Are veterans eligible for SCRA benefits?

Per the SCRA, benefits are only extended to those who are/were on active duty at the time of the loan. SCRA benefits do not apply to veterans in other situations.

What is the Servicemembers Civil Relief Act (SCRA)?

The SCRA is a federal law that provides a range of legal and financial protections for full-time active-duty service members of the five military branches; reservists on federal active duty; members of the National Guard on federal orders for a period of more than 30 days; and the commissioned corps of the Public Health Service and National Oceanic and Atmospheric Administration. Servicemembers absent from duty for a lawful cause or because of sickness, wounds, or leave are covered by the SCRA.

Who is eligible for SCRA benefits?

SCRA benefits and protections are available to: Servicemembers: The term “servicemember” means a member of the uniformed services, as that term is defined in section 101(a)(5) of Title 10 United States Code. The “uniformed services” means: the Army, Navy, Air Force, Marine Corps, Coast Guard, Space Force, the National Guard, and the Reserve; the commissioned corps of the National Oceanic and Atmospheric Administration; and the commissioned corps of the Public Health Service. U.S. citizens serving with allied military forces for the prosecution of a war or military action. Active servicemember’s dependents, such as spouse, children, or any other person for whom the servicemember has provided more than half of their financial support for the past 180 days. The dependent spouse must have been presented with a court order indicating benefits should be extended.

How does SCRA affect your loan interest rate?

Under SCRA, the interest rate on loans you took out before your active duty started must be reduced to a maximum of 6% per year during your military service. Our SCRA policies go above and beyond the statute’s requirements to provide servicemembers with relief due to deployment. From the earliest date allowed by statute, the customer’s interest rate is lowered to 0% in perpetuity for the loan.

How do I request SCRA benefits?

SCRA benefits are not automatic and require you to notify us in writing and include a copy of your orders to active duty service or a letter from your commanding officer that shows the date you began active duty service. If you believe that you are eligible for SCRA benefits, please send us a copy of your active duty service orders at your earliest convenience via email to payments@opploans.com so that we can review them to make the appropriate changes. If you have any questions or concerns, please do not hesitate to contact us at (855) 408-5000 or via email at payments@opploans.com .