Omni Financial is a leading provider of personal loans to members of the armed forces. It is based in Nevada and has offices at major military installations in the United States, Europe and Korea. The company was founded in 1950 by Fred Nives, a World War II veteran, who vowed to start a company that catered for the special needs of the military when we was denied a loan while stationed in France in 1945.
As well as on-site offices and representatives, Omni Financial offers online lending. In fact, it was the first military lender to offer loans online when it launched militaryloans.com back in 1991.
How Does Omni Financial Military Loans Work
Customers can apply online at one of their offices or over the phone. Applicants must upload their LES (Leave and Earning Statement) or RAS (Retirement Account Statement) to qualify. Once approved, borrowers can choose to collect their cash by direct deposit, in-office pickup or instantly through a prepaid online virtual Visa card.
What Are Omni Financial Military Loans' Rates and Fees?
Omni Financial offers loans with a maximum APR of 35.95% APR. The minimum APR offered is a "low single digit," but the site does not explicitly specify what that digit is.
How Much Money Can I Borrow from Omni Financial?
Omni Financial offers military loans ranging from $500 to $10,000.
Which States Does Omni Financial Operate In?
Omni operates in all 50 states and most overseas military assignments.
What Is Omni Financial's Application Process Like?
Borrowers can apply online or over the phone. All applicants must be active duty military, retired with 20 or more years of service. Proof of income is provided through a copy of their leave and earnings statement (LES) or their retiree account statement (RAS). Omni Financial usually replies to loan applications within 24 hours.
How Is Omni Financial Better Than Other Lenders?
Omni Financial has over 75 years' experience in military loans and was the first to Offer military loans online. The application process can be performed entirely online, including the uploading of proof of income documents. Omni doesn't provide a range of rates or a schedule fees, which does bring under question its transparency as a lender. However, loan approval decisions are fast and you can access your money instantly through a virtual Visa card. Those who prefer to do business face to face can visit one of their many loan offices, which are strategically placed at or close to military bases.
$500 - $10000
- Automatic Payments
- Check by mail
7% - 35.95%
Max Loan Term (Months)
Credit Score Range
560 - 750
Immigration Status Considered
U.S. Permanent Resident
Active Duty Military and Dependents
Supported Income Types
Verification Documents Required?
- Recent pay stubs
- Proof of citizenship/residence
Approval Speed (Hours)
Credit Bureau Reporting
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I got to Europe as my first duty station with no car and needing to buy a beater. I was approved for 3000$ and bought a car for only 1900$. So I immediately gave back the 1100$ that was left over. When I asked for the account balance that day it was almost immediately at 3000$ again. I called and they told me that it was interest and I didn't have to pay it. So few months go by with me doing the allotment. Eventually I take the allotment off ...
and continue to make MORE than the agreed payments. I eventually had to go to the field and was worried I would be out of range to call and make my usual credit card payments. They also told me that paying on the interest and the principle was the same thing when I asked to make my payments toward the principle. So I set up an ACH draft for 300$ every month. After 3 months in the field I returned and asked that the draft be taken off. They then said that it could not be taken off unless I showed proof of the allotment being restarted. So I started the allotment and let it run for a month. I then took it off again because I was eager to pay the mofos off. I again started calling and making my more than agreed upon payments with my card. When I'd ask for my pay off details they would send them through the website mail. So I'm left with 293$ on my account and I emailed and asked for the payoff. They told me they could not give me accurate information unless I called despite them usually emailing me the payoff. Fast forward to yesterday I call to make a payment and the balance is 109$ and the account payoff is 11.28$ which the lady told me hesistantly as if she didn't want me to know. So I pay the 11.28$ and I'm finally done with Omni. Or so I thought. I checked my account and they took an ACH for 190$ out of it. They purposefully do not give you your payoff information because it is CONSIDERABLY lower than the account balance. Had they have given me my payoff when the balance was 293$ my payoff might have been 50$ at the most instead they waited until they could STEAL another 190$ out of my account. STAY AWAY FROM THESE PEOPLE. They are CROOKS
If you're looking for a loan, use Omni as a last resource. The MLA caps lenders out at an apr of 36%... I don't have a perfect credit score but it is in the low 700 range. I was given an apr of 35.954%. They like to say yes because they like to squeeze every penny they can out of that Uncle Sam pay. If you're looking for a loan try navy federal or usaa. Navy federal caps out at 18% for personal loans and every new guy I've gotten ...
in usually gets financed through them for a new vehicle and I haven't seen anyone over a 10%apr, and these are guys with no credit at all.
this business is not all it says it is. Stay away from it and go somewhere else. Just another predatory lending machine towards military personnel. When I applied through them it sounded very promising and helpful until the end. You have to provide too much information for them to tell you "they can't help". They told me it would be based on a income ration under $1,000 loan. That was a lie.
I know it sounds good but its not. If you are in desperate need of cash and poor credit then this the place for you. This place is the epitome of predatory lending preying on the military. The interest rates are extremely high and your first several years of payments go to interest alone. If you are able, avoid this place like the plague. They do not give you regular account updates online or on paper because they don't want you to see what they are doing to you. I ...
did use them in a desperate situation but never again. I asked what my payoff balance was and it was the same as what I had borrowed after 16 months of payments. save yourself the anguish and do not use them.
