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Consumer

Military Lending Act

For more information call 877-448-0492 or email our clerk at intake@nka.com

The Military Lending Act (“MLA”) is a federal law that provides protections in certain consumer financial transactions for active service members, their spouses, and certain dependents. The MLA contains certain protections, including but not limited to:

  • Interest rate caps on certain consumer loans
  • No prepayment penalties
  • No mandatory arbitration

Consumer credit products generally covered under the MLA include payday loans, some installment loans, and certain student loans, for example. If you believe your rights have been violated, contact Nichols Kaster, PLLP.

Photo by Aaron Burden on Unsplash

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