Listen to this articleQCash Financial was launched in 2015 as a purpose-driven FinTech firm empowering financial institutions in their quest to improve the financial wellness of their communities. Below is our recent interview with Ben Morales, CEO at QCash Financial:
Q: Can you tell us something more about your flagship product?
A: Our flagship product is a digital small dollar lending platform specifically designed to help financial institutions re-capture consumers from predatory lending. Today we are serving over 20 financial institutions in the U.S. and Canada—having delivered over 500,000 loans for over $300mm.
Q: What are the key benefits of your innovative software as a service lending platform?
A: The key differentiators of our platform are that it allows financial institutions to deploy a complete small dollar lending program with a fully automated turnkey platform and program support. The QCash Financial platform is highly customizable to allow financial institutions to comply with state and federal guidelines, while also delivering a sustainable product. Our data driven, relationship-based underwriting platform enables financial institutions to create more inclusive small dollar loan products—we don’t use a credit score. The final key differentiator is that we are able to fully originate, underwrite and fund a loan to the deposit account in 6-clicks and 60-seconds.
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Q: Who is your ideal client and why?
A: Our ideal clients are retail community-based financial institutions who are committed to improving the financial well-being of their customers and communities. They are also leveraging core processing and digital delivery solutions that allow third-party integrations.
Q: What can we expect from QCash Financial in next 6 months?
A: QCash Financial is continuing to build new capability to help our financial institutions leverage our automation capabilities to increase efficiencies. We are adding new alternative data sources to help financial institutions on-board new customers, while also building integrations to leverage predictive data models for underwriting.
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Q: What’s the best thing about QCash Financial that people might not know about?
A: The digital small dollar lending platform was originally conceived in 2004 at Washington State Employees Credit Union (WSECU) when they observed members using predatory loans. It was at that time that WSECU decided to do something about it and thus began the journey. As WSECU re-captured members, it was in 2012 that the Board decided to share this innovation with the credit union industry. In 2015, QCash Financial was launched to do just that.
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