VIENNA, Va. -- Navy Federal Credit Union is reminding members there is an alternative to payday lenders--credit unions.
With the Virginia Senate Commerce and Labor Committee scheduled to vote on its version of a proposed overhaul of the payday-lending laws, Navy Federal has launched an awareness campaign that touts credit unions as a better place to borrow.
With an emphasis on credit unions being a place members can trust the ads have a nostalgic feel for simpler times with black and white images of a parent giving change to the kids.
Radio spots talk about how "growing up there was a special name for that place you when to borrow money--dad or mom and now there's still a place you can trust when you come up a little short--credit unions."
The campaign emphasizes that unlike payday loans that can trap consumers in an endless cycle of debt, "credit unions make it easy to get the best and fairest short term loan for your exact needs because credit unions were created for one reason--to help hardworking people who deserve loans get them."
Navy Federal ran the print ad in the Richmond Times Dispatch and VA Pilot and plans are underway for it to run in the community papers in Richmond and base papers in the Hampton Roads area on Feb. 14, Feb. 21, Feb. 28 and March 6. The radio campaign will run for the next four weeks.
--mdigiovanni@cutimes.com
