SCRA 6% Interest Rate Cap on Pre-Service Debt
SCRA 6% Interest Rate Cap on Pre-Service Debt
Servicemembers Civil Relief Act caps the interest rate on debts you took on BEFORE entering active duty at 6% APR.
Details
Servicemembers Civil Relief Act caps the interest rate on debts you took on BEFORE entering active duty at 6% APR. Cap stays in place during active-duty service plus 1 year on mortgages, plus 6 months on most other debts.
Restrictions
Lender must reduce rate retroactively to the day you entered active duty once you submit a written request + a copy of your orders. Many lender front-line reps don't know the rule, escalate to the SCRA / military-affairs desk. Applies to credit cards, auto loans, student loans, mortgages. Does NOT apply to debt taken on AFTER you entered service.
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