OLYMPIA, Wash.–QCash Financial said it has been selected by USAlliance Financial Credit Union to offer short-term, small-dollar loans to credit union members through its QCash product.
“Demand for these loans is expected to grow significantly as the Consumer Financial Protection Board (CFPB) moves to diminish predatory loan practices by limiting access to payday lenders and encouraging consumers to seek alternatives from trusted financial institutions,” the company said in a release. QCash, an automated lending platform, utilizes the member’s financial history with the financial institution to underwrite, approve and fund the loan in under a minute. The company said the rates associated with QCash loans are substantially below those charged by traditional short-term lenders.
“We are eager to offer this new product especially given our commitment to providing our members of modest means the products needed to help to them achieve financial stability,” said Kris VanBeek, president and CEO of USALLIANCE.
“Visionary credit unions such as USALLIANCE are quick to recognize that the action by the CFPB creates a market niche in the lending arena in need of a solution,” said Ben Morales, CEO of QCash Financial. “The QCash platform is the ideal tool to fill that need.”