Omni Military Loans: What Exactly Is This Kind Of Loan?

By Michelle L Published 12/12/2009 | Loans

I am sure you have heard about Omni military loans but do you really know what kind of loan is? You see, this is the kind of loan that is available to those people, both men as well as women, who serve in the military and this includes the Coast Guard. The loans are given to the military people so that they can pay their bills, get their cars repaired, go on a vacation, or for any other purpose.

Another thing you should know about Omni military loans is that a person who hold the power of attorney of a military personnel who is deployed can also avail this kind of loan. The lenders are aware that the need for funds may come up any time and this is the reason why they allow the family members of the military people to take this kind of loan even when the military staff is at work. Omni allows people to get the funds that they need when they need it the most. It is also quite simple to apply for this loan as the application process is a fairly simple one.

The rate of interest on the Omni military loans will differ and this is generally dependent on the credit history of the person who is applying for the loan. The annual percentage rates for these loans can range from 9-35%. Just like other kinds of loan that are available, a person who has a good credit rating will be able to obtain a lower rate of interest and a person whose credit is not good will have to pay a higher rate of interest. On the other hand, one thing is for sure is that the officers offering this kind of loan will try their best to approve the loan of the applicant.

It is also possible for you to refinance a loan by getting an Omni military loan. Before you are eligible to apply for this loan for the purpose of refinancing, you will have to make certain number payments and it also depends on the size of the loan.

When you get the Omni military loan, you can repay the same in military allotment payments. It is always a better idea to repay the money through your allotment. When you opt for allotment payment, you will not have to write checks every month and neither do you have to worry about forgetting the payment each month.