What is the Online Lenders Alliance?

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

OLA member	Features
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 $3,000. 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 Network	Personal Money Network 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

Name	Max.Loan Amount	Turnaround time	Requirements
CashAdvance.com Payday Loans	$999	Varies by lender	Go to site
Blue Trust Loans Installment Loans	$3,000	As soon as next business day
AutoTitleLoans.com Car Title Loans	$10,000	Varies by lender	Go to site

MUST READ:

The Consumer Financial Protection Bureau (CFPB) no longer requires lenders to consider your ability to repay a loan. If you don’t repay a short-term loan on time, you could end up owing several times the amount you borrowed. Carefully review your finances and the loan cost to make sure it fits your budget.

Before you take out a short-term loan

Payday loans, installment loans and auto title loans come with high rates and fees, which can trap you in a cycle of debt. The majority of short-term loan borrowers renew their loan at least once, piling on fees that make it even more difficult to repay.

Consider alternatives before opting for a payday, installment or title loan:

Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
Credit cards. Credit cards typically charge lower interest rates than short-term loans, even on cash advances, making them a flexible, less costly alternative for up to the $500 you can typically take out with a payday loan.

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.

OLA Global

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 for payday loans, and try to get the most value.
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.

Heard about the CFSA? It’s another organization for legit payday lenders

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2 Responses

allanSeptember 20, 2018

Hi would like to ask if Diamond Star Loans is a member of OLA? thanks!

Reply

joelmarceloSeptember 20, 2018

Hi Allan,

Thanks for leaving a question on finder.

Diamond Star Loans is a member of the Online Lenders Alliance (OLA) which supports the review and establishment of best practice standards in this industry.

Please send me a message if you need anything else. :)

Cheers,
Joel