watch out for scams against members of the military, questionable charity appeals
(WFSB) – The Better Business Bureau (BBB) reminds consumers to be wary of patriotic or military systems.
The following scams typically target members of the service:
- High prices for military loans
- Loan ads that promise a guarantee, immediate approval, or no credit check often contain hidden fees and very high interest rates.
- Keep in mind that legitimate lenders will never guarantee a loan before applying, and loans that require an upfront payment are likely a scam.
- Veteran’s Allowance Redemption Plans
- This redemption plan will offer a cash payment in return for future benefits or pensions for a disabled veteran.
- The amount of cash is only around 30-40% of what a veteran is entitled to.
- These buyback plans can be structured in several different ways, so do research carefully before signing anything.
- False rental properties
- Stolen photos of legal rental properties are used in ads promising military discounts and other incentives.
- Members of the site will have to pay a fee by bank transfer for security or the key to the property, in the end they will get nothing.
- Misleading car sales
- Classified ads sites will either offer false discounts to military personnel or claim to come from soldiers who need to sell their vehicle quickly because it has been deployed.
- Prepayments in advance will be required by bank transfer otherwise the vehicle will have problems after purchase.
- Expensive life insurance policies
- Military members are often subject to sales pressure that offers unnecessary, expensive life insurance policies.
- Lawyers may make false statements about the benefits this policy offers.
To avoid scams, consumers should get as much information as possible about the company or charity before paying or donating.
Never give money to anyone you don’t know.
Do not click on links in unsolicited e-mail.
Once deployed, include the Active Duty alert in your credit reports.
BBB military line provides free resources.
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