Logo

What SCRA and MLA Benefits Are Available for Servicemembers?

2 min read

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 receive an interest rate of 6% or less per year for debt incurred before entering active duty (or for reservists, debt incurred before receiving notice of active duty).

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@lendingclub.com:

  • Your full name

  • Your full loan number or member ID number

  • Your preferred contact method for this request (for example, email, phone)

You’ll also need to provide one appropriate indicator of military service, which can include, but is not limited to:

  • Active duty orders

  • DD Form 214 (Certificate of Release or Discharge from Active Duty)

  • DD Form 215 (Corrected Certificate of Release or Discharge from Active Duty)

  • VA Benefits Award Letter

  • Military Disability Award Letter

  • Letter from your executive or commanding officer on official letterhead that includes:

    • Your name

    • Active duty start date and end date

    • Branch of service

    • Last four digits of your Social Security number

  • Any other appropriate indicator of military service

Keep in mind, LendingClub 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 Annual Percentage Rate (APR) to 36% for many types of consumer loans and credit. It also protects your spouse and certain dependents of military personnel.

When you apply for a loan through LendingClub, 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.

Keep more of what you earn and earn more on what you save.
Check your rate. It won’t impact your credit score.
Privacy & Security

LendingClub Resources

Related Resource Center
Find a loan that not only meets your needs, but one you have a good chance of qualifying for.
Apr 17, 2024
6 min read
Personal Loan Eligibility Criteria You Need to Know Before You Apply
Want to consolidate high-interest debt, renovate your home, or manage an unexpected expense? A personal loan could help.
Sep 25, 2023
7 min read
Top 4 Reasons to Get a Personal Loan
Home repair costs have increased. Knowing upfront what you can expect to pay for certain types of improvements can help you prepare financially and save you a lot of stress.
Aug 28, 2023
8 min read
knowing common home repair costs can help you prepare for the future
It's common to see the buy now, pay later payment option at online checkout — but should you use it? Learn what BNPL is, how it works, and alternatives for borrowing money.
Aug 22, 2023
5 min read
Woman's hands on keyboard of laptop displaying image of shopping cart and buy now, pay later text
Anytime the Federal Reserve decides to raise interest rates, it typically creates a ripple-effect throughout the economy. We take a look at some of the ways rising rates influence how you borrow and spend, and the impact rising rates can have on variable rate debt you may be carrying.
Jul 17, 2023
7 min read
Torso of woman wearing pink sweater sitting at paper-strewn desk with phone in hand and using calculator.
Related Impact
From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.
Nov 13, 2022
2 min read
blog header stackit 765x430 v1-1
Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.
Oct 2, 2022
5 min read
LendingClub Rewards Checking Nationally Certified as Trusted, Afforda
Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.
Apr 19, 2022
2 min read
Illustration of large number 4 and letter M made up of colorful, tiny illustrations of ethnically diverse people
In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 
Mar 6, 2022
less than a minute read
Blog-post
LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  
Jan 2, 2022
2 min read
Man in blue button up shirt and glasses smiling
Related FAQ's
To qualify for a lending product with LendingClub Bank, you must...
Jun 7, 2023
less than a minute read
It depends on how you plan to use your loan.
Jun 7, 2023
2 min read
Your annual percentage rate (APR) is the overall yearly cost of your loan, including fees and interest. The APR on LendingClub Bank loans ranges from 6.34% to 35.89%.
Jun 7, 2023
less than a minute read
Our process is fast—most members are approved within a few hours. The exact turnaround time you’ll see for your application will depend on your unique details.
Jun 7, 2023
less than a minute read
If you've ever had a lending product from LendingClub Bank, you can refer up to six friends and earn a $100 Amazon.com gift card* when they make their first two on-time payments as new members.
Jun 7, 2023
less than a minute read
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
Sep 6, 2023
4 min read
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 
Mar 21, 2023
4 min read
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
Mar 21, 2023
3 min read
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
Feb 7, 2023
3 min read
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
Feb 4, 2023
3 min read

Any reviews presented are individual experiences and results may vary. Reviews collected and authenticated by Bazaarvoice. All reviews can be accessed at https://www.lendingclub.com/company/reviews

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

"LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

© 2024 LendingClub Bank. All rights reserved.