In a Nutshell
If you’re active-duty military or a retired career service member, you can apply for an Omni military loan between $500 and $10,000. Omni’s lowest interest rates are competitive — and if approved, you may be able to get your money quickly, which could help if an emergency expense has popped up.Pros
- May receive funds quicklynAvailable to active-duty military overseasnCompetitive rates
Cons
- Must be active-duty military member or career veteran who served for at least 20 yearsnLarge loan amounts not available
3 things to know about an Omni military loan
Omni Financial was established in 1970 and offers personal loans for the military community. Omni says it’s able to serve military members well because it employs military spouses, military advocates and veterans.
You can apply for an Omni military loan online, by phone or in person — and you can apply even if you’re stationed overseas. If approved, you may be able to get your money as soon as the next business day. But keep in mind that depending on your bank, there may be a wait before you can access your cash.
1. Eligibility requirements
To be eligible for an Omni loan, you’ll have to be an active-duty military member or career veteran with at least 20 years of service in the Air Force, Army, Coast Guard, Marines, Navy or Armed Guard Reserve.
You can also apply if you’re a past or current customer.
2. Loan amounts and repayment options
Omni military loans range from $500 to $10,000 and come with repayment terms of six to 36 months. Those loan amounts can be helpful if you need a small loan — but if you need more money for a larger home improvement project or other major purchase, you’ll need to look somewhere else.
If you take out a personal loan from Omni, you can make repayments with cash, check, money order, ACH bank transfer or even military allotment (depending on your loan use).
3. Lowest interest rates are competitive
Omni says its military loans start in the “low digits,” which means you’d get a competitive APR if you qualify for its lowest rates. The lender will look at your credit, debts and income before deciding whether to give you a loan, so keep in mind that a low rate isn’t guaranteed.
Omni says that having bad credit won’t necessarily disqualify you, and that its loan rates comply with the Military Lending Act, which places an APR cap of 36% on most consumer loans for active-duty military members, their spouses and certain dependents.
A closer look at an Omni military loan
Here are some more details to consider before deciding if an Omni military loan makes sense for your situation.
- Two ways to get your cash — To get your money, you can set up direct deposit or stop by an Omni office to get a prepaid debit card that has no withdrawal fees at thousands of participating ATMs.
- Free online courses — Omni Financial offers free online courses on topics including budgeting, identity theft and credit to teach you more about finances.
- 15-day guarantee — Omni says that if you’re not satisfied with your personal loan, you have 15 days to cancel it (30 days for certain loans in North Carolina) and return your loan funds.
Who is an Omni military loan good for?
If you’re an eligible member or veteran of the U.S. armed forces and are approved for a low interest rate, an Omni military loan may help you meet your financial goals. But if you don’t have the best credit and aren’t eligible for a low rate, you should compare your rate to those offered by other lenders.
If you need to pay for a move or lease deposit, you may be better off considering a credit card with a 0% introductory offer or an existing card with a lower interest rate than the personal loan you’re considering. You also may want to explore a payment plan with your medical provider if it’s a medical bill you’re wanting to cover.
And if you want more time to repay your loan or would like to borrow more than $10,000, it makes sense to consider another lender. If you do decide that an Omni loan is right for you, be sure you understand your rights under the Military Lending Act before you apply if you’re active-duty military.
How to apply with Omni Financial
To apply for an Omni military loan, you must be a current service member in the U.S. armed forces, a career veteran with at least 20 years of experience, or a current or past Omni customer. You can fill out an application online, over the phone or in person at an Omni Financial office location.
Keep in mind that Omni doesn’t let you prequalify for a personal loan to estimate your potential terms without affecting your credit. Instead, you’ll have to submit a full application, which will result in a hard credit inquiry, which can negatively affect your credit for a short time.
You’ll need to upload income statements and provide the following information when you apply:
- Military status and service branch
- Social Security number
- Date of birth
- Email address
If approved, you can get your money deposited directly into your bank account or pick up a prepaid debit card at an Omni office.
Not sure if Omni is right for you? Consider these alternatives.
- Navy Federal Credit Union: If you want to explore a secured personal loan, Navy Federal is worth considering.
- USAA: If you need a small loan and qualify, USAA is also worth a look.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.