Community Credit Union of Florida to offer short-term small dollar loans powered by QCash Financial
Provides members with a more affordable lending option
QCash Financial, a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology for financial institutions, today announced that it is partnering with Community Credit Union of Florida (CCU Florida) to offer short-term, small-dollar loans to credit union members through its digital small dollar lending platform.
Using QCash Financial’s product suite, CCU Florida offers an affordable lending option to members who usually rely on costly services like payday loans to cover expenses. QCash, an automated lending platform, utilizes the member’s financial history with the financial institution to underwrite, approve and fund the loan in under a minute. The fees and rates associated with QCash loans are substantially below those charged by traditional short-term lenders.
“We wanted to offer our members an affordable alternative to other small-dollar loan options,” said Laurie Capelli, senior vice president of CCU Florida. “QCash Financial’s solution is simple, elegant and enables us to pass on savings to our members.”
“CCU Florida is offering an underbanked community access to a loan product that is designed to improve members’ financial stability,” said Ben Morales, CEO of QCash Financial. “Our automated solution takes the loan from the application stage to funding in less than 60 seconds.”
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. It is offered as a white label solution to financial institutions. For more information contact Ben Morales at bmorales@q-cash.com.
About Community Credit Union of Florida
CCU is a federally-insured financial institution headquartered in Rockledge, Florida, that is a leading provider of affordable home loans, car loans, consumer loan, and highly competitive rates on deposit accounts. Founded in 1953 by members of the Brevard Public School System, CCU continues to operate as a not-for-profit, member-owned financial cooperative. Membership in CCU is open to Brevard, Indian River, Osceola, Orange, Polk, and Volusia county residents. For more information, visit www.ccuFlorida.org or call 321.690.2328.
