Products and Services Offered By OLA Members

Line of Credit

This is a preset amount of money that a lender has agreed to make available to a customer. The customer can draw from the line of credit when needed, up to a maximum amount and, in turn, only pay interest on the amount actually borrowed. Traditionally, more typically available to borrowers with a prime credit rating, innovation has seen the line of credit emerge as one of the most popular and important fintech products for non-prime consumers. The main advantage of using a line of credit is flexibility – the ability to readily borrow only the amount needed and avoid the cost of interest associated with a large loan.

Unsecured Consumer Installment Loan

This is also known as a personal loan. Consumers often access this type of loan to manage variable expenses, to pay down higher-interest debt, or to finance a special purchase. One benefit of using an unsecured consumer installment loan is that it can help someone with little or no credit history to establish a credit rating. The demand for these loans, which are often short-to-medium-term, is strong because many households struggle with income volatility, thin or non-existent credit files or a subprime score, or lack of access to mainstream financial products that meet their needs. An advantage of the unsecured personal loan is that they allow consumers to break down large costs and divide their outflows of cash into even, predictable amounts.

Point of Sale Financing

This type of personal loan is tied to a particular purchase or transaction such as appliances, cell phones, medical or dental procedures or home services, like a roof replacement or replacing an old heating system. With this type of loan, the lender provides financing to consumers only for a particular product or service, as opposed to having a credit card or a personal loan where the lender doesn’t know the specific purpose of the loan. Besides providing consumers with more credit options, point of sale financing decisions are usually made, on the spot, thanks to fintech innovations, and without a cumbersome application process. And for consumers who are reluctant or unable to get credit cards, point of sale financing is an appealing way to finance purchases.