Not happy with this Lender. If you are medically retired you aren't able to set up a payment by allotment. So you have to set up a payment by EFT. However what they don't tell you is that it will take 3 days for them to verify your banking information which is sent to some institution in NY. That needs to be a disclaimer online. I've cancelled my application. Medical Retirees beware
I had a hard time getting loans from a bank due to my credit rating. I turned to OMNI just to give it a shot. Surprisingly they helped me out with a loan that I know I don't deserve. Like many companies, due to bad credit, interest is going to be a bit higher than a bank or a credit union. But not as high as other lenders out there that charge six to ten times higher. They also refinance my loan also when requesting ...
for a new loan. I previously applied for more loan on top of my old one, I'm surprised they even approved it and the fund was deposit into my account the next day. I appreciate the good and professional customer service they have, even the ones at the call center. That retired master chief in San Diego really understands and knows our struggles. Thank you for that.
**I would have given five stars rating if their interest would be a bit lower.
I was like some people mentioned here. Living on base away from family and friends on what was called pay but was really a stipend from the US government. I needed some money to pay for a problem back home with my folks. I got the money with Omni, but now I'm paying through the nose in interest rates, and I swear there are some hidden fees.
They offer a money back guarantee! Yeah, right. I did change my mind before the 15 day period that they have on their website, but somehow they didn't get that notice, so I'm stuck with a really bad loan. I'll have to rise three paygrades before I'll be able to afford the interest alone! I would not recommend them. I only give two stars, because I did get my money quickly.
Military families have special issues, like having loved ones stationed overseas. Thats bad enough, but having money problems can really put you in a bind. Omni Financial gets it. You dont have to have perfect credit, as long as youre military you have a shot of being approved. And if you apply in person, you get your money right away after being approved, which can be a big relief. Even if youre overseas you can use direct deposit or a virtual credit card which lets you make payments online.
The dictionary should have Omni next to the word crook! This company ripped me off with an astronomical interest rate that I'm way too embarrassed to repeat! I was desperate and signed the loan documents, but I am so unhappy that I did. The worst financial decision of my life. Do not go to them.
I have to admit that living on base overseas is hard enough without money problems. But when you get in a financial bind, it gets really tough. My husband and I have a lot of pride, so we didnt want to ask family for help, which was why we were so glad to find Omni. We were able to apply online and received our money quickly. We opted for the prepaid virtual credit card so that we could access the money immediately when our loan was approved. What a relief.
I know it's been said before, but I am going to repeat it. As a proud service member, I can say that this company is not in it to help us military people! They want to steal you blind and it's downright disgusting. Stay away. I was gouged for a horrible interest rate and would have been better off getting a loan off the street!
I have to say that I felt a bit duped after going to them. I was under the impression that they served military only and really cared about giving us good loans, but they don't care about that at all--not who they loan to or how much they charge or even if the person makes eneough to pay them back. Not impressed.
I was originally skeptical about whether this company was really focused on military families, but they appear to be--at least somewhat. They did give my husband and I a loan. The interest rate was high but not as high as I feared.
With my husband stationed overseas, the task of raising our three kids falls on me. Though I work, I sometimes have to take days off to care for one of my children when he or she gets sick. That means less of a paycheck for me. My sometimes small paycheck combined with my husbands pay sadly doesnt always enable me to make ends meet. Then I heard about Omni through a friend. What a smooth application process. And even better was the fact that I was able to get the ...
money so fast. The only drawback was paying the $15 because I applied for my loan online instead of going into an Omni office. Not sure why you pay more for online service rather than in person. Seems a little backwards to me. I was happy to get the money, though!
I'm proud to serve my country, but I'm not so thrilled about the fact that I don't make all that much money. I wanted to give my wife a nice gift for her birthday, so I went to Omni to get a small loan for a necklace that I wanted to get her. I figured I'd get the loan quickly and then get her the necklace. It didn't work out that way. Her birthday came and went and I was still messing around trying to get the money. It finally ...
came through, but late.
My husband is overseas, and I am in the States with three kids to care for. My son recently had to have braces, and it just wasn't in the budget. I looked into getting a loan and found this company. It seemed like the perfect solution. Their website seemed to say that they are there for military families. They are only there for themselves! Horrible customer service and really horrible interest rate and the payoff is also clunky!
They say they are for military families? Well, if they really were, they would realize that military families, especially ones looking for loans, are not rich!! We barely make ends meet, so how does charge me a really, really high interest rate fit into the fact that I can currently make ends meet?
All I can say is stay away from this company! No matter who you are. They don't care about military families. All they care about is their bottom line. And their bottom line means that they are charging horrible interest rates. It's highway robbery and it shouldn't be legal! Shame on you, Omni!
I didn't need much money--$2000, so I applied and got the money fairly quickly. The customer service person was also fairly nice. I'm having some problems figuring out how they charged me the interest rate they did, however, as my credit isn't that bad. No one can explain it to me, of course.
