OLYMPIA, Wash.–QCash Financial, a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology for financial institutions, is reporting it has experienced significant growth since its launch in 2015.
In 2016, QCash Financial said it launched QCash V5.4, further extending the solution’s ease of use through new features that focus on providing borrowers with a clear, concise understanding of their loan terms. It also added additional automation to better serve their clients, the company said.
“QCash Financial’s technology was adopted by San Antonio Federal Credit Union, USALLIANCE Financial and Gesa Credit Union,” QCaash said in a statement. “All three credit unions have completed implementation and have successfully launched small-dollar lending programs. The QCash platform has been used by WSECU to originate 34,907 loans in 2016, amounting in $28,088,413 loan dollars funded. Gesa Credit Union used the QCash platform to originate 1,157 loans, amounting in $1,126,591 loan dollars funded in the six months of its small dollar lending program.
“Also in 2016, Filene and QCash Financial launched a collaboration that offers credit unions the opportunity to bring this lower cost, multi-channel loan experience to their members while also participating in its evolution by sharing data with the researchers at Filene,” the statement continued. “QCash Financial’s new relationship with USALLIANCE was brought about through the company’s partnership with Filene.”
QCash Financial also offered its services to Canadian financial institutions, due to the demand for small-dollar lending in Canada.
“QCash Financial has experienced rapid growth in 2016, gaining multiple new customers and extending our services to Canada,” said Ben Morales, CEO of QCash Financial, in a statement. “We anticipate that 2017 holds many additional opportunities for growth, especially as we have seen our partner financial institutions experience huge successes when offering small-dollar loans to consumers.”
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 payday lenders that were charging excessive fees and interest rates.