The Facts About Military Loans
Frequent moves, deployments, and military spouse unemployment can take a toll on the financial health of military families. Many live paycheck to paycheck and are unable to build up a substantial savings account or emergency fund. Having to come up with money to pay for a car repair, PCS-related cost, an uncovered medical bill, or other expense can compound already stressful circumstances. If you are a servicemember and find yourself in this situation, a military loan can help.
What is a military loan?
A military loan is a personal loan designed especially for active duty servicemembers. At Omni, we are proud to offer military loans to active duty members of the following military branches:
Military loan eligibility
If you are currently serving in one of the above branches and have at least eight months before your separation date, you are eligible to apply for an Omni military loan. We also provide military loans for career retired military personnel.
Applying for a military loan
Applying for an Omni military loan is easy and we offer several options. You can apply online, over the phone, or at one of our branch locations serving all military installations around the world. Even if you are stationed overseas, you can still apply for a loan.
You will receive a confirmation of your online application, as well as other updates, at the secure message center.
Required information and paperwork
- Social security number
- End of month LES statement
Free credit report
As part of the application process, we will be accessing your credit report which details your credit history. You’ll receive a free copy of this report automatically upon completion of an online application. If you applied in person, you can request your free credit report at your local branch office.
Security and privacy
At Omni, we take your security and privacy very seriously. In order to apply for a loan, you will need to disclose some confidential and personal information. Whether you apply online, over the phone, or in person, you can be confident that your information will be safe and secure.
The advantages of an Omni military loan
Military loans from Omni provide a financial helping hand to military members. Some of the main advantages of using Omni for your lending needs include:
Flexible amounts – You can borrow as little as $500 or as much as $10,000.
Convenient – Apply online, over the phone or in person.
Fast approval – We understand that when you need money, time is of the essence. That’s why our approval process is fast. In many cases you can receive loan approval and funding within hours.
Responsible lending – While we do our best to approve your requested loan amount, we look at your ability to repay the loan before determining the amount you can borrow.
In your community – We are one of the only military lenders that has actual brick and mortar locations. Our branch offices are located near all military installations around the country and we are proud to give back to the communities where we live and serve. Stop by any time to ask questions, apply for a loan, or get more information.
Qualifying for a military loan
To determine if you qualify for a loan, we look at several factors including your debts, income and credit history. We also realize that some military members have poor credit—this is not an automatic denial. Most of our lending specialists are former military and they understand the military lifestyle challenges that can sometimes affect a person’s credit score. We look at loan applications on a case-by-case basis and will take certain things into consideration.
Receive funds fast
The entire process from application to funding can be completed fast, depending on when we receive your application and any required documents. Omni Financial offers easy ways to receive your funds.
Direct Deposit – We can deposit your funds into any stateside checking or savings bank account, and most U.S.-based banking institutions overseas. Once your funds are credited, they will be available for immediate withdrawal. You’ll pay no check cashing fees.
Instant access – An even faster way to receive your funds is with an optional prepaid debit card available through selected Omni offices. You’ll be able to use your funds immediately.
If you live near a select Omni branch, you can stop by and pick up a Money Network® Prepaid Debit Card and Money Network ® Checks. You’ll have easy access to your money* and be able to make purchases anywhere Visa® debit cards are accepted, or get cash back with PIN debit purchases.
Our loans have federal APRs that range from competitively low digits percentages to a maximum of 35.95%. Rates vary and are dependent on credit score, debts, the amount and length of the loan, and past credit history. When compared to other military loan companies, you’ll find that Omni’s interest rates are very competitive.
Paying back an Omni military loan
Omni loans are installment loans. You’ll have fixed monthly payments so you’ll know just how much you’ll be expected to pay back each month. Repayment terms range from 6 to 36 months. Upon approval of your loan, you’ll receive documents that will tell you the duration and the schedule of your loan repayment. That means there will be no surprises and you’ll be better able to budget yourself.
Omni makes paying back your loan as easy and hassle-free as possible. We accept payments by cash, check, money order, draft, ACH or the most convenient method, military allotment. With a military allotment, your payment is automatic and always on time, no matter where you are in the world or what you are doing.
The Omni guarantee
As a leader in the military lending market, we are dedicated to providing professional, personalized service. As part of our commitment to customer service, we back all our loans with a 100% 15-day satisfaction guarantee. If for any reason you change your mind or are not satisfied with your loan or our service, you can cancel your transaction within 15 days. No questions asked and at no cost to you.
The Omni legacy
Omni has proudly served the military for over 45 years. We were founded by a World War II veteran who saw that there was a need to help members of the U.S. Armed Forces obtain a personal loan, easily and quickly. We have branch offices throughout the United States and the world, and were one of the first online military lenders. Since our inception, we have provided military loans to hundreds of thousands of U.S. servicemembers. If you need financial assistance or would like to consolidate debt, contact us today and we will be happy to help you!
Five easy steps to getting an Omni military loan!
- Apply online, in person, or over the phone
- Upload an end of month LES statement
- Our lending specialists will review and process all your information
- Receive your loan decision within hours
- Funds will be deposited into your bank account or alternatively you can choose to use the money network ® Prepaid Debit Card*.
*Using the Money Network ® Prepaid Debit Card is subject to identity verification as required by the USA PATRIOT Act
* Available from selected Omni offices.