What is covered under the Military Lending Act?
Payday loans, overdraft lines of credit, and most installment loans are covered by the Military Lending Act. As of October 3, 2016, most types of consumer loans offered to active-duty servicemembers and their dependents have to comply with the ...
What are my rights under the Military Lending Act?
The Military Lending Act (MLA) says that you can’t be charged an interest rate higher than 36% on most types of consumer loans and provides other significant rights. The MLA applies to active-duty servicemembers (including those on active Guard or ...
While there is no set definition of a payday loan, it is usually a short-term, high cost loan, generally for $500 or less, that is typically due on your next payday. Depending on your state law, payday loans may be ...
Yes, if you are in military service, the Servicemembers Civil Relief Act (SCRA) limits the amount of interest you can be charged for certain loans or other obligations you took out prior to entry into active-duty military service to 6 ...
