of life can feel like it’s moving faster when an only parent is at home, and the other is abroad.

No matter where you are, though, a reliable personal loan provider is not far. With Omni Financial®, a personal loan is never more than a few clicks and keystrokes away.

What are military loans and how can they help military families affected by deployment?

Since 1970, Omni Financial® has provided Coast Guard loans, Air Force loans,  Army loans, Navy loans and Marine Corps loans to active duty service members. More recently Omni started providing loans to Space Force guardians.  Omni is a leading lender in military lending industry and has approved thousands of military loans in our more than 50 years of proud service. While we call our loans “military loans,” they’re also called personal loans or installment loans. We call them military loans because they’re geared for service members who are currently in the armed forces (active duty) but also certain veterans, specifically those who are established as career-retired veterans.

Ever since Army Staff Sergeant Fred Nives founded Omni, we’ve received lots of questions about military loans, but one of the most common ones we continue to get to this day has to do with service members’ location. Namely, they’re curious about whether they can still access personal loan funds if stationed overseas.

Of course, the answer to that question is yes. Once approved, Omni can seamlessly direct deposit the proceeds from a personal loan into just about any stateside financial institution. And we can do the same for those consumer banking facilities that are headquartered in the U.S. but have satellite offices in other parts of the world, like Japan, South Korea, Germany or the United Kingdom.

There are a lot of things to like about Omni Financial, but one of the biggest reasons why our clients come back to us again and again for their loan needs is how they get to use their funds. Unlike with a car loan, home loan or VA loan — where the proceeds are for a very specific purchase – military loans can be used for any purpose or financial strategy — like improving your bad credit score by paying down the outstanding loan amount in installments.

If you’re deployed, you may already know the manner in which you’d use a military loan. Here are a few potential reasons for why taking out a personal loan while deployed may be worthwhile:

Rising inflation

Inflation may be a natural occurrence and product of supply and demand, but as your spouse has likely told you by now, inflation is skyrocketing. According to the Labor Department, the consumer price index in December rose 7% compared to the same month in 2020. That’s the biggest year-over-year jump in close to 40 years. You name the item, it costs more today than it did even a few months ago, be it gasoline, groceries, appliances or consumer technologies.

While some of these purchases may not be necessary, what your dollar bought while you were in the States is buying less today. A military loan can provide you and your family with extra breathing room and offset the effects of inflation.

Cost of living in your area of the map

Permanent changes of station have taught you that some parts of the country are more affordable to live in than others; the same principle applies to other parts of the globe. While some of these expenses may be covered, mitigated or reduced thanks to your military service, others may not be, especially when it comes to certain discretionary expenses. Here as well, leveraging a military loan from Omni while overseas can make a world of difference while you’re on the other side of the world.

Medical emergencies

By definition, medical episodes and emergencies never come at a convenient time – and that certainly is the case when you’re injured while overseas or someone in your family is back in the States. The last thing you want to do is put the charges on a credit card if your health insurance doesn’t absorb the cost.

With a military loan from Omni, a military loan can cover the cost of treatment, letting you focus on recovery.

Loan options ranging from $500 to $10,000

Some cost considerations may be bigger or smaller than others, which is why Omni allows you to decide how much (or how little) you’d like to borrow. Whether it’s $500 or as much as $10,000 – or any number in between – you decide the amount that’s right for you.

Receive the funds quickly

We take great pride in all our offerings and capabilities at Omni Financial®, especially when it comes to the speed with which we deliver your funds if you’re approved. Depending on when you submit your application, we aim to have the funds in your account the very same business day. However, if the money is for your spouse, and they happen to be near one of our satellite offices (most of which are conveniently located near military branches), they can come in and pick up their money. They can use the funds like they would a credit card, only with the Omni Financial Debit Card. The funds you’re approved for are loaded directly onto the card.

You may be far away from your family for now, but whether you’re in the Army National Guard or any other service branch, loans for military members from Omni Financial are instantly available. Please contact us today to learn more about our offerings or apply for a loan as an active duty or career-retired service member now.

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

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