Military service members who were charged an APR of more than 36% (including fees) on a consumer loan.
What’s Going On?
Attorneys working with ClassAction.org are investigating whether some lenders are violating federal law by charging military service members and their families excessively high interest rates. They suspect class action lawsuits could be filed to help military families who were illegally overcharged recover $500 or more per violation.
What You Can Do
If you think your APR is higher than 36% (including fees), fill out the form on this page. You may be able to help get a class action lawsuit started against the lender for violations of the Military Lending Act.
What’s the Catch?
There is none. Attorneys working with ClassAction.org have reason to believe some lenders are intentionally targeting military families with predatory lending practices and high-interest loans – and they need your help in identifying which companies are breaking the law.
Attorneys working with ClassAction.org would like to speak to military service members and their spouses who were charged more than 36% APR on a consumer loan.
They are investigating whether some lenders are violating a federal law known as the Military Lending Act, which places a cap on the amount of interest that can be charged for certain loan products. If you suspect you have been overcharged, fill out the form on this page and tell us what happened – or read on for more.
What’s the Military Lending Act?
The Military Lending Act is a federal law that provides certain protections for active military service members and their families.
With regard to interest rates, the Act states that lenders cannot charge more than a 36% APR on several types of consumer loans.
It’s important to note that the APR includes not only interest charges, but also other costs such as application and participation fees, credit insurance premiums and finance charges.
The Act’s interest cap was intended to protect service members against, for instance, predatory lenders who started cropping up around military bases and charging excessive and illegal interest rates on short-term loans.
What Loans Are Covered by the Act?
The Military Lending Act covers the following credit products:
Vehicle title loans
Deposit advance products
Tax refund anticipation loans
Credit cards (effective October 3, 2017)
Certain student loans
Certain installment loans
Importantly, the Military Lending Act’s interest cap does not apply to mortgages or auto loans.
How a Lawsuit Could Help
A lawsuit could help military service members recover money for the financial damage they suffered as a result of excessive and illegal interest rates. In fact, the Military Lending Act says that lenders who break the law are responsible for no less than $500 per violation. A successful case could also serve as a warning to other lenders acting in violation of the law.
What You Can Do
Attorneys working with ClassAction.org suspect some lenders are acting in clear violation of the Military Lending Act – but they need your help identifying them.
If you believe you’ve been overcharged in interest, fill out the form on this page and tell us about it.
One of the attorneys handling this investigation may then reach out to you directly. It doesn’t cost anything to contact us or to speak to one of the attorneys we work with. Plus, you’re not obligated to take legal action after speaking to someone about your rights.