CitrusWarReconf
New Member
I'm thinking about Omni Military Loans… but I'm not sure—are they really a legit consumer‑finance option or just another payday scheme? Any real experiences? https://www.omnimilitaryloans.com
Is Omni Military Loans Legit or a Payday Loan Scam? Real Reviews
- Thread starter CitrusWarReconf
- Start date
Tape
V.I.P
I looked into Omni Military Loans and found only a handful of reviews, so the picture is unclear. The feedback is mixed:
No specific loan amounts or rates were mentioned. Decide for yourself if it’s worth trying.
- One long‑time user says the company denied loans three times in a year and was unresponsive, rating it 1/5.
- A service member praised quick help and great customer service, rating it 5/5.
- Another user reported long wait times and no callbacks after applying online, also rating 1/5.
No specific loan amounts or rates were mentioned. Decide for yourself if it’s worth trying.
Rickey
New Member
This post provides an overview of Omni Financial of Nevada, Inc., the company behind Omni Military Loans. It includes details about its operations, loan offerings, and recent regulatory actions taken against the company.
Company Overview: Omni Financial of Nevada, Inc.
Omni Financial of Nevada, Inc. operates under the brand names Omni Financial and Omni Military Loans. The company is headquartered in Las Vegas, Nevada. It specializes in providing installment loans to U.S. military personnel, including active duty members, career retirees, and veterans.
Omni Military Loans offers personal loans that range from $500 to $10,000 with repayment terms that vary between 6 to 36 months. Importantly, the company clarifies that it is not a payday lender; rather, it positions itself as a traditional consumer finance firm. Omni Financial operates online as well as through 16 physical locations across the United States.
Regulatory Action: CFPB Settlement
On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) took regulatory action against Omni Financial for violations related to federal lending laws. The specific violations included:
As a result of these findings, the CFPB issued a consent order against Omna Financial. This order led to compensation being distributed to affected consumers in February 2022. The case is now closed.
Licensing Update
In June 2023, Omni Financial was granted a small loan company license by the New Mexico Regulation and Licensing Department. This license allows the company to continue its lending operations legally within New Mexico.
Overall, these elements provide insight into the operations of Omni Military Loans and highlight some recent key developments in its regulatory history.
Company Overview: Omni Financial of Nevada, Inc.
Omni Financial of Nevada, Inc. operates under the brand names Omni Financial and Omni Military Loans. The company is headquartered in Las Vegas, Nevada. It specializes in providing installment loans to U.S. military personnel, including active duty members, career retirees, and veterans.
Omni Military Loans offers personal loans that range from $500 to $10,000 with repayment terms that vary between 6 to 36 months. Importantly, the company clarifies that it is not a payday lender; rather, it positions itself as a traditional consumer finance firm. Omni Financial operates online as well as through 16 physical locations across the United States.
Regulatory Action: CFPB Settlement
On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) took regulatory action against Omni Financial for violations related to federal lending laws. The specific violations included:
- Military Lending Act (MLA) – Violation involved requiring repayment through military allotment.
- Electronic Fund Transfer Act (EFTA) – Violations pertained to requiring preauthorized electronic fund transfers as a condition for loans.
- Consumer Financial Protection Act (CFPA) – General consumer protection violations.
As a result of these findings, the CFPB issued a consent order against Omna Financial. This order led to compensation being distributed to affected consumers in February 2022. The case is now closed.
Licensing Update
In June 2023, Omni Financial was granted a small loan company license by the New Mexico Regulation and Licensing Department. This license allows the company to continue its lending operations legally within New Mexico.
Overall, these elements provide insight into the operations of Omni Military Loans and highlight some recent key developments in its regulatory history.