Loan Related Financial Scam

Loan -related financial scams occur when a fraud -fraud -company or individual provides a service that is not in the best interest of the person. The loan scam is a loan given by false excuses. The scammer will often offer services with high rates and fees or by hiding the actual cost of the loan.

If someone asks you to participate, or if you see fraud activity, you should know about these plans. Potential fraud indicators include the following:

• Beware of high interest rates on home and car loans.
• Avoid any loan seeking money in advance. Valid lenders will take a fee after the loan is approved, not before that.
• The lender who is encouraging you to take loans at convertible interest rate or pressurizing you, while they know that you will not have financial income to repay the loan when the interest rate increases.
• Bad people offer loans without credit checks, which often target people with poor credit or debt problems. If the lender is not demanding a credit check, it cannot be a valid proposal.

What To Do

• Verification: If you are interested in working with a Veteran Service Organization (VSO), agent or lawyer, use the General Counsel Accreditation Office tool for confirmation and verification of their credibility. https://www.va.gov/ogc/apps/accreditation/index.asp
• Contact VA directly to assist in management of your loan. https://www.va.gov/manage- vadebt/. If you are lagging behind in payment and you need financial assistance, VA can help you, rather than that you get stuck in a scam to help. There are several fields to receive assistance, including VA loan guarantee service, which provides special loan rates for veterans wishing to buy a house using VA mortgage financing.
• Scamsters say such things to take advantage of you.
• Everyone gets approval. Bad credit – no problem.
• Loan loans with low interest rate.
• Special loan conditions for giants

Does Not

• Avoid pay-day or title loan-these are types of loans that provide money on the same day. The interest rates and fees of these types of loans are high. Consumer Financial Protection Bureau (CFPB) has more information about pay-day loan https://www.consumerfinance.gov/ Consumer- TOOLS/PayDay-loans/
• Never give your VA, social security number or any other government profit account information like your user name and log-in information during any loan application process.
• Do not choose a lender who does not require any document or background check to provide you a loan.

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