To: Secretary of Defense Chuck Hagel
Defend Military Families Against Predatory Loans
We strongly support the Department of Defense’s proposal to broaden the scope of the Military Lending Act and close the loopholes that have made it possible for predatory lenders to go on targeting service members and their families.
Why is this important?
Service members and their families have long been targeted by payday and other high-cost, debt-trap lenders, often with financially ruinous results.
Now the Department of Defense has come out with a proposal to close the loopholes that have permitted unscrupulous lenders to go right on marketing triple-digit interest loans to the military, ignoring the 36% cap set by the Military Lending Act of 2007.
Payday lenders and their allies will do everything in their power to block this effort. That’s why the rest of us must be loud and clear in telling the Department of Defense to stand by its proposal and stop these lenders from preying on the military, once and for all.