Crucial Lending Defenses for Military, The Military Lending Act

Crucial Lending Defenses for Military, The Military Lending Act

The Military Lending Act relates to active-duty servicemembers (including those on active Guard or active Reserve responsibility) and your covered dependents.

Your liberties beneath the MLA include:

  • A 36% interest limit. You can’t be charged a lot more than a 36% military percentage that is annual (MAPR), which include the next costs in determining your rate of interest (with a few exceptions):
  • Finance costs,
  • Credit insurance costs or costs,
  • Add-on items offered associated with the credit, and
  • Other charges like application or involvement costs, with some exceptions. Read More