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Crucial Lending Protections for Military, The Military Lending Act

Crucial Lending Protections 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 underneath the MLA include:

  • A 36% interest limit. You can’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