NewsWho Took Over Pioneer Military Loans

Who Took Over Pioneer Military Loans

-

Undisclosed Rates And Fees

Military Loans for Active Duty Service Members and Career Retired Veterans – Omni Financial

Many lenders disclose their max and min annual percentage rate upfront, making it simple to compare offerings to other loan providers. However, Pioneer Military Credit does not offer these rates until a borrower completes an application. Fees or payment information is also unlisted on Pioneer’s website, including whether or not the company charges an origination fee and an estimate of what monthly payments will be.

Loans For Military Life

Military life brings many unique challenges. Whether it be from PCS, to deployment, to unexpected emergencies, you sometimes need financial help. When seeking personal military loans, we encourage you to borrow responsibly and understand your protections under the Military Lending Act and The Servicemembers Civil Relief Act . And always consider if a DoD sponsored loan program is a good fit for your needs.

  • Army Emergency Relief: AER provides active and retired soldiers and their families assistance for a wide variety of financial situations with no interest or fees. Services include loans, grants, and scholarships.
  • Navy-Marine Corps Relief Society: NMCRS provides, in partnership with the Navy and Marine Corps, financial, educational, and other assistance to members of the Naval Service of the United States, eligible family members, and survivors when in need.
  • Air Force Aid Society: AFAS is the official charity of the U.S. Air Force and has been meeting the unique needs of the Total Force and their families, as well as Air Force widows/widowers since 1942.

Personal Options For Veterans Active

Personal loans let you borrow a lump sum of money thats repaid in fixed monthly installments over a set number of months or years. Theyre typically unsecured, meaning the lender doesnt require collateral like your car or home.

Many personal loan lenders offer special benefits for members of the military. Plus, there are federal protections in place to benefit eligible military personnel. For example, interest rates are capped at 6% for eligible active-duty military members through the Servicemembers Civil Relief Act .

Whos eligible for SCRA protections?

  • Active-duty service members in the Army, Navy, Air Force, Marine Corps, National Guard or Coast Guard, including reservists serving on active-duty.
  • Active-duty commissioned officers of the National Oceanic & Atmospheric Administration and Public Health Service.
  • Active-duty service members who are absent on account of sickness, wounds, leave or other lawful cause.

Additionally, the Military Lending Act caps personal loan APRs at 36% for active-duty service members as well as covered dependents and family members who are in the Defense Enrollment Eligibility Reporting System.

Not all military personnel are eligible for these protections. For instance, veterans will not qualify for SCRA or the MLA, although lenders may offer other military benefits that apply to veterans, as well.

Here are a few places where active-duty military service members and veterans can receive added benefits:

Read Also: Can You Join The Military With Aspergers

Pioneer Military Loans Is Now Pioneer Military Credit

Pioneer Services Military Loans is under new ownership and is now Pioneer Military Credit. We are working hard to relaunch a personal military loan product for active duty and career retired military.

Pioneer is proud to have served the financial needs of military personnel for over 30 years and looks forward to again supporting military families with responsible personal loans and money management education.

for more information on how Pioneer Military Loans became Pioneer Military Credit.

Application And Approval Process

Military Loans

Pioneer Military Credit is not currently accepting new loan applications, but is looking to relaunch its products in the near future.

Interest rates for personal loans at Pioneer Military Credit are not determined until the loan application is completed and is based on each individual loan and circumstances. Pioneer uses the following criteria to determine the best way to ensure interest rates fit borrowers and loans:

  • Employment history
  • Debt-to-income ratio

Pioneer Military Credit offers one of the fastest approval time and fund availability. When an application is submitted, Pioneer generally responds by email within 24 business hours. This does vary based on a number of applications the lender has at the time.

After the application is approved, it takes between 24 and 48 hours to receive the funds. This is a quick way to receive a personal loan and is helpful for loans needed right away to help with financial emergencies that arise. Pioneer Military Credit also provides solutions for military personnel with bad credit.

There is no minimum credit score, and the lender does not pre-screen the loan application. Each case is weighed individually against multiple factors, credit score being just one of them, before approval is given. Pioneer Military Credit gives loans with fixed payments for those with a bad credit score, as an opportunity to smooth out their credit scores.

Read Also: Can You Have Autism In The Military

Va Financial Hardship Assistance

The VA offers a financial hardship assistance program for veterans who cant afford to pay for their medical care. It allows veterans to set up a repayment plan, request a copayment exemption or a debt waiver for their VA costs.

