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TrandotCom Supports Online Lenders Alliance Consumer Education Initiative

In The Know/Tranews

September 2009


Community Financial Education Foundation Promotes Smart Consumer Borrowing Practices

As a member of the Online Lenders Alliance (OLA), TranDotCom supports the efforts of the Community Financial Education Foundation (CFEF) in providing financial education to small loan borrowers. The CFEF was created with assistance of leaders of the OLA, and delivers educational resources to the industry, legislators, and directly to consumers. For borrowers, the CFEF offers information on money management and techniques to achieve financial independence.

"There is a vacuum of financial education among consumers of micro loans," said Mark Curry, President of CFEF's Board of Directors and President of OLA. "Micro-loan borrowers who are underserved by traditional financial outlets are also underserved by traditional financial education programs. CFEF has tailored its programs to speak to the fundamental personal and financial needs of this audience."

CFEF believes that knowledge is power, and that financial education is a critical component for individuals to attain independence, security, and gain access to wealth. CFEF financial education initiatives focus on the fundamentals of financial responsibility: creating a budget, projecting expenses, setting savings goals, understanding loan terms and improving credit scores.

CFEF activities include Borrow Smart America, a free, web-based financial education program; a series of webinars; advocating financial education instruction in America's public schools, awarding grants to community groups, and providing college scholarships for students who promote financial literacy in their communities. Through Borrow Smart America, consumers can access resources online including interactive budgeting tools, checklists, calculators, financial worksheets, savings tips, credit tips, credit resources and free Quicken software.

Since 2005, OLA has worked on behalf of the online lending industry, developing best practices and standardizing the principles by which loans should be made. Washington, D.C.-based CFEF was launched in 2008. Additional information about the CFEF may be found at TranDotCom has been a member of the OLA since its inception and has become a Business Partner of the CFEF initiative.

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