Posted by: Jeff Brownlee
July 24, 2013 (Washington, D.C.) — The Online Lenders Alliance (OLA) today issued the following statement in response to the United States Senate Special Committee on Aging hearing titled “Payday Loans: Short-term Solution or Long-term Problem?”:
“Many Americans face problems when trying to access credit and rely on short-term credit options to meet their financial needs. The mere fact that the Senate Special Committee on Aging is holding a hearing on this issue shows that there is a growing need for our industry,” said Lisa McGreevy, President and CEO of the Online Lenders Alliance. “OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated. OLA supports a federal charter that will establish a clear set of rules for lenders. A federal charter will ensure all consumers have access to new, innovative financial products generally unavailable to them at banks and credit unions.”
The Online Lenders Alliance is a professional trade organization representing the growing industry of companies offering consumers small, short-term loans online. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.