The VA is also canceling and refunding medical copays during the coronavirus pandemic.

Who they help: Veterans who are suffering from financial hardships or an increase in out-of-pocket family health care expenses.

Dan Shepard contributed to the reporting of this article.

If You Are In The Military And In Need Of Financial Assistance Omni Financial Is Here For You

As one of the premier military loan lenders, we specialize in providing military installment loans to active duty and career retired service members of the following branches of the U.S. Armed Forces:

You can also apply for a personal loan with Omni if you are a past or current Omni customer. Thousands of our family of customers, trust us as a responsible military lender and view us as trusted go-to lender.

Service members receive fast access to funds that can be used for personal purposes, debt consolidation, emergency expenses, PCS moves, lease deposits and much more. Our loans range in amounts from $500 to $10,000 with repayment terms from 6 to 36 months. Click to request a call now for more information, one of our offices will contact you promptly.

Don’t Miss: Does Aspergers Disqualify From Military

Re: Help With Account In Collections

This could potentially be identity theft…someone took out loans in your name and apparently tried to negotiate a settlement? I’m not so sure on this. I’d say place fraud alerts on your three bureaus, and perhaps consider filing a police report.

I’ll defer to others with more knowledge/experience on this though.

Starting FICO 8 Scores:

Providing Financial Assistance For Over 50 Years

Military Loans: the money you need, now!

Omni provides military loans/personal loans to active duty and career retired military, and we are dedicated to responsible lending practices. Since our establishment in 1970, we have helped hundreds of thousands of active duty and career retired service members stationed around the world obtain the loan funds they need quickly and easily. We are one of the first companies to lend to Americas armed forces troops and offer many benefits:

  • Simple loan application process
  • Apply for a personal loan online, by phone or at an office location
  • Receive personal loan funds as quickly as the same day
  • Competitive rates
  • No hidden personal loan fees
  • Friendly and knowledgeable customer service representatives and personal loan officers

15-Day Satisfaction Guarantee

All our military loans, whether youre on active duty or career-retired, are backed by a 100% satisfaction guarantee. If for any reason you are not completely satisfied, you can return the proceeds within 15 days and we will cancel your loan thats our promise to you as a trustworthy lender, a title which we take seriously.

Recommended Reading: Seven Nation Army Songsterr

Why Did Pioneer Services Close Down

The Pioneer Services division closed down because its parent company, MidCountry Bank has made a deal selling this division to a holding company. Steve Meads says the deal will bring a lot of new opportunities to customers and team members of the organization. He says the company will now acquire a committed source of local capital and with the new local relationships the company has an opportunity to grow and expand in market visibility and awareness.

What Are Some Lending Alternatives For Military Members

If you are wondering where Military personnel can apply for loans with the closure of Pioneer Services, we would suggest asking your bank about personal loans or looking into the personal loans offered by these alternatives.

  • Credible
  • SuperMoney Lender Marketplace
  • MaxLoan365

SuperMoney Lender Marketplace: The SuperMoney Lender Marketplace helps you find your best loan offer from competing lenders with loans up to $100K. Their rates start from 4.99% APR. Checking rates wont affect your credit score. Upon visiting their website supermoney.com, you can check your eligibility using their online tool.

While they offer loans for just about any purpose, they specialize in helping borrowers with credit scores above 640 with acquiring personal loans for debt consolidation, home improvement and medical purposes.

Credible: Credible empowers consumers by bringing transparency and simplicity to the process of borrowing and refinancing debt. Borrowers can receive personalized, pre-qualified offers from multiple lenders across student loan refinancing, private student loans and personal loans in under two minutes. You can go directly to credible.com/personal-loan to get started with personal loans.

PersonalLoans.com: At PersoanlLoans.com you can submit your information to be connected with a vast network of reputable lenders who compete to offer the best possible loan option. Their network offers loans up to $35,000.00. Apply is easy at PersoanlLoans.com.

Don’t Miss: Sears Military Discount On Appliances

What Is A Pioneer Services Military Loan

Pioneer Services military loans are short-term installment loans between $500 and $10,000. While it doesn’t disclose APRs, they won’t be higher than 36% the APR cap set by the Military Lending Act. It’s also not transparent about what loan terms it offers, though most installment loans come with terms between six and 24 months.

What states are Pioneer Services military loans available in?

