The federal Military Lending Act (MLA) is meant to protect members of the military from predatory financial practices. It bars certain high interest loans to members of the military. Unfortunately, many lenders, payday lenders, and title lenders do not abide by its rules.
The federal MLA may also provide you with rights regarding any payday loans or title loans you’ve taken, including the potential for a recovery of unlawful interest charges. Those “advances” are essentially high interest loans, whereby a customer is forced to repay the loan in its entirety when the next paycheck is deposited, which can lead to APRs of 500 percent or more.
We believe servicemembers putting their life on the line for our country should not be subject to unlawful high interest loans.
Contact us to see if we can help.