When you are called to active duty, you may be eligible for special benefits that can give you peace of mind. Learn more here.
Hudson Valley is committed to providing all the protections afforded to servicemembers who are called to active duty into the regular or reserve branches of the U. S. Military Service under the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA). The protections may also be afforded to certain dependents of servicemembers.
If you are eligible for SCRA benefits, you must formally request SCRA coverage from HVCU no later than 180 days after your active duty end date.
What Is SCRA?
The Servicemembers Civil Relief Act (SCRA) provides financial protections to eligible active duty servicemembers. It includes benefits such as a 6% interest rate cap on certain loans and foreclosure protections. The SCRA permits you to reduce your consumer loan and mortgage interest rates to 6% APR. This includes mortgage and home equity loans, personal loans, credit card debt and auto loans, and other financial obligations which exist prior to your being called up for active duty but does not apply to new loans or line of credit advances after entering active duty.
Who is Eligible for Protection under SCRA?
What HVCU Loans are Eligible for SCRA?
- All branches of the military (Army, Marine Corps, Navy, Air Force, and Coast Guard)
- Reservists called to active duty
- National Guard with qualifying federal active service1
- Commissioned officers of the Public Health Service in active service
- Commissioned officers of the National Oceanic and Atmospheric Administration in active service
SCRA: What We Will Need to Confirm Your SCRA Protections:
- Readi-Cash personal lines of credit2
- Credit cards2
- Mortgages (including home equity loans and lines of credit2)
- Consumer loans
- Business Loans
We will need, at a minimum, the following information from you:
- Initial active duty start date
- Date active duty orders were issued
- Branch of service
Examples of some documents we may request:
We Make it Easy to Request SCRA Benefits
- Call to active duty orders
- Recall to active duty orders
- Leave and Earning Statement
- Other documents – we’ll let you know what they are if needed.
We are happy to discuss any protections and programs that are afforded to you as a servicemember. For more information and to get answers to your questions about your eligibility for SCRA and MLA benefits, please call 844.348.1617, Monday through Friday, 8 am to 7 pm ET and Saturday, 9 am to 5 pm ET or visit any of our convenient branch locations.
1 National Guard may be eligible for SCRA when the service is authorized by the President or the Department of Defense in response to a federally-funded and President-declared emergency that lasts for more than 30 consecutive days.
2 So long as advances have been taken and are outstanding prior to being called up for active duty.