You can apply for a Pioneer Services military loan online or over the phone in all 50 states. It also has storefronts in the following cities around the US:

  • Oceanside, CA
  • Seattle, WA

How Does Omni Financial Work

Pioneer Military Credit Previously Pioneer Military Loans

Omni Financial® makes it easy for you to apply for the personal loan you need. Whichever way you choose to apply and regardless of where you are stationed, upon loan approval, you will have access to your loan funds in next to no time. Come in, call or apply online, loan applications are accepted online 24/7.

Also Check: Can People With Autism Join The Military

I Got A Pioneer Services Military Loan Now What

It’s time to start thinking about repayments. How much you owe each month and your repayment due date should be outlined in your loan agreement. While you have the option of signing up for automatic payments, know that this comes with a $2 transfer fee per payment. Since Pioneer Services doesn’t charge prepayment penalties, you can save on interest by paying off your loan early.

Keep an eye on your bank account and loan balance. If you notice anything off, reach out to Pioneer Services’s customer service team by calling 888-430-5176 or emailing .

Who Was Pioneer Services Owned By

They were owned by MidCountry Bank a privately held, full-service community bank that began operations in 2003, retaining over $775 million in assets and deposits worth almost $570 million. This bank has over 13 branches located in Minnesota and another office located in Las Vegas. The president and present CEO of MidCountry Bank is Steve Meads. They specialize in Commercial Banking, Mortgage, Business Banking, Finance and Insurance, Agriculture, Leasing, Investments, and Personal Banking.

Pioneer Services became an accredited division of MidCountry Bank in 2006 although Pioneer Services has been in existence since 1932. Eighty-two years of service to the American active-duty Military staff and retired Veterans.

As of July 31, 2019, Pioneer Services is no longer providing new loans and all existing loans have been purchased by Systems & Services Technologies Inc.

FEATURED ARTICLES

Read Also: Can Someone With Aspergers Join The Military

Why Did Pioneer Services Close Down Operations

Other business priorities within the MidCountry ownership group triggered the decision to close down the 85 year old business. Pioneer Services stopped accepting new loan applications in July 2019 and active customers were notified that their accounts were under new ownership. The news of the closure was challenging for customers and many passionate Pioneer Services team members who were committed to helping military service members solve financial challenges.

Why Borrow From Armed Forces Bank

Taliban works on forming new Afghanistan government
  • Armed Forces Bank is a family-owned military bank. Our mission is to provide a superior banking experience with fast, easy and personal service.
  • Weve been serving military families for over 100 years.
  • Our unsecured military loans offer flexible terms and no early repayment fees.
  • An Armed Forces Bank military loan gives you access to the cash you need without breaking your budget.
  • Loan proceeds can be used to help with household expenses, cover education costs, fund travel or vacations, and more.

Subject to credit approval. Restrictions apply. Annual Percentage Rate is based on credit score. Only one personal loan allowed to any borrower at any time. Loan terms are based on the loan amount. Origination fee applies. Demand deposit relationship required. Refinance applicants must qualify for a minimum of $250 in additional cash for approval.

The actual amount, term and APR amount of any loan that a customer qualifies for is based on credit determination. Repayment terms range from 9-48 months. APR range from 14.95% to 35.95%. Example Loan: Loan Amount $3,000, APR 15.94%, 24 Months Term, Monthly Payment $141.16.

Read Also: Military Discounts Sears

Pioneer Military Lending Inc Appellee/cross

US Court of Appeals for the Eighth Circuit- 2 F.3d 280 Submitted Jan. 13, 1993. Decided Aug. 11, 1993. Rehearing Denied Sept. 9, 1993

Carol L. Iles, Jefferson City, MO, argued, for appellant.

Dan Moreles, Will Pryor, Mary F. Keller, Joe K. Crews and Richard Tomlinson, Houston, TX, for amici curiae.

George E. Leonard, Kansas City, MO, argued, for appellee.

Before LOKEN and HANSEN, Circuit Judges, and MURPHY,* District Judge.

DIANA E. MURPHY, District Judge.

This case involves the attempt by the Missouri Commissioner of Finance, Earl L. Manning, to impose certain laws for small loan companies upon Pioneer Military Lending, Inc. , a Nebraska corporation. The district court ruled that application of the Missouri regulatory scheme to Pioneer would place an undue burden on interstate commerce in violation of the Constitution, and the Commissioner appealed. Pioneer in turn appeals from that part of the judgment which dismissed its claim under 42 U.S.C. § 1983.1

The district court based its findings on a lengthy joint stipulation of facts and a one day trial at which four witnesses testified.

