Navy Fed Backs Ads On Payday Lending

Credit Union Journal, The, March, 2008

With the Virginia legislature contemplating legislation that would limit payday lending in the state, Navy Federal Credit Union has started running both print and radio ads critical of the payday lending industry and promoting credit unions in general. Newspaper ads use a 1950s-era photo of a father giving coins to his children and the headline, “Remember The First Time You Needed A Short=Term Loan? There’s Still Someone You Can Trust To Help You.” Text says credit unions are the answer, noting, “...You can get the money you need now without restoring to payday loan traps, where astronomical interest rates can put you in an unending cycle of debt.”

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