When taking out a short term loan online, you want to know you are working with a credible company that has a good track record of providing fair loans at appropriate interest rates and fees. This is because there are some less-than-fair lenders, most of which are based outside of the U.S. but are nonetheless able to offer loans to anyone with Internet access. That is why the Online Lenders Alliance (OLA) was created in 2005. Its mission is to ensure fair lending practices by its members who adhere to a list of Best Practices that ensure full information and fair treatment of borrowers. Spring Water Financial commits to its online customers that it follows OLA’s Best Practices.
Protect consumers against “bad apple” lenders – While most banking and lending in the U.S. is regulated by state statutes, the Internet enables firms to operate outside these regulations – to the disadvantage of payday loan borrowers. Members of OLA rise above this with fair lending policies that are clearly in the better interests of consumers (borrowers).
OLA lenders adhere to a Code of Conduct – By establishing a unified code that fair-practice, good-faith lenders adhere to, the collective of short-term loan consumers are protected and there is no incentive for member companies to undercut each other with unfair practices. Borrowers benefit.
For more information about OLA and how it exists to ensure fair borrowing is available to working people, see http://www.onlinelendersalliance.org/.