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PROTECT OUR TROOPS

FROM LOAN SHARKS!

ASK SEN. BURR TO SUPPORT 

MILITARY LOAN AMENDMENT SA 1523

Payday loans are short-term loans that borrowers take out against their next paychecks.  They have been widely condemned for their sky-high interest rates, which can range from 400 to more than 1000 percent.

Sen. Elizabeth Dole has proposed a bipartisan amendment that would cap the annual percentage interest rates that can be charged for loans made to military personnel and their spouses at 36% - the Dole-Durbin-Nelson Amendment (SA 1523) to the bill S. 1042, to authorize appropriations for fiscal year 2006 for military activities of the Department of Defense.  This amendment is similar to legislation proposed in the House of Representatives and backed by the Military Coalition, an umbrella group of 30 military associations. 

As reported in the Army Times and other military publications, the average enlisted servicemember lives on a relatively low income and cannot afford to be taken advantage of by outrageously high interest rates.  Loan companies such as payday lenders clearly target military families by locating in base communities.  The average NC payday borrower is flipped 13 times, staying in payday loans for 7 months of the year, and paying $885 to borrow $255. 

You can take action today to protect our troops from unfair lending.  Send a letter via e-mail to Sen. Richard Burr, asking him to support this amendment.  Just follow the below directions.  Let Sen. Burr know that SA 1523 will protect military families from the payday loan debt trap.

1. Below is a sample form letter.  Copy (Ctrl+C) this text into your clipboard.

2. Click here to open forms to send e-mail to U.S. Senators Richard Burr and Elizabeth Dole:

E-mail Sen. Richard Burr (R-N.C.)

E-mail Sen. Elizabeth Dole (R-N.C.)

E-mail another US Senator

3. Paste (Crtl+V) the sample text into the "your message" field on each form.

4. Include your name and address in the requested fields on each form.

SAMPLE FORM LETTER:

Sen. Richard Burr

U.S. Senate

217 Russell Senate Office Bldg

Washington, DC 20510

Phone:  (202) 224-3154

Sen. Elizabeth Dole

U.S. Senate

555 Dirksen Office Building

Washington, DC 20510

Phone:  (202) 224-6342

Attention:  Please Support Amendment SA 1523, which protects military families from predatory loan debt traps

Dear Senators Burr & Dole:

I am writing to urge you to support the Dole-Durbin-Nelson Amendment (SA 1523) to the bill S. 1042, to authorize appropriations for fiscal year 2006 for military activities of the Department of Defense.

This amendment would cap the annual percentage interest rates that can be charged for loans made to military personnel and their spouses at 36%.

Thank you, Senator Dole, for your co-sponsorship of this amendment.  Sen. Burr, please join your Senate colleague from North Carolina in supporting this proposal.

As reported in the Army Times and other military publications, the average enlisted servicemember lives on a relatively low income and cannot afford to be taken advantage of by outrageously high interest rates.  Loan companies such as payday lenders clearly target military families by locating in base communities.

This amendment is similar to bipartisan legislation proposed in the House of Representatives and backed by the Military Coalition, an umbrella group of more than 30 military associations.

The average NC payday borrower is flipped 13 times, staying in payday loans for 7 months of the year, and paying $885 to borrow $255.  Predatory lending's destructive effects on communities have been confirmed by NC state regulators, several independent studies, the FDIC, and even predatory lenders’ own company data.

Please support Amendment SA 1523, which protects our servicemembers and their families from predatory loan debt traps.

Sincerely,

Name: 
Address:
City: 
State: 
Zip:

If you'd like to print blank form letters for others to sign, or to help spread the word about this campaign by distributing posters, below are links to downloadable materials:

click to print blank form letter

click to print 8 1/2" X 11" poster