Applying for a bad
credit loan online is the easiest way to be a target for financial theft and
identity theft. When you apply for these
loans, the scammers can use your identity on other online scams or sell it to
other scammers around the world.
This is the most common financial military
scam by financial agents. Insurance agents visit military personnel in barracks
or meetings and try to sell them their insurance policies and other investment
opportunities. Some agents have changed
their tactics to try and sell bad insurance policies to unsuspecting military
The government has come up with new
policies that ban insurance agents from visiting such military bases. You can
beat insurance fraud by maximising your military policy first. The military
insurance has coverage for your wife/ husband and kids so you don’t have to
worry about additional policies.
high fees investments
Some financial planning companies will omit
important information and create misleading statements when it comes to help
you in selling some mutual funds. In the financial word, this is a big
scam. They also impose an upfront fee of
more than 50% to the new investors who are not aware. Sales people and investors are known to
pressure military persona to make investments that require upfront charges and
other hidden costs. You will find yourself using up your bonus or retirement
benefits with such scammers
Before investing your bonuses or retirement
funds, you can maximise your options in thrift savings. It is a low cost
investment with no charges and has zero taxes imposed. Also, you can take
advantage of the beneficial military savings and deposit programme.
affinity frauds and scams
There are many criminals who will use the
military for financial gains. You find fraudsters posing as insurance policy
lenders selling fake insurance policies to first time military families whose
members are almost being deployed. Many scammers have disappeared with thousands
in dollars. You find that many military families have paid fees online for a
work at home opportunity but they do not get any hobs in return.
You can avoid this by checking out the
online companies with a community service officer before applying for any jobs.
They will help you review any contracts and insurance policies to ensure you do
not fall into any scams
predatory lending services
Some payday lenders will charge military
personnel more than the required percentage in interest rate charges. Lenders
will charge you up to 400% in interest. The basic interest rate percentage
should be 36% interest for military personnel. Some payday lenders also ask
unaware military personnel to pay an upfront fee in order to get the services
and lower interest rates. They run fake payday loan websites and companies that
are not legally registered.
You can opt for a zero percent interest
loan from your military emergency funding organisation in place of the payday
loans. You may not borrow as much money as that of the payday lenders, but it
will help you keep your finances in check.