If Pioneer approves a loan, it sends copies of promissory notes, security agreements, and checks from Nebraska to the Woods-Jones office by Airborne Express. The Woods-Jones office informs the applicant of the decision, and arranges for the applicant to come to the office to sign the notes and pick up the check. The documents are then sent back to Pioneer.

How Does The Access Loan Work

1. Apply online in just minutes

3. Receive and accept the loan offer

4. Get quick access to the money in an Armed Forces Bank account

If you are already an Armed Forces Bank client your loan will be deposited directly to your account. If you are new to Armed Forces Bank, a new Access checking account will be setup first and then your loan proceeds will be deposited there.

Expanded credit options for existing Armed Forces Bank clients

Fixed terms and monthly payments to simplify your budget

Automated payments so you’ll never miss one

Read Also: Verizon Military Discount Verification

Are They Accepting New Applicants

Pioneer Services who provided personal loans exclusively to members of the military will no longer be accepting new applications to offer loans to military personnel. They shut their doors on July 31st 2019 so no new loans were processed after that date. All loans existing prior to that date have been purchased by Systems & Services Technologies Inc. who is a Third-Party Servicing Company.

In 2020, Pioneer Services reemerged under the new company name, Pioneer Military Credit.

What Does The Internet Say About Pioneer Services Military Loans

86 best Military Humor and Jokes images on Pinterest

Not much as of August 2019. Though Pioneer Services is accredited with the Better Business Bureau and receives an A+ rating, it only has eight customer reviews. And of those, six only earned 1 out of 5 stars. Most borrowers were upset with the high interest rates Pioneer Services charges. One borrower had an issue stopping autopay after they paid off their loan early, while another complained about incorrect information on their credit reports.

You May Like: Veterans Discount At Sears

Pioneer Services: What Loans Does The Company Offer

Pioneer Services offers VA home loans that can be used to purchase a home or to refinance an existing home mortgage. The company used to offer unsecured personal loans as well, but it discontinued issuing new loans in July, 2019. Here are some of the key things that you need to know about these loan offerings.

Access Loans From $750 To $15000

At Armed Forces Bank, we are committed to serving those who serve. Our Access Loan gives our military community access to the funding you need with a fast and easy approval process. This personal military loan has flexible credit options for Armed Forces Bank clients as well as active duty or retired military borrowers with less than perfect credit.

Recommended Reading: Can You Join The Navy With Autism

Pioneer Loans: Pricing And More

You can get an auto, travel, or debt-consolidation loan through this company. While you can get home loans, they do come with higher interest rates. Plus, the lender works a bit differently in that you get a 15-day guarantee. If you change your mind about the loan or amount, you can easily return the money with no penalties. Anyone can get up to $10,000 without any collateral. Its possible to get more money than that, but you will need to secure the loan by putting up your motorcycle, home, boat, or car.

People in need can get up to $50,000, though it is best to go with the least amount of money to get you through whatever situation you face. The amount youll pay depends on many factors, such as your credit score, repayment plan, and credit history. Prices might also vary based on how much money you borrow and the agreed-upon interest rate. Other fees might also be included.

Pioneer loans can be written for up to three years. Of course, this does seem like a lot because you only have 156 months to pay back up to $10,000 and all the interest. Because this company is geared toward military personnel, you may not think your earnings will be enough. However, you can get less money and still pay it back with the three-year commitment. It might be a little more cost-effective to do it this way.

Popular Articles

Which Car Rental Companies Offer Military Discount

Enterprise Military Discounts And Other Car Rental Discounts ...

What Is The Age Cut Off For The Military

Tattoos Brands And Piercings New Age...

What’s The Age Limit To Join The Army Reserves

Not Having A High School Diploma Subjects Your Enlistment To Further Review...

Can A Green Card Holder Join The Army

Applying For Citizenship As A Military Member ...

Is There A Height Requirement For The Military

Submit Your Application 1submit Your Application ...

How Old Can You Sign Up For The Military

How Old Do I Need To Be To Join The Regular Army...

Must read

Which Car Rental Companies Offer Military Discount

Enterprise Military...

What Is The Age Cut Off For The Military

Tattoos Brands...

You might also likeRELATED
Recommended to you