online lenders

alliance

The Online Lenders Alliance (OLA) is an association of companies that are committed to the highest standard of online lending practices. OLA member companies represent a group of companies that are dedicated to offering the best innovation and technology in offering loans online. The companies follow the Best Practices and Code of Conduct set by the association to make sure that their clients are fairly treated and kept fully informed throughout the process.

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OLA registered companies are among the best online lending financial institutions that offer innovative tools and follow highest code of conducts that ensures the best possible experience for their clients, which is fully compliant with the federal law.

Here we will take a closer look at OLA and their mode of operations that allow them to ensure maximum transparency and security for customers that take loans from its member companies.

OLA – WHAT THEY DO?

OLA is the center for online lenders that sets industry best practices and standards for member companies. The code of conduct and standards acts as a guideline for member companies. The aim of is to ensure that the clients are fairly treated by the lending firms.

Apart from setting standards, OLA also offers valuable advice and tips to federal and state policymakers about issues related to consumer credit and its accessibility. The online lending association credo is to be a trade association of choice for online lenders that acts in the best interests of both the member firms and the customer in all online financial service related matters. The association claims to have the mission of promoting a responsible and diverse marketplace that offers latest and modern financial services. This is achieved through collaboration, education, communication, and partnership with opinion leaders and policy makers.

Beyond the role in regulating and leading the member firms, OLA also informs borrowers about best online lending practice, and provides various online lending resources including a customer portal to report fraudulent lending practices.

How OLA Governs Member Firms?

OLA keeps the online lenders updated about best online lending practices and also informs them about the unprecedented changes in regulatory and legislative practices. The regulatory agency also updates, connects and engages the member companies with issues relating to the lending industry Other ways that the OLA governs or regulates the member online lending firms include:

  1. Inform policy makers about the issues facing online lending industry in offering financial products to the consumers,
  2. Offer an online forum that connects online lenders with vendors and facilitate business,
  3. Actively engage in influencing policy making that offer positive outcome for both online lenders and borrowers, and
  4. Offer opportunities for vendors to advertise their products to targeted online lending firms

Final Remarks

OLA is an online lending association that works for the benefits of both the borrowers and the online lending companies. The association makes sure that the online member companies engage in best lending practice and avoid abusive, unfair, and deceptive practices. Moreover, the online association offer customers a chance in make an educated financial decision by ensuring full disclosure of all terms and conditions. This ensures that the online lending process remains transparent and easier for the customer resulting in a win-win situation for both the online lender and the borrower.