QCash Financial, a provider of automated, cloud-based, mobile lending products for financial institutions, announces its QCash product suite is available as a white label offering for financial institutions.
QCash Financial’s product suite enables financial institutions to offer small-dollar, short-term loans quickly via a mobile device, from a branch or online to consumers. The suite is currently comprised of fee-based, small-dollar loans (QCash), and interest-based, near small-dollar loans (QCash Plus), both of which use the data analytics, technology and underwriting engine powered by QCash.
The QCash platform is entirely configurable so that loan offers can be customized to meet the goals of the financial institution”growing membership, supporting the “people helping people mission,” and providing a margin for sustainable operations.
Loans are applied for, underwritten, and funded in three clicks, with funds deposited into the account usually in less than 60 seconds. Members or customers can apply through any channel”mobile, online banking, contact center or through the branch. Fees and interest rates are significantly lower than payday lenders, enabling consumers to meet liquidity needs, while keeping more of their money in their pockets. These loans are fully compliant with CFPB and meet Community Reinvestment Act guidelines.
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.
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