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 have the interest rate on debt incurred before entering active duty (or for reservists, debt incurred before receiving notice of active duty) limited to no more than 6% per year. Any interest greater than 6% will be forgiven.
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@happen.com:
Your full name
Your full loan number or member ID number
Your preferred contact method for this request (for example, email, phone)
Our team will follow up with you if additional documentation is needed.
Keep in mind, Happen Bank 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 Military Annual Percentage Rate (MAPR) to no more than 36% for many types of consumer loans and credit. It protects your spouse and certain dependents of military personnel.
When you apply for a loan through Happen Bank, 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.
