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When a Servicemember Asks for More than SCRA Relief

Question: 
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?
Answer: 

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.
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Learn more about Andy Zavoina’s webinar Attention - Military Lending

First published on 01/05/2020

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