This trade organization represents the growing industry of companies offering loans online.
Under the controversy that surrounds short-term loans these days, it can be hard to know if the terms you’re getting are fair. As you consider online lenders, you might want to see if they belong to the Online Lenders Alliance (OLA).
OLA works to proactively strengthen the reputation of the online lending industry by monitoring misleading claims and setting best practices for its members.
What does the Online Lenders Alliance do?
OLA is a trade organization that lobbies on behalf of the online trading industry and its member lenders.
To become a member with OLA, a lender agrees to adhere to a code of conduct that meets industry standards and safeguards customer data.
Aside from holding its lenders accountable, OLA also provides information to consumers that include a hotline for help navigating online lending, a platform to report fraudulent claims and transactions and consumer tips to stay safe.
Members of the Online Lenders Alliance we review
|100DayLoans||100DayLoans can connect you with a loan provider that’s willing to work with you — no matter your credit history.|
|AssurancePayday.com||AssurancePayday is a lender-connecting service that can help you find a loan from $100 to $1,000.|
|AutoTitleLoans.com||AutoTitleLoans.com helps you find an auto title loan from $1,000 to $35,000.|
|Blue Trust Loans||Blue Trust Loans is a tribal lender offering up to $2,000. If you live in a state where payday loans are illegal, Blue Trust could be an option.|
|CashAdvance.com||CashAdvance works to connect you with lenders offering up to $1,000 in payday and installment loans.|
|CashNetUSA||CashNetUSA provides payday loans, installment loans and lines of credit to customers all across the US.|
|Check City||Check City operates in multiple states and offers loans you can pick up in person or receive directly into your bank account. Learn how much you can borrow in your state.|
|NetCredit||NetCredit helps people with bad credit improve their score by offering personal loans up to $10,000.|
|NetLoanUSA||NetLoanUSA can help you find a lender willing to work with you despite a bad credit history.|
|OpenCashAdvance.com||OpenCashAdvance.com helps connect you with providers of installment loans of up to $5,000.|
|Personal Money Store||Personal Money Store connects you with lenders offering payday loans, installment loans and personal loans. You can borrow a little or a lot, and your credit isn’t the biggest concern.|
Get a short-term loan from an OLA member
What are the OLA best practices?
OLA put its best practices in place to ensure that its online lenders meet such industry standards and regulations as:
- Clearly explaining loan terms to customers in a way that’s easy to understand to help them make educated financial choices.
- Providing a reasonable cancellation policy in case consumers change their mind about the loan.
- Avoiding any misleading advertising, unfair or deceptive activities.
- Providing referrals, credit counseling, education and assistance to consumers.
- Protecting all customers’ personal and financial information — and making sure that members do too.
Read OLA’s complete list of best practices on its site.
The Online Lenders Alliance has a presence in the United States, the United Kingdom and China.
In the UK, OLA partners with the Consumer Finance Association to protect online lenders and, as a result, consumers. Many of the CFA’s companies are longtime members of OLA as well.
In China, OLA works with Rong360 to protect customers and set new standards for online lending.
Consumer tips from OLA
The Online Lenders Alliance takes pride in educating consumers about short-term and small-dollar loans. To help you make well-informed financial decisions when applying for a short-term loan, OLA provides helpful tips.
- Don’t borrow more than you can afford. The more you borrow, the higher the interest and fees you could potentially owe by the end of your term. Avoid the risk of defaulting on the loan in the face of an unexpected financial burden by signing on for only the amount you need.
- Shop around for the best deal you’re eligible for. Compare your options, and try to get the most value out of your loan.
- File away documents related to your loan. Paperwork, receipts, email and contact information can help you get in contact with the right people and provide payment amounts and due dates, loan terms and loan amounts when needed.
- Carefully read the terms and conditions before signing paperwork. Lenders are required to tell you exactly how much you’ll be paying. If you don’t like the terms, you’re under no obligation to sign a contract.
- Watch out for any “trigger terms” or misleading advertisements. If a campaign states something like “Borrow money now with low interest rates,” look around for any accompanying disclosures or fine print. If a loan advertises instant funding, it’s likely too good to be true.