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(USGovernment-News.Com, August 24, 2012 ) Canton, Georgia -- The online lending business makes more than $8 billion per year, with plenty of online lenders hiding offshore and hawking for desperate individuals in search for quick fixes to money emergencies. It is not unusual for some online lenders to charge fees that work out to an annual interest rate of no less than 800% per year. Perhaps most of them don’t use physical violence and death threats anymore, but their practices have lots of things in common with mobster behavior: accessing bank accounts without letting account holders know, lying and deceiving, and not caring they are in violation of the constitution.
A professional trade organization representing the interests of online short-term loan providers, The Online Lenders Alliance protects consumers from abuses and wrongful treatment by making sure every accepted member is in compliance with the OLA Best Practices and adheres to the Antitrust Statement.
This year, OLA has put in place new rules to help protect consumers from online lenders by enacting specific guidelines. Through the newly-established guidelines created to promote the importance of offering transparent, comprehensive and honest financial services, OLA makes sure that every client has access to fair borrowing services whenever receiving money from online lenders.
Specifically, all OLA members should make sure customers are provided with the needed information and resources in order to make an educated financial decision. That is, they should not be misled, deceived or abused in any way by online lenders, who will ensure the transparency of services and security of personal data. Should a client change their mind regarding the services he wants to use, lenders should maintain a reasonable cancellation policy to allow customers to reconsider their initial decisions.
Further, online lenders should adopt OLA’s marketing and advertising practices that promote the responsible use of short term loans, while making sure the services they offer are consistent with federal law.
Making sure customers in need for bad credit loans are provided with transparent and comprehensive services, Loans & Bad Credit makes it its quest to match clients, regardless of their credit score and history, with willing lenders that embrace the moral principles recently instated by OLA. In addition, Loans & Bad Credit offers credit repair tips and advice, supporting customers’ initiative to improve their credit score and be granted access to more advantageous loans.
For more information on the recent guidelines set by OLA or to find more about improving credit score, please visit http://www.loansandbadcredit.org.
About Loans & Bad Credit
Loans & Bad Credit is a reference website that provides information and useful resources on some of the most discussed financial topics, from debt consolidation to credit repair and ways of accessing advantageous and transparent short term loan services. Offering comprehensive guides to bad credit repair and rating improvement, Loans & Bad Credit can help customers access loans with lower interest rates and more advantageous terms and conditions.
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