Omni military loans: Low rates for qualifying service members

Woman reviewing her loan options with her partner, considering an Omni military loan Image: Woman reviewing her loan options with her partner, considering an Omni military loan

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.

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Pros Cons
May receive funds quickly Must be active-duty military member or career veteran who served for at least 20 years
Available to active-duty military overseas Large loan amounts not available
Competitive rates  

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 using 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 to estimate your potential loan 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. 

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA… Read more.