The Military Lending Act (MLA) is a Federal law that provides special protections for active duty servicemembers like capping interest rates on many loan products. This includes Pawnshops, like Ponders Loans. Here at Ponders, we are proud to offer this special financing rate on all loaned products from our QUALIFIED ACTIVE MILITARY AND THEIR DEPENDANTS.
Your rights under the MLA include:
If a loan does not comply with the MLA, can a creditor not give me the loan because I am an active duty servicemember?
Answer: Generally, yes. If the loan exceeds the 36% interest cap or if the loan violates other provisions of the MLA, creditors that give you the loan could be subject to penalties under the MLA. Contact your local Judge Advocate General’s (JAG) office to learn more about lending restrictions and your rights as a servicemember.
Want to learn more about the MLA? Check out this link for more information.