OLYMPIA, Wash.–QCash Financial, a provider of automated, cloud-based, mobile lending platforms for financial institutions, announced that Gesa Credit Union is offering short-term, small dollar loans, powered by QCash, to its members.
QCash Financial’s product suite enables Gesa to offer short-term, small dollar loans to its members, particularly those with liquidity and cash management challenges, the company said. The $1.6-billion Gesa offers two loan types powered by QCash: a fee-based loan product and an interest-based loan product.
Loan applications are underwritten, approved and funded in approximately one minute, because the loan decisioning process is based on members’ financial relationship with the credit union. The fees are also substantially lower than those usually charged by traditional short-term lenders, according to QCash.
The QCash loan platform was developed in 2004 by WSECU after the credit union’s tellers noticed a substantial number of its members required small, short-term loans from other companies that were charging excessive fees.
“We researched our members lending needs and discovered that many were turning to more expensive alternatives for their short-term loan needs,” said Don Miller, CEO of Gesa Credit Union in Richland, Wash. “QCash loans have given us the means to offer a competitive alternative to traditional payday loans.”
“Our vision for these loans is to offer a simple, cost-effective option for financial institutions to meet their members and customers’ needs,” said Ben Morales, CEO of QCash Financial. “Gesa Credit Union’s mission to help reach more of the underbanked community perfectly aligns with our corporate mission of promoting consumers’ financial stability.”
A white label version of the QCash lending platform is available through QCash Financial.