PayDay Loans' New Ad About How Payday Loans Are For Upstanding Citizens

The payday loan industry has a new commercial out:

Soft music plays in the background of a new TV ad campaign as it urges viewers to use payday loans only for emergencies. One scene shows a broken-down car. Another depicts a young boy in a doctor’s office, his arm in a sling.

“Please borrow only what you feel comfortable paying back when it’s due,” says Darrin Andersen, president of the Community Financial Services Assn. A new emblem will tell borrowers which lenders meet his trade group’s requirements, Andersen says in the ad.

The ads are part of a $10 million campaign, coupled with a few policy changes by CFSA members, designed to burnish the industry’s image in the face of increasing scrutiny by state legislators. But don’t be fooled by these scraps, or their attempts to cloak themselves in probity and decorum, they’re still fu***** ass****. — BEN POPKEN

Payday loan industry acts to quell criticism [LAT]

Comments

Edit Your Comment

  1. nweaver says:

    Why not just have the payday loan industry have to meet the rules for military service members (interest capped at 30% or so)?

    Seems fair to me. Or do the shylocks object?

  2. mfergel says:

    @nweaver:

    That’s actually want Governer Tim Kaine wants to do here in Virginia. Word has it that he is probably going to require changes to whatever legislation crosses his desk on payday lending.

  3. BadDolphin says:

    I think these “payday loan places” are an excellent legal alternative to loan sharks. Ban these sorts of enterprises and you only end up with much shadier lenders whose other job is selling crack.

  4. Bob says:

    Upstanding Citizens have credit cards for emergencies.

  5. healthdog says:

    Meh, I don’t think they’re taking it as far as they possibly can. Go for the gusto, I say.

    “We are victims of the shady borrowers. They *knew* they were poor before they came into our store! How do they sleep at night, knowing that while their child got his fancy medical care and sling, we here at Killin’ Your Paychex have to accept a smaller profit margin?!”

  6. mateo60 says:

    It’s still loan-sharking. (Just with more expensive advertising.)

  7. Yeah, I saw this advertisement several weeks ago. I thought it was quite hilarious.

  8. Slosh says:

    i think you need another * at the end there.

  9. ReccaSquirrel says:

    My experience with payday loans as a bank employee:

    Customer gets a payday loan.
    Customer gets paycheck on day payday loan is due.
    Customer spends paycheck.
    Payday loan overdrafts account ($35 charge)
    Payday loan is returned.
    Payday loan overdrafts account on second redeposit. ($35 charge)
    Payday loan is again returned.
    Customer gets a second Payday loan from another location.
    Payday loan #1 overdrafts account for 3rd, legal time. (final $35 charge)
    Payday loan #2 clears account and overdrafts.
    Ad Infiniti.

  10. TechnoDestructo says:

    Upstanding citizens…my dad regrets not noticing before he moved into his current neighborhood the number of payday loan places. He figures it’s a good indicator of the quality of one’s neighbors.

    (House has been burglarized.)

  11. funny assembly???

    feeble assistants?

    forgetful assignations??

    am I missing something here?

  12. bndocksnt says:

    Oh, what a bunch of positive spin b.s. Its these kind of campaigns (and Colin Farrel’s character in Phone Booth) that gives public relations a bad name. Payday lenders, just admit you’re predatory, like the rest of the sub-prime industry, and lets move on.

  13. mfergel says:
  14. Oh its really a big way to promote payday loans. Anyway there have to be a disclaimer that the consumers should consider the repayment amount before they apply for a loan. This will make the promoting mission more transparent and attractive………….