News
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Online Lenders Alliance Statement on Senate Legislation to Eliminate Vital Forms of Credit for Consumers by Capping APRs at 36 Percent
After U.S. Senators Jack Reed (D-R.I.), Jeff Merkley (D-Ore.), Sherrod Brown (D-Ohio), and Chris Van Hollen (D-Md.) introduced legislation that would eliminate access to credit for millions of Americans by expanding the Military Lending Act (MLA) and implementing an annual percentage rate (APR) cap of 36 percent on consumer loans, Online Lenders Alliance Executive
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CLAIM VS. REALITY: New DoD Report Misses Key Information on Impact of Military Lending Act (MLA) and Military Annual Percentage Rate (MAPR) Caps
ARLINGTON, VA. (July 28, 2021)—A new report required under on the National Defense Authorization Act (NDAA) for Fiscal Year 2021 ‘on a Military Annual Percentage Rate lower than 30%’ from the Department of Defense’s Undersecretary of Defense for Personnel and Readiness concludes that the Military Lending Act is “working as
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American Consumers Benefit from Equitable Online Lender Loans
ARLINGTON, Va. (July 20, 2021)—According to new data from a survey conducted by Morning Consult on behalf of the Online Lenders Alliance (OLA), Black and Hispanic adults are significantly less confident than other adults in their ability to get credit from traditional financial institutions. As a result, many hesitate to
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