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When a servicemember asks for more than SCRA relief

A soldier wants us to reduce the loan rate and allow three deferred payments to bring the account current. Are we required to do this?

The rate reduction is required if the loan date and date of service are in the right sequence (in other words, the obligation must be a pre-service obligation). The deferred payments are up to you and may be helpful to the borrower, especially Marines. They aren’t paid during boot camp, but get paid afterwards.

Learn more about Andy’s webinar Attention: New military lending rules of engagement.

First published on 03/13/2016

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