Obtaining a personal loan online can be a quick and convenient option when you need credit. With online loans, you can complete your application and sign your loan documents from your computer or even your phone. The loan proceeds can be deposited directly into your account, usually by the next business day.
But once you start your search and type “online loan” into your web browser, things can get confusing. Internet fraud and scams are rampant. Who are the legitimate lenders? How can you be sure they deserve your trust? Is it safe to submit personal information in an online loan application?
Fortunately, there are steps you can take to guard your privacy and protect yourself from fraud and abuse when shopping for a loan online. One of the most important things you can do is look for the OLA Seal.
The OLA Seal has become a trusted symbol for consumers. The Online Lenders Alliance developed the OLA Seal to help consumers recognize which lenders are legitimate. When you see the OLA seal, you can be confident you have found a company that’s committed to the highest standards of conduct and to industry-leading best practices. OLA member companies are dedicated to ensuring the best possible experience for their customers. And they’re working hard to protect consumers from fraud.
Knowing who you’re doing business is one of the best ways to protect yourself from fraud and other threats online.
So look for the OLA seal. Here are some things you can be assured of when you see it:
- The lender’s loan rates, terms, and conditions are fully and clearly explained.
- They have a reasonable cancellation policy in case you change your mind.
- They will protect your personal information.
- They never engage in activities that are unfair, abusive and deceptive.
- They will follow all applicable laws and regulations.
- Their site is secure. This is vitally important because any online loan requires you to upload personal financial information.
- They subscribe to the OLA Code of Conduct – treat customers fairly and with respect.