Do military service members have personal loan protections?

The Military Lending Act (MLA) applies to active-duty members of the Armed Forces, National Guard or Reserves on active duty for over 30 consecutive days, and their dependents (spouses and certain children). Lenders are required to check covered-borrower status before extending credit.

Lenders that violate the MLA face severe penalties including void contracts. For service members, the practical effect is access to mainstream lenders at the same APRs available to civilians (which are typically well below 36%) and zero exposure to triple-digit-APR subprime products.