Military personnel are prime targets for the fraudulent and misleading sales practices of cold callers, INTERNET scams and other unscrupulous financial criminals. Members of the military have been targeted and exploited by such things as exorbitant-interest-rate payday loans, high fee investments, which are clearly unsuitable for them, inappropriate life insurance products, ID theft schemes and bogus products promoted with counterfeit military connections.
The Military Lending Act capped payday loan rates but at a still exorbitant interest rate of 36%. However, some lenders have discovered ways around the law, offering a variety of high interest rate loans that are not subject to the 36% rate cap.
Military families are perfect targets for identity thieves because their Social Security numbers are widely available and the families move a lot. Additionally, members of the military and their families are subject to the same phishing that all individuals are subject to.
The balance of the scams, referenced above, which military families are exposed to, are self-explanatory. In undertaking any of the described activity, it is important for you to use diligence, consider what you are being asked to do or sign and make intelligent decisions. If you have any questions about what you are considering, there are counseling services available to you, which are usually free. Please use them.
If you have any questions for which you are unable to obtain an answer, feel free to contact us relative to your problem by utilizing the email inquiry contained on our web-site, forkeylaw.com.