Servicemembers' Rate Reduction Rights Under the SCRA

Your Guide to Understanding and Utilizing Your Benefits

Introduction

At LendKey, we’re proud to assist our service members.  The Servicemembers Civil Relief Act (SCRA) is a federal law that provides a range of benefits and protections to active-duty service members. One of the key benefits under the SCRA is the right to have interest rates on certain financial obligations reduced to 6%* while on active duty.

Eligibility and Benefits

Who is eligible?

  • Full-time, active-duty members of the Army, Navy, Air Force, Space Force, Marine Corps, and Coast Guard.
  • Members of the National Guard who are under a call or order to active duty for more than 30 consecutive days.
  • Reservists on active duty.
  • Commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration (NOAA).

What obligations are covered?

  • Credit card debt
  • Mortgages
  • Student loans
  • Car loans
  • Other types of loans and financial obligations incurred before entering active duty

How to Request a Rate Reduction

  1. Contact LendKey

If you have one or more loans serviced by LendKey, you can request a rate reduction by contacting LendKey's customer service department at servicing@lendkey.com.

  1. Upload Your Active Duty Orders to My Account

Another way to request a rate reduction is by uploading your active duty orders to your MyAccount portal. Follow these steps to upload your orders:

  • Log in to your MyAccount portal.
  • Navigate to the “Documents” section.
  • Select “Upload Document” and choose “Active Duty Orders” from the document type dropdown menu.
  • Upload a clear and legible copy of your active duty orders.
  • Submit the document and wait for confirmation.

Additional Resources

For more information on your rights and benefits under the SCRA, visit the Department of Justice's SCRA page.

If you need assistance with understanding your benefits or navigating the process, you can also contact your installation's legal assistance office.

Conclusion

Understanding and utilizing your benefits under the SCRA can significantly ease the financial burden while you are serving our country. Remember to take advantage of the rate reduction rights and other protections available to you. If you have any questions or need further assistance, don't hesitate to reach out to LendKey or contact your legal assistance office.

From all of us at LendKey – Thank you for your service!

*Some of LendKey’s partner lenders may reduce the SCRA coverage rate below the regulatory 6% as an added benefit to their borrowers. Furthermore, certain states may extend coverage to spouses/dependents that may not be covered under the SCRA.  To the extent that you are a resident in any of these states, please indicate whether you are requesting any such additional coverage when you request your rate reduction from LendKey.