The Online Lenders Alliance (https://www.onlinelendersalliance.org/) has changed certain rules of advertising of the payday loan industry from June 01, 2012 as it gets strict on responsible lending.
One of them pertains to the advertisements saying “Get Your Loan in 1 Hour”. Online Lenders Alliance has issued notice to all affiliated lenders to make sure they stop this practice once and for all with effect from June 01, 2012.
Henceforth all its members may not advertise either online or offline to their consumers that they may get a loan in 1 hour. Of course they can advertise a few hours, one day, 24 hours, overnight or anything related, but get your loan or cash in 1 hour is strictly forbidden from being advertised.
You may also see the affect in the online advertisements. Rarely any company now advertises that they can offer a loan in 1 hour.
This also reflects in the 100 Day Loans website and advertisements. If you visit their home page you will find that it says: Cash within hours! Earlier (before 01-June-2012) it used to say Cash in 1 Hour. With 1 Hour underlined.
This is a marked difference from the earlier statement.
Now let’s discuss if for the consumers does the “Get Your Loan In 1 Hour” actually makes a difference.
Any person who has ever applied for a payday loan knows the fact that getting a loan in 1 hour in near impossible. There are many factors that determine the time taken to get the cash in their bank account. It depends on the lender, the bank, and other factors. Practically it’s just not possible that you get your cash in 1 hour.
No wonder the Online Lenders Alliance has become too strict on these wrong practices of advertising. Advertising in a wrong way also gets you customers that you don’t want. It is in the benefit of the industry that they advertise the reality and not something that’s not possible.
For long this statement was used to promote a product that actually does not fulfill what it advertised. And we feel Online Lenders Alliance has taken a good step in the right direction.
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