At first glance I thought that this would be a great option for me as a military person, but I've been really disappointed with the customer service. Initially, I got a good person on the line when I called about my loan, but it went downhill from there. I can't for the life of me get anyone on the line now to ask about my loan and repayment terms. Really frustrated. :(
My experience wasn't as bad as some I'm reading about here, but it wasn't all that good, either. I did get the money I needed and within a reasonable period of time. What I haven't gotten, however, is good customer service. The whole time. That should have tipped me off and made me stay away. The initial salesman was good, though, and before I knew it I was applying.
I needed money quick. I'd read that this place isn't always quick, but I'm military so I thought I'd check with them first. The good news is that they ended up being quick getting me funded--phew! What wasnt so good is the pretty high interest rate. My credit is so-so, but this is bad. Anyway, think I'll be going up a pay grade soon, so hopefully I can get this thing paid off.
These people know very little about being military, let alone care about military! If they did, they would know that we don't make a lot of money. The person helping me when I was filling out my loan application seemed surprised at my rank and then pay grade. Hmmm....that makes me really skeptical that they know anything at all about the military!
I had pretty good experiences with the customer service end of things with this company, but the interest rates are bad, as many people have mentioned in reviews. I'm not really clear on how they can charge such exorbinant rates, but they are doing so! Keep that in mind if you decide to apply.
I emailed them at least twice with no reply. I called them numerous times and was just told that they were still contacting my references. Their website says "fast loans" ...yeah right! So, even after they contacted my references, I was still waiting for the money.
This line on their website cracks me up, "We treat service members like family." Really? Do you rip off your family? Obviously, you must! Or what do you call this interest rate on my loan? I can't even imagine what this company would charge their own grandma! Obviously, I didn't have a good experience.
I'm ex-military-Army. I looked into getting a loan with Omni with my eyes wide open. I expected to get a bad interest rate, because my credit is poor, but it wasn't as bad as I thought it would be. I've had fairly good luck with them. Would I return for another loan? I don't know.
They should be ashamed of themselves reaching out to military families! Military familes--except for the officers--don't have the money to throw away on high interest rates. If they cared about military families at all, they would know that! Anyway, I would suggest staying away from them if you want to have money leftover for food!
Hopefully this company isn't really affiliated with the military in any way because they are horrible! I am a disabled vet and I needed a quick loan. Their website says they're quick. Yeah, right! It's been two weeks and I'm still sending in supporting documents. For a small loan?! Wish I'd never started this process.
I don't have great credit. Living on a military salary doesn't give you much wiggle room when it comes to finances, so I've had some late payments. I was happy that Omni didn't let that get in the way and that they lent me some money, anyway. But I have to say that the high interest rate is making it really hard to pay back the loan.
Okay experience. I got the $5,000 I wanted at a semi-tolerable interest rate. The customer service was so-so. They weren't exactly rude, but they weren't exactly friendly, either. I have started paying back the loan and have been a little confused at times at the process, but I think I'm working it all out.
I had an odd application experience with Omni. I initially applied, gave them the information they needed, and waited patiently. A few days later I received a call requesting they speak with my commander. Sure, no problem. After speaking with my commander, we both realized that they told us the date the funds were supposed to be released were different. So, I tried calling again to figure it out. After almost a week of no one returning my calls, I finally got through. Since then, it's been smooth sailing. I'm ...
just curious why no one would return my calls or give me anymore information.
My husband is serving overseas and I am more terrified about him finding out that I got a loan from his company than I am about his safety. Call me horrible, but this loan interest rate is horrible! It's highway robbery, and I have really dug a hole for us that we may never get out of. Stay far, far away from Omni!
Serving my country has been one of the best experiences of my life, but getting a loan out from a company that says that they "serve" our country's miliary personnel has not been a good experience. Customer service once you get your loan is really bad. Don't expect to get answers to any questions soon.
I'm retired military and found this company and was impressed by their website and how they seem to care about the military. Well, I think it is all an illusion. If they cared about the military--retired or otherwise--they would know that we don't have loads of cash sitting around to pay high interest rates.
Loan process was good. I got through it fairly easily. I really liked how I was able to literally get my money instantly when I was approved. I got a fairly good interest rate. I'll go back to them again if I need money.
Beware. They will talk a really good game and have you signing away your first born before you know it! I am usually fairly levelheaded, but a recent financial crisis had me just wanting to get it taken care of, so I called Omini. Wish I had called someplace else. Now I'm stuck in this loan, and I'm not seeing an end in sight.
I have had several loans with Omni...and every time ( Call me stupid) the interest is outrageous. U have to call them to get your payoff, you can't just log into your account to view it. There for the military...beyond a joke. They are there for their investors...greedy. Just like all American companies. But they are smart. When you put Military loans on your company"s name and there is over a million Americans in the military and it keeps revolving-genius...if they were there for the military then they would keep ...
the loans interest reasonable...especially for repeat customers. But that's not the case. I've applied for a loan with them with a 700 credit score and they tried to give me a 22% interest rate. I had 5 previous loans and always paid them off early...I denied the offer and sent them scathing emails on how they are a predator lender. I
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