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Home > Interactive Form - Letter to Request 6% Loan Interest Rate

Interactive Form - Letter to Request 6% Loan Interest Rate

Interactive Form - Letter to Request 6% Loan Interest Rate
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A2J Screen Shot of SCRA Letter Requesting Lower Loan Interest RateWhen you go on active duty, it may be hard to keep up with all of your credit payments. This is especially true if you have loans with high interest rates.

The Servicemembers Civil Relief Act (SCRA) may allow you to reduce your rate of interest on those pre-existing loans while you are on active duty. This federal law sets a maximum interest rate of six percent (6%).  (This includes service charges, renewal charges and fees.) It applies in cases where your "active duty materially affects your ability to pay." For example, if you will lose income because of your military service.

This is an easy-to-use interactive form. All you need to do is answer a few simple questions and then print out your form. The program will create a letter and instructions. You can use this to notify your lending institution that they cannot charge you more than six percent (6%) interest on your loan.

All you need to do is:
  • Answer a few simple questions.
  • Print out your form.
  • Proofread and sign it.
  • Attach a copy of your Current Leave and Earnings Statement.
  • Attach a copy of your Activation Orders.
  • Make copies for your own records.
  • Then send the original, with attachments, to your credit card company.

To qualify for this benefit:

  1. You must have taken on the debt (excluding student loans) before beginning active duty and
  2. You must show that your ability to pay the debt has been materially affected due to military service (such as reduced income).

Go to Interactive Form Packet: Letter to Request 6% Interest Rate Cap on Loans

Go to Sample Form: Letter to Request 6% Interest Rate Cap on Loans

IMPORTANT NOTICE: Use an Internet Explorer browser to complete the interactive form. Sorry but it won’t work with other browsers (such as Firefox, Safari or Chrome).

 

 Resource Date: June 2010

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STATIC FORM PACKET - Letter for Lending Institution Interest Rate Cap.pdf30.25 KB