The military is a soldier that serves our country and they should be getting the respect that they deserved. Nonetheless, some military members found it is rather hard for them to get a loan when they need one to fit their situation.
Let’s be honest, after working upwards of 15 or more hours a day who has the time or energy to go seek out loan providers in person. Fortunately, the Internet has easily resolved that problem.
Using the Internet to find a military loan provider has leveled the playing field. Never again will you have to worry about talking to a loan lender during your short lunch hour or feel pressured to take the first loan that you qualify for.
Now you can simply do an online search for military loan providers and find a loan provider for free in the comfort of your own home.
Most online loan lenders allow you the opportunity to compare numerous quotes for free and you’re never under any obligation to accept any loan that is offered to you unless it meets your specific needs, wants or desires. In most cases, you can find out if you’re approved for a loan within 24 hours.
Some providers even have the capability to tell you within minutes if you qualify for a loan. The only requirement is for you to fill out a simple form on their website that usually takes less than 5 minutes.
Don’t worry; they also keep any information you provide secure and confidential. Best of all you can search for your loan at any time day or night – even in your pajamas if you so desire.
Stop searching for a military loan the hard way. Instead, use your computer and find the loan you need online without any time constraints or hassles.
Need Credit? Opt for a Military Loan
A military loan is the line of credit offered to military personnel, to serve their financial needs or meet their urgent requirements. The military loan is one of the greatest benefits for active servicemen and retirees to consolidate personal debts, home improvement, educate their children, buy a car, or to simply take a much-needed vacation.
Generally, military loans are offered at much lower interest rates when compared to the regular loans offered to civilians. These loans are also very flexible, and one can have special offers and immediate approval.
One of the foremost advantages of this loan is that most do not necessitate collateral. That is, a military loan is generally an unsecured loan. Remember that if you repay your military loan early, you may not have to pay any interest, penalties, or fees. But to enjoy this benefit you need a good credit history.
Even though such loans boast several benefits, it is still like any other loan and you need to repay in a systematic manner. Even if you are stationed overseas your military loan amount will be provided to you without delay. You can also directly deposit your installment payments through most of the United States financial institutions overseas.
When applying for such a loan you need to be well prepared with all your military credentials along with your personal information. There are various types of loan plans available today to complement your rank, credit history, and financial situation.
Your credit history also plays an important role in getting a good loan. If your credit history is appalling you won’t get all the benefits of a military loan.
You can find military loans for almost any purpose – personal loans, auto loans, home loans, payday loans, computer loans and more. Nowadays, military personnel can also find military lenders on the Internet.
Applying for online loans is very easy as you just need to fill out a simple application form. Most online lenders will tell you whether you qualify for the loan the same day. Some online providers can even give you an answer in minutes.
You can also request loan quotes from these military loan lenders. This helps you to compare various loan rates and select the most suitable one, which best fits your needs.
There are some lenders who may try to take advantage of military personnel by charging the borrower higher interest rates. Hence, you should do thorough research and with a little bit of analysis you can easily find out the best military loan available for you.
10 Common Scams Targeting Vets and Military Families
For all of the selfless sacrifices made by our military members, it’s an unfortunate truth that they’re frequently targeted by scams and scammers. In an effort to bring awareness to these shameful shenanigans, we’ve put together a list of 10 common scams targeting vets and military families to be aware of.
1. Military Loans
One of the primary benefits of being in the military is that you qualify for a number of low-interest, veteran-only loans. Knowing this, scammers frequently pose as loan services, offering a number of false guarantees, approval without a credit check and unnecessarily high interest rates.
Just be sure to do your research on competitive veteran rates, be leery of any upfront fees and keep in mind that legitimate lenders will not guarantee a loan without an application first.
2. Cash for Pensions
Because it’s widely known that military vets have a guaranteed pension plan, scammers have been known to offer upfront cash, in exchange for the veteran’s long-term benefits.
Of course, it may be a tempting lump-sum amount (at first glance) but it’s important for vets to realize that the cash offered is typically just 30 to 40 percent of what they’re actually entitled to across the span of the total pension plan.
The U.S. Department of Veteran Affairs is the organization that is in charge of all veteran benefit programs; therefore, it’s extremely important to keep your information current.
However, if a vet receives a phone call from such a department (or anything similar), requesting to update their records, it could be a scammer phishing for valuable personal information.
It’s very important to be cautious here. Ask for their name and employer ID, hang up and call the department directly – it’s a vet’s best bet to ensuring their information goes to the proper entity.
4. Deals (Too Good to Be True)
Whether it takes the form of cars, rental homes or any other big-ticket item, there are a number of scams currently aimed at veterans that promise exclusive veteran discounts for items that may or may not actually exist.
Yes, promising huge savings, exclusively for veterans, thieves are now posting fake photos of cars and homes (that don’t actually exist) and asking for down payments via wire transfers.
In the end, vets are getting fooled into parting with their money under the belief that they’re getting a special deal when, in fact, they get nothing at all.
5. Paying for Free Records
Despite the fact that many of the records and documents from the U.S. Department of Veteran Affairs are free of charge, there is a popular con where scammers fool vets into paying for information that’s already available to them for free.
As mentioned above, if a vet is ever solicited on the phone for money or information, it’s best to hang up, look up the phone number and call back.
6. Charity Fundraising
Nothing tugs on the heartstrings more than charity and veterans [separately], however, when combined, you have a sure-fire recipe for exploitation.
It happens year round but especially surrounding Veteran’s Day celebrations, there are countless cons that ask veterans for donations toward a veteran-centric fund, of course, those donations are pocketed and the money rarely goes to the intended charity.
7. Life Insurance
High-pressured sales pitches often target members of the military and, when it comes to life insurance, it’s no different. Under the guise that veterans are exceptionally high-risk applicants that have no chance for insurance elsewhere, these life insurance scams are offering veterans unnecessarily expensive policies. Do your research!
8. Jury Duty No-Show
As one of the more creative cons of the bunch, there are reports of people calling a veteran’s home, claiming to work for the local court system and stating that the vet was summoned for jury duty but never showed. The caller then states that the “no-show” has resulted in a warrant being issued for the vet’s arrest, however, the vet can clear up the matter by simply providing a credit card or Social Security number.
9. Misleading Investment Advice
There is another clever con were supposed “financial advisers” offer older vets misleading, self-serving advice. In reviewing the vet’s investment portfolio, these cons suggest that they move some of their money to a particular trust – while this might not be a fake trust, they usually consist of long-term investments that are often considered inappropriate for older retirees, as they may need to be held for a decade or longer before they pay out a monthly income.
This is a different sort of con, where the money isn’t necessarily stolen, but it tends to benefit the “advisor” more than the aging vet.
10. They’re Not Really Vets
Last but not least, for all of the scams that target veterans and their families, there are many scams pointed at civilians, exploiting our love, appreciation, and sympathy for veterans.
Of course, it takes many forms but whether it’s a door-to-door solicitor falsely claiming to be a vet (or to be representing a veteran organization), or an online scammer claiming to be a soldier leaving for an overseas assignment and needing to unload a big-ticket item quickly, we civilians need to be aware that we’re not immune to veteran scams.
We hope you’ve found this list of common veteran scams to be enlightening. In the end, we simply caution vets and civilians alike to do your research and never transfer money without fully verifying the legitimacy of the claim first.