- Listed: August 12, 2022 3:38 pm
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Military Lending Act (MLA)
The Military Lending Act (MLA) is a Federal law that provides special protections for active duty servicemembers like capping interest rates and fees on many loan products. MLA says that you can’t be charged an interest rate more than a 36 percent Military APR, which includes certain fees, on most types of consumer loans. The MLA applies to active-duty servicemembers, including those on active Guard or active Reserve duty, and covered dependents. Payday loans are covered under MLA.
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