OLYMPIA, Wash.--(BUSINESS WIRE)--QCash Financial, a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology for financial institutions, announces it has experienced significant growth since its launch in 2015.
In 2016, QCash Financial launched QCash V5.4, further extending the solution’s ease of use through new features that focus on providing borrowers with a clear, concise understanding of their loan terms. They also added additional automation to better serve their clients.
QCash Financial’s technology was adopted by San Antonio Federal Credit Union, USALLIANCE Financial and Gesa Credit Union. All three credit unions have completed implementation and have successfully launched small-dollar lending programs. The QCash platform has been used by WSECU to originate 34,907 loans in 2016, amounting in $28,088,413 loan dollars funded. Gesa Credit Union used the QCash platform to originate 1,157 loans, amounting in $1,126,591 loan dollars funded in the six months of its small dollar lending program.
Also in 2016, Filene and QCash Financial launched a collaboration that offers credit unions the opportunity to bring this lower cost, multi-channel loan experience to their members while also participating in its evolution by sharing data with the researchers at Filene. QCash Financial’s new relationship with USALLIANCE was brought about through the company’s partnership with Filene.
QCash Financial also offered its services to Canadian financial institutions, due to the demand for small-dollar lending in Canada.
“QCash Financial has experienced rapid growth in 2016, gaining multiple new customers and extending our services to Canada,” said Ben Morales, CEO of QCash Financial. “We anticipate that 2017 holds many additional opportunities for growth, especially as we have seen our partner financial institutions experience huge successes when offering small-dollar loans to consumers.”
“The experience brought forward with the team from QCash Financial was evident day one on our implementation for QCash. They brought leadership, extensive knowledge of small-dollar lending and years of software delivery/technology expertise,” said Adele Glenn, emerging channels innovation architect, San Antonio Credit Union.
“A significant number of our members have been extremely grateful to be able to rely on us to provide them with a low-cost alternative to payday lending,” said Don Miller, CEO of Gesa Credit Union. “Our FastCash, small-dollar lending program, powered by QCash Financial, has created a service that offers members instant liquidity and creates a sustainable revenue stream for our credit union.”
"QCash was a natural fit for our product line, especially given our commitment to providing our members of modest means the products needed to help them achieve financial stability. At USALLIANCE we strive to help our members not only live life fully but to achieve their personal aspirations. We believe this product will help do just that," said Kris VanBeek, president and CEO of USALLIANCE Financial.
“QCash uses an old-fashioned credit union idea – making a loan based on our relationship with our member – and updates it with the best technology making the transaction very low effort for members – and they love it!” said Kevin Foster-Keddie, president and CEO of WSECU.
The QCash loan platform was developed in 2004 by WSECU after the credit union’s tellers noticed a substantial number of its members required small, short-term loans from payday lenders that were charging excessive fees and interest rates. It is offered as a white label solution to financial institutions. For more information contact Ben Morales at email@example.com.
About QCash Financial
QCash Financial is a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology that enables financial institutions to provide short-term loans quickly to the people they serve. QCash Financial, a wholly owned subsidiary of WSECU in Olympia, Wash., started as a short-term loan solution for the credit union’s members in 2004. For more information about QCash, visit its website at Q-Cash.com