Payday Loan Industry working to Help Consumers

Make Anyday Payday

Together CashNetUSA, the CSFA, and each of its members have announced a new advertising campaign in an effort to enlighten their consumers. For years the industry has pushed the true use of payday loans as being strictly a short-term solution. Well this obviously wasn’t enough as they have launched both TV and Print ad campaigns nationally stressing this issue.

As of July 31, the CFSA and its members must now abide by these guidelines:

– All members must adhere to a New Extended Repayment plan.
– No member will advertise with frivolous intentions.
– Each member must display a voluntary notice advising that payday advances are for short-term use only on all advertising materials.
– Help in the launch of a $10 million national public education campaign explaining responsible uses of payday advances.
– Each CFSA member store must display the CFSA member seal for consumers to see.

Payday loans are designed for short-term solutions to financial distress. They are by no means long-term solutions.

This entry was posted on Friday, May 18th, 2007 at 9:49 am and is filed under Cash Advance Industry. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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Customer Notice: Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.