Lending Group Campaign Helps Members Advocate for Industry

Associations NOW, Alex Beall

In response to a proposed rule by the Consumer Financial Protection Bureau, the American Financial Services Association (AFSA) launched a campaign to promote the importance of traditional installment lending.

The #OurLoansWork campaign is an extension of a pre-existing AFSA website that has been reworked to not only provide education resources on traditional installment loans but also allow member companies to advocate on behalf of the industry—namely against the CFPB proposal that would impose stricter, “mortgage-like application processes” on small money lenders to combat predatory lenders.

“We don’t really want to have a lot of federal overreach into our business that’s meant for the payday and title-loan industries,” VP of Communications Jack Ferry said. “So we’re trying to create a website that’s transparent, creates awareness, and has education components on it for our members and their customers, and for anyone else looking at the site, so they get a better idea of what traditional installment lending is all about.”

The website initially focused primarily on education. The redesigned site keeps that component, but adds an explanation of traditional installment lending and resources for AFSA members.

“Because these people, the customers and the branches, are built in the community, we also want to reinforce that by promoting this whole digital community with the hashtag, sharing your stories, sharing your experiences,” said James Hong, website and social media manager. “Just reinforcing the fact that these loans do work, and they are efficient, and they are very beneficial to millions of Americans across the country.”