Credit Union Fintech: QCash
QCash is a Credit Union Service Organization (CUSO) that gives credit unions a turnkey small-dollar loan platform. QCash’s loan platform streamlines the whole quick loan process—members can apply, get approved, and receive funding for a loan in only 60 seconds.
Currently, 40% of American workers couldn’t handle a $400 emergency expense. Even more of them—75%—live check-to-check. For these at-risk groups of American workers, a little car trouble, a medical emergency, or a brief interruption of income could mean missing rent or being unable to afford groceries.
The QCash platform enables credit unions to move into the short-term credit industry. The QCash digital lending service is available on any computer or mobile device. Their small-dollar loans feature competitive rates, which provides alternatives to the predatory lenders who usually offer quick loan services.
Finally, their Member Crisis Guide gives credit unions the necessary tools to help their members when they need it most. QCash puts the long-term financial health of credit union members first, making it a useful and ethical service for members when there’s more month than paycheck left.
QCash was founded by a group from Washington State Employee’s Credit Union after their CEO realized that an alarming portion of WSECU’s members were using payday lenders to get short-term cash. An in-depth review showed that members were paying millions per year in fees.
WSECU CEO Kevin Foster-Keddie assembled a team to build an affordable alternative to predatory payday lenders for his members. Although they lost money in the short-term, their QCash digital lending platform grew.
Finally, the QCash team revised and refined their process, added automation, and changed their underwriting process. Once that was done, the platform turned profitable and popular. QCash then offered their small-dollar loan services to other credit unions.
Credit Union Fintech Snapshot: QCash
Top 3 Problems Solved
- Short-term, small-dollar lending
- Safety net for low- and middle-income members
- Expanded loan portfolio
QCash CEO: Ben Morales
QCash CEO Ben Morales has been working in the financial industry for over 25 years. He was instrumental in developing and popularizing the QCash small-dollar loan platform.
In addition to acting as CEO of QCash, Ben Morales also serves as CTO and COO of WSECU. There, he leads technology and back-office operations divisions to execute business initiatives that maximize performance and transforms the business structure into an adaptive organization. His goal is to sustain the three fundamental pillars of credit union success: members, employees, and financial services.
QCash Market Strategy
Credit unions only.
Credit Union Fintech: QCash in the News
CU2.0 Sponsor = Yes
- Segment: Lending
- Demographic: multiple
- Impact on Member Growth: medium
- Impact on Interest Margin: high
- Impact on Non-Interest Income: low
- Impact on CU Branch: low
- Expense Reduction: low