March 11, 2020
OLA Members:
As the United States Government takes measures to respond to the health threat and economic consequences of COVID-19 (Coronavirus), OLA is asking members to keep consumers protected and assist them as necessary.
During this time, we urge that our members keep in mind and be sympathetic to financial volatility of the non-prime borrower. Our consumers are most at risk to have extreme difficulty paying their loans due to disruptions in income due to illness. Because of this, we recommend our lenders provide consumers the ability to defer or skip payments as well as delaying delinquency notices to credit bureaus. We also recommend extending payment terms, restructuring existing loans, or easing terms for new loans where possible and in accordance with various laws.
We will continue to keep you updated on our efforts as we try to protect our members and borrowers during this uncertain time.
