BIRMINGHAM, Ala.–America’s First Credit Union here said it will begin making small-dollar loans using Olympia, Wash.-based QCash Financial, a CUSO that provides automated, cloud-based, omni-channel small-dollar lending technology for financial institutions.
Using QCash Financial’s product suite, America’s First will be able to offer an affordable lending option to members who are often forced to rely on costly payday loans to cover unexpected expenses, according to the company. QCash Financial’s automated lending platform, utilizes a member’s financial history to underwrite, approve and fund a loan in under a minute. The fees and rates associated with QCash loans are substantially below those charged by traditional short-term lenders, the company said.
“Our members needed a sustainable alternative to traditional payday loans,” said Kevin Morris, Senior Vice President and Chief Lending Officer at America’s First. “QCash Financial’s solution is simple and enables us to offer our members a tool to meet their short-term lending needs.”
“America’s First will be able to meet the needs of the underbanked community by providing access to a financial tool designed to improve its members’ financial stability,” added Ben Morales, CEO of QCash Financial.