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.
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.
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.
Omni Financial offers military loans ranging from $500 to $10,000.
Omni operates in all 50 states and most overseas military assignments.
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.
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.