The Military Lending Act relates to active-duty servicemembers (including those on active Guard or active Reserve responsibility) and your covered dependents.
Your liberties underneath the MLA include:
- A 36% interest limit. You canвЂ™t be charged significantly more than a 36% armed forces apr (MAPR), which include the next costs in determining your rate of interest (with a few exceptions):
- Finance fees,
- Credit insurance costs or costs,
- Add-on services and products sold associated with the credit, and
- Other charges like participation or application costs, with a few exceptions. Continue reading