OLA One: First in Fintech [October Edition]

Today, OLA launched it’s first monthly newsletter — OLA One — highlighting the latest trends, data and OLA member news impacting the fintech and online lending industry. Check out this month’s version below, and stay tuned for more! 

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“Safe and convenient loans for hard working Americans”

New report shows growing, positive trends in
alternative lending and online borrowing

A new report out by OLA Member company Clarity Services, now a part of Experian, examines nearly 20 million loans and 200 million applications between 2013 and 2017.   The 2018 Alternative Financial Services Lending Trends report provides data on the ways borrower behavior in the non-prime space impacts the alternative lending market, and underscores how understanding these consumer trends is critical to providing access to credit.

Key findings include:

  • Online installment dollar volume has grown 500% in the five years (2013-2017). In fact, the online small-dollar installment loan market continues to grow.
  • Credit quality for online installment loans continues to improve year-over-year. Installment borrower incomes are significantly higher than single pay and have been increasing over the past five years.
  • Generation X is the largest user group of online lending, leading millennials by 7%
WHY ACCESS TO
CREDIT IS SO IMPORTANT
Access to credit is access to opportunity and security. Financial emergencies happen to everyone, but not everyone has perfect credit.

Did you know? Most American families have non-prime credit scores, which makes them ineligible for traditional loan options*.

*According to an analysis of TransUnion data through the third quarter of 2014 by the Corporation for Enterprise Development, FICO, Expanding Credit Opportunities, July 2015.

OLA MEMBER NEWS:
Equifax Acquires DataX to Expand Access to Credit for Consumers
In July of this year Equifax Inc. announced its acquisition of OLA Member company DataX, Ltd, a leading specialty finance credit reporting agency and alternative data provider to lenders nationwide.
Equifax’s acquisition of DataX will help lenders expand access to credit, broaden financial inclusion for consumers, specifically in underbanked populations. DataX’s access to alternative credit and payment data, analytics and identity solutions on underbanked consumers in the installment loan, rent-to-own and lease-to-own markets will complement the Equifax core credit database. 
Congratulations to the DataX and Equifax teams!

 

LINK TO STORY
CUSTOMER STORY: 
JENNA O.
Company: Advance Financial 24/17
“YOU CAME THROUGH FOR ME AND MY FAMILY DURING AN UNEXPECTED HARD TIME FOR US.”
“I wanted this company to know how so very thankful I am for everything!  You came through for me and my family during an unexpected hard time for us. 
Your staff was exceedingly helpful, quick and very professional in helping me get the funds I needed. And as a single mother of 3 children ages 11 to 3, [that] means a lot and took so much stress away and allowed me to focus my time and energy on taking care of my family. So thank you all again so very much and God bless you all!”

OLA is a growing association of fintech companies who share a common goal: to proudly serve hardworking Americans who need trustworthy credit.

OLA members harness technology to deliver safe, convenient, private and reliable credit options, offering financial inclusion and empowerment. 

703.567.0327
contact@oladc.org
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