Make Sure Your Payday Loans Are the Color of Money

SAN ANTONIO – There was a time, when payday lending was new for credit unions, that credit unions wanted to avoid the tarnish of the payday tag. But now they’re being told to embrace it.“Don’t shy away from the term ‘payday,’”said Kristin Van Schyndel, marketing director for Prospera CU and its award-winning GoodMoney payday loan program. All ads and marketing materials for the Wisconsin credit union’s program clearly define the product as a payday loan, she explained during the CUNA Lending Council conference.Langley FCU, which operates a successful payday program for its mainly military membership, also uses the payday loan moniker in its ads, said Barbara Elvington, shief operating officer for the credit union, based in Newport News, Va., home to one of the nation’s Navy bases.“You have to heavily advertise it and brand it,” said Elvington. And just as important, she emphasized, is to use the color of money in marketing campaigns. “It’s important that you use green in marketing and advertising materials,” she said, of the QuickCash product, a 14-day loan at 18% APR.The marketing campaign for Langley’s QuickCash, states “a smart alternative to payday lenders,” so members know it is a payday product,” said Elvington. Prospera’s ads have a picture of a $20 bill being torn in half, representing the lower costs of the product, compared to payday lenders.