Loan relief or other assistance for service members
The Servicemembers Civil Relief Act (SCRA) is a federal law that was designed to protect individuals called to active military duty by providing financial relief and certain legal protections. The intent of the law is to grant certain loan relief to military members during deployment.
Who can apply for SCRA?
Active duty members of the military, who received their loan or credit prior to active service, may be eligible for benefits:
- Active duty in the Army, Navy, Air Force, Marine Corps or Coast Guard, including reservists serving on active duty.
- National Guard service for 30 consecutive days or more under federal orders.
- Commissioned officers of the National Oceanic & Atmospheric Administration and Public Health Service on active service.
For more service member information, you can visit the Consumer Financial Protection Bureau (CFPB).
If you have any questions regarding SCRA benefits or are requesting to lower the interest rate on your mortgage, loan or credit card pursuant to the SCRA, contact us today.