CU Solutions Group and QCash Financial make it easier for credit unions to offer affordable, small-dollar, short-term loans
LIVONIA, MI (October 29, 2018) — CU Solutions Group (CUSG), a leading credit union service organization in the areas of technology, marketing and HR performance management, and QCash Financial, a provider of automated, cloud-based mobile lending products, announced today that they have entered into a marketing partnership to promote QCash Financial’s solutions in the credit union marketplace.
QCash Financial was originally conceived by Washington State Employees Credit Union (WSECU) as a solution for members who needed short-term, small-dollar loans. WSECU assembled a team to develop an in-house alternative to payday lenders — offering fast, easy and affordable cash management solutions by a trusted source. That solution became QCash Financial, a digital lending platform that benefits both credit unions and their members by providing access to short-term loans on member-centric technology, as well as helping credit unions grow margins and expand services.
“QCash Financial is excited to partner with CU Solutions Group and the credit unions they serve,” said Ben Morales, QCash Financial CEO. “Together, we will enable more credit unions to help their members achieve improved financial health. This positively impacts the community and creates additional margin for long-term sustainability. It is easy to see why credit unions want to work with CU Solutions Group and their partners to accomplish their goals in serving member, mission and margin.”
Research shows that 57 percent of American adults struggle financially. Many are dealing with an unhealthy amount of debt, irregular income and sporadic savings habits. QCash allows credit unions to offer a small-dollar loan solution to pull members away from payday lenders. The platform is able to originate, underwrite and fund in 60-seconds. It is completely automated and allows credit unions to save members money.
“There are more than 15.6 million unbanked consumers in the United States and 88 million underbanked. These are people who often don’t have a checking or savings account, live paycheck to paycheck and are especially vulnerable to predatory and payday lenders,” said CU Solutions Group President and CEO Dave Adams. “QCash Financial enables credit unions to offer a faster, lower-cost alternative to their members in a way that requires no additional IT resources and through multiple channels, including mobile. We are excited to work with QCash Financial and to promote their innovative new service.”
QCash Financial’s technology is powered by a relationship-based underwriting engine that can make credit decisions in seconds, is fully compliant and is fully configurable by credit unions. In addition, this digital lending platform is available as a branded service for credit unions.
About CU Solutions Group
CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing and HR performance which include web services, mobile app solutions, digital advertising, Save To Win, Love My Credit Union Rewards, Performance Pro and Compease. The company is majority-owned by the Michigan Credit Union League and has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations. Headquartered in Livonia, Mich., the organization serves more than 3,400 clients nationwide and has strategic partnerships with Sprint, Intuit TurboTax®, GSTV and CU Vendor Management. For more information, visit: CUSolutionsGroup.com.
About QCash Financial
QCash Financial is a CUSO providing automated, cloud-based, omni-channel lending technology that enables financial institutions to provide short-term loans quickly to the people they serve. QCash Financial, a wholly-owned subsidiary of WSECU in Olympia, Washington, started as a short-term loan solution for the credit union’s members in 2004. The company is pleased to work with credit unions in the United States and Canada. In December 2017, QCash was selected as the winner of Financial Times Future of Fintech Innovation Award. For more information, visit Q-Cash.com.