Senators Elizabeth Dole (R-NC), Richard Durbin (D-IL), and Bill Nelson (D-FL) have introduced an amendment to the Defense Authorization bill now pending in the Senate that would add a crucial provision protecting military families from exploitation by predatory lenders. The amendment would cap interest rates at 36% APR for loans made to military personnel and their spouses. Click here to read about how military families are caught in lending schemes. (PDF, 220kb) Send the letter below to your Senator, asking him or her to support the Dole amendment to S. 1042.

Dear [ Decision Maker ] ,

I am writing to ask you to support Senator Elizabeth Dole's amendment to S. 1042, the National Defense Authorization Act. Dole's amendment would limit annual interest rates for loans made to military personnel and their spouses to 36%.

Dole's amendment is crucial, given the widespread, documented predatory lending abuses occurring around military bases. Many of these lending schemes strip earnings from our soldiers at annual interest rates in excess of 400%.

Not only is it shameful to allow this exploitation of the men and women who serve us so faithfully, it is also dangerous to our national security. The Defense Department recognizes payday lending as one of its top ten issues of concern for the well-being of military families. One high-ranking official after another has expressed concern about how predatory lending can cause stress for military families and affect the combat readiness of our troops.

Dole's amendment to S. 1042 would minimize this exploitation of our service members, relieving them of worry about the financial well-being of their families, and allowing them to focus on their duties. It's a sensible solution to a pressing problem. Please support Senator Dole's amendment to the Defense Authorization Act.

Sincerely,

Campaign Launched:
September 13, 2005