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What SCRA and MLA Benefits Are Available for Servicemembers?

2 min read

The Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA) provide certain financial benefits and protections to eligible servicemembers when they enter active duty. We’re especially proud to help our country’s military personnel and support the important mission they serve.

SCRA benefits

Servicemembers who meet the requirements under SCRA are eligible to receive an interest rate of 6% or less per year for debt incurred before entering active duty (or for reservists, debt incurred before receiving notice of active duty).

SCRA eligibility

Eligible servicemembers may include:

  • Active duty members of the Army, Navy, Air Force, Marine Corps, or Coast Guard

  • Reservists serving on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard

  • Commissioned officers of the National Oceanic and Atmospheric Administration (NOAA) and Public Health Service on active service

  • Other servicemembers who may qualify under certain state laws

Applying for SCRA benefits

If you believe you qualify for SCRA benefits, please send the following information to consumeradvocacy@lendingclub.com:

  • Your full name

  • Your full loan number or member ID number

  • Your preferred contact method for this request (for example, email, phone)

You’ll also need to provide one appropriate indicator of military service, which can include, but is not limited to:

  • Active duty orders

  • DD Form 214 (Certificate of Release or Discharge from Active Duty)

  • DD Form 215 (Corrected Certificate of Release or Discharge from Active Duty)

  • VA Benefits Award Letter

  • Military Disability Award Letter

  • Letter from your executive or commanding officer on official letterhead that includes:

    • Your name

    • Active duty start date and end date

    • Branch of service

    • Last four digits of your Social Security number

  • Any other appropriate indicator of military service

Keep in mind, LendingClub may use information retrieved from the Defense Manpower Data Center to obtain information indicating that a servicemember is on active duty.

MLA benefits

The Military Lending Act (MLA) limits the Annual Percentage Rate (APR) to 36% for many types of consumer loans and credit. It also protects your spouse and certain dependents of military personnel.

When you apply for a loan through LendingClub, we check to see if you qualify for MLA benefits, and we’ll adjust your loan offer as needed.

If you have questions about how the MLA applies to you, give us a call at 844-538-6754.

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