You have a successful product that puts small dollar loans in the hands of consumers who may have tattered credit but they need the money and you want to save them from predatory lenders who may charge interest upwards of 100% APR.
Your product usually involves loan rates of 24 to 36% APR.
Much better for the consumer.
And you have 11 other credit unions offering your loans.
That’s the story of QCash, a subsidiary of WSECU in Washington State. And now QCash’s CEO Ben Morales is launching a new tool that just may blow up QCash’s market.
And that’s ok.
The new QCash tool is a financial wellness product that – in its simplest understanding – is designed to heal struggling consumers by offering access to liquidity but also financial counseling and teaching that turns that consumer into a person who deserves an 8% loan. Not a 36% loan.
How cool is that.
This is an upbeat podcast about how credit unions can generally help members in an era where more of us struggle to pay our bills.
An underlying QCash belief is that the path is in the data and it’s just a matter of understanding the consumer and his/her data. In that data the way to financial wellness lies.
Related podcasts include Trudy Soupcoup, a board member at WSECU; and Bill Bynum, CEO at Hope.
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Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto