Why did WSECU begin offering tiny buck loans?

Why did WSECU begin offering tiny buck loans?


Why did WSECU begin offering tiny buck loans?

Why did WSECU begin offering tiny buck loans?

Exactly how did QCash start? It’s an {excellent tale about|story tha front line employee residing the motto of men and women assisting individuals.

Our tale starts whenever a teller at Washington State Employees Credit Union, the credit union that has our CUSO, that people had been getting into the branch over and over repeatedly for cash purchases. Cash sales aren’t almost anything to worry about, but our teller noticed one really important things: those cash sales had been then utilized to publish other cash instructions to payday loan providers.

We didn’t know any single thing about payday financing during the right time, but compliment of WSECU’s empowered tradition, the teller told the credit union CEO by what she observed. Our CEO then come up with a small selection of big, bright minds to find out that which was occurring and how WSECU may help.

Exactly what the credit union discovered had been its users were utilizing predatory payday lenders to satisfy their short-term, little buck requirements. WSECU decided they not just had a need to assist their people, but lending that is short-term one thing credit unions could and really should do.

And, not merely can WSECU short-term, little buck loans save users cash, they may be able simultaneously produce a unique, income flow when it comes to credit union.

So, 14 years back, QCash was made to supply short-term, little buck loans to WSECU people.

As QCash started initially to gain neighborhood share of the market, the credit union begun to wonder, we go“if we are changing the payday lending landscape in the state of Washington, where else could? Exactly how might we manage to share this because of the credit union community and alter the landscape over the national nation?”

WSECU didn’t understand the reply to that concern, but made a decision to provide it a go. And thus, in April 2015, QCash Financial was created and began delivering short-term, tiny buck loans to many other credit unions and banking institutions, in hopes of fulfilling the requirements of other customers exactly the same way WSECU has assisted its users.

And that’s the storyline of exactly how QCash has exploded in one teller’s thoughtful observation to a CUSO that has sparked a short-term, tiny buck lending motion.

Relevant Content

By Ben Morales, CEO of QCash Financial [April 2018]

Ben Morales may be the CEO of QCash Financial. QCash Financial is a CUSO delivering automated, cloud-based, omni-channel little dollar lending technology that allows finance institutions to deliver short-term loans quickly to people they provide. QCash Financial, a wholly owned subsidiary of WSECU in Olympia, Wash., began as a short-term loan solution for the credit union’s users in 2004.

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