OLYMPIA, Wash., February 3, 2021 /PRNewswire/ — Based at Billings, Montana, Billings Federal Credit Union (BFCU) launched a new small loan product on November 30and, 2020. QCash is a short-term loan ranging from $250 at $1,000 that helps members meet unexpected cash flow needs through an easy-to-use mobile application process.
Using QCash Financial White mark, small dollar lending digital platform, BFCU automated the lending process by using the member’s credit union relationship history to make the lending decision rather than credit history. Members immediately learn what they are entitled to and funds are immediately deposited into their account. Fees and rates are configurable by each financial institution and are significantly lower than those of predatory lenders.
“One of our members’ promises is to make their lives easier,” said BFCU President and CEO, Tom Boos. “These small dollar loans align with that promise. A member can apply for a QCash loan from anywhere, 24 hours a day, seven days a week if they have internet access. And if approved, its funds are available almost instantly. It doesn’t get much easier than that,” Boos said.
The QCash Financial platform provides short-term liquidity to members who have traditionally turned to high-cost sources of lending, such as payday lenders with triple-digit APRs. Bad credit limits consumers’ options when they need money. Predatory lenders are often the only option unless credit unions provide a responsible and affordable alternative. The need for small dollar loans like QCash has increased due to the pandemic.
“As we move from economic relief to recovery and stability, credit unions recognize that the pandemic has heightened financial hardship for many. Financial inclusion is a priority for innovative credit unions as they seek ways to help those hardest hit provide a needed resource to their communities,” said the CEO of QCash Financial, Ben Moraux.
Additionally, “Federal regulators are encouraging credit unions to offer small dollar loans that rescue members from a cycle of debt that’s hard to escape,” Morales said. “Once the immediate need has been met, members whose financial health has improved can move upstream to use other traditional credit union resources.”
About Billings Federal Credit Union
Federal Billings Credit Union (BFCU) serves 11,200 members and has over $180 million in member-owned assets. Founded in 1935, BFCU is a non-profit, member-owned cooperative. Anyone who lives, works, worships or attends school in Yellowstone, big horn Where Carbon Counties, Montana is eligible to become a member. BFCU offers a full range of financial products and services, competitive rates and low fees, and personal and professional services from its staff members.
About QCash Financial
QCash Financial, headquartered at Olympia, WA, is a purpose-driven FinTech company whose mission is to empower financial institutions to improve the financial well-being of their communities. QCash Financial offers automated, cloud-based short-term lending technology and is currently piloting a financial wellness application with existing customers designed to build financial capacity, stability and resilience.
Erika Taylor Montgomery, [email protected], 408-218-2391
SOURCE QCash Financial