October 23, 2015

ALA Members and Friends:

The Alabama Lenders Association is committed to differentiating ourselves from payday and title pawn lenders, who are not traditional installment lenders. Our website at www.alabamalenders.net clearly sets forth who we are and what we are about:

We are traditional installment lenders. Our lending is based on three principles: (i) equal installment payments (ii) for customers who have the ability to repay (iii) with a clear pathway out of debt. Installment loans show with clarity precisely when the loan will pay out based upon the payment schedule. We help our customers build their credit record by reporting to credit bureaus. This encourages both responsible borrowing and responsible lending. Our loans are customer driven—no prepayment penalties and understandable repayment terms are the rule. Our loans are transparent, making them the safest loan product for consumers. And, we make loans from local offices with local lenders, offering much more personalized service than a bank.

Our members—whether large or small–are committed to traditional installment lending. The Association adopted a policy that our Members may not hold licenses under the acts permitting these other types of lending. The Executive Committee, now joined by the chairman of the Membership Committee, carefully vets all applicants for membership to ensure that their business methods comport to our Association’s Code of Ethics, adopted over 10 years ago. Our Code of Ethics is clearly presented on our website.

We recognize that it is vitally important that the good name of installment lenders, and the Alabama Lenders Association in particular, not be confused with payday and title pawn lending. We work hard to distinguish ourselves, and tell the story of our good work.

Should you have any questions concerning membership or the mission of the Association, please raise them with me, President Kevin Gardner, or any member of the Board of Directors.


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