South Carolina's CUs Launch TV Ads To Attack Predatory Loan Practices

Register now

South Carolina's CUs are running the following TV spot.

Playful music, scene is sheep, walking down the street with people, 'shopping' for a loan

VO: When you're shopping for a loan, do you look at just the monthly payment? (close up of sheep, looking from side to side)

You could go into the deal feeling all warm and fuzzy.(Sheep entering generic storefront of predatory lender with signage: "No $$$ down" "No credit check" "Low monthly Payment"

SFX: buzzers and/or clippers

VO: ...and come out with fees and terms that leave you feeling sheared. (Sheep existing with very sloppy shear cut) Instead, check with a credit union for an affordable loan from people you can trust. (Graphics and/or friendly credit union shots). South Carolina's non-profit credit unions. Borrow money without getting sheared. (Logo)

Sheep reappears and speaks: It was baaaaaaad.

South Carolina's credit unions have launched TV advertising to boost awareness of predatory lending.

"We used (CUNA's) 'Comfort Zone' ads as a basis for our television advertising the last two years because it really helped us cut down our production costs and spread our media buys," said Brandon Pugh, director of public relations for the South Carolina league. "But we really wanted to bring the predatory lending issue to light."

Anti-predatory lending legislation was introduced late in the spring legislative session at the state house, Pugh explained. Credit unions supported the bill, but, in part because of its late introduction, the bill didn't get far in the process.

"There just wasn't much time to get through the process," Pugh related. "The idea was to get the concept out there. We're running our advertising campaign this fall, and the hope is that this raises awareness of this issue so that when the new legislative session starts in January, we can bring this issue to light earlier."

The league is also in the midst of a financial literacy series of advertisements, as well. "So, we have two opportunities to show credit unions in a positive light," he said.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER