Category: Compliance for Banks & Lenders

How Does the SCRA Affect Interest Rates?

The SCRA interest rate cap is 6%, but you must know when it applies. As a banker or lender, you have to be especially careful when calculating interest rates on loans to servicemembers. So, how do SCRA requirements for lenders …

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7-Point SCRA Requirements for Lenders

Does the Military Pay Off Student Loans? An In-Depth Look

It is common knowledge that millions of Americans have student loan debt. Over 43 million Americans have amassed more than $1.3 trillion in debt for student loans. Paying off loan debt is anything but easy. While getting an education is …

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Defending Service Members: The Military Lending Act Explained

Being part of the military has plenty of privileges. Unfortunately, financial obligations can hinder service members from focusing on the job. That is why military members are given special protections like the Military Lending Act (MLA).

The MLA limits the …

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Military Debt Collection Law: Understand Your Rights

Nobody likes hearing from debt collectors. If you’re part of the military, military debt can pose risks to your status, promotions, and career. Military debt is just like any other type of debt. Primarily, it can affect the military personnel’s …

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What Are the SCRA Vehicle Repossession Rights?

As a lender or auto dealership, you are likely — and rightly — concerned with the SCRA vehicle repossession rights. It’s important to follow the letter of the law in these matters in order to avoid fines and penalties.

Companies …

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