Best Practices

Online Lenders Alliance
Best Practices

OLA Members are leaders in the industry and strictly adhere to industry Best Practices. We want to be sure all OLA members–and the entire industry–are aware of the importance of industry standards to their businesses.

OLA Code of Conduct:

Treat people fairly and with respect.

Self-Policing and Enforcement

OLA is a self-policing organization. The OLA Board via its Standards Committee will review all reported violations of the Best Practices and will direct that the OLA member that is the subject of the report to address the issue. OLA reserves the right to take disciplinary action if a member is found to be in violation of any best practices.

OLA Best Practices Overarching Guidelines:

  • Ensure consumers are making educated financial decisions by fully disclosing all loan terms in a transparent and easy to understand way.
  • Give consumers a chance to change their mind by maintaining a reasonable cancellation policy.
  • Be a company in good standing with the officials and regulatory bodies that govern you. Comply with all applicable laws and regulations.
  • Never engage in activities that are unfair, abusive or deceptive.
  • Protect every consumer’s personal data with comprehensive website security and a privacy policy and ensure that your vendors protect consumer personal data in the same manner.
  • Provide consumers with a copy of your privacy policy and an ability to opt out of information sharing.
  • Help consumers help themselves by providing referrals to credit counseling, education and assistance when appropriate.
  • Use advertising and marketing practices that promote the responsible use of short-term credit services. Do not engage in any false, misleading or deceptive advertising campaigns.
  • Take applications from consumers and originate loans consistent with all applicable laws.
  • Ensure that payments are authorized and processed consistent with federal laws and that consumers fully understand the options for sustained use of loans.
  • Provide comprehensive website security and fraud prevention practices that include timely and accurate reports on loan activity, consumer notification of account use, and validation of routing numbers.
  • Always treat consumers with respect and use fair, professional and non-abusive collection practices. Never use unlawful threats, intimidation or harassment to collect accounts.
  • Appropriately manage third-party service providers to ensure that consumer information is shared and protected consistent with applicable law.