The Department of Defense is proposing changes to the Military Lending Act (MLA) to extend financial protections for military members and in turn, their families. The MLA limits the amount of interest that a creditor may charge on “consumer credit” to a maximum annual Military Annual Percentage Rate (MAPR) of 36 percent. Not that it’s …
“Dear Steve, I am in dire need of a debt consilidation loan. I applied with Lending Club and did not get approved due to my credit score. I am in the military and im able to afford a consilidated payment i just need to be approved. Do you have any advice what so ever? Kevin” …
Service personnel experience financial difficulties that are unique and need special attention. Fortunately, there are special laws to help them cope and this article discusses their rights and protections under the Soldiers’ and Sailors’ Civil Relief Act, 50 U.S.C. §§ 501 et seq. What is the Soldiers’ and Sailors’ Civil Relief Act? The Soldiers’ and …