QCash Financial: Ushering in Financial Wellness for All

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Ben Morales, CEO
It’s been more than two decades when the rising technology star, Bill Gates in a 1994 speech at a Bank Administration Institute conference, dismissed banks as “dinosaurs.” While the symbolism was rich, the statement holds as true today as it was then. Despite fintech innovation progressively deconstructing the walls of the traditional project management methodologies, such as waterfall, incumbents continue to struggle to keep pace with this radical shift and improve time to market. The credit unions (CUs) are also caught between a rock and a hard place when it comes to dealing with the lingering legacy technology and fintech developments speeding past their ability to stay up-to-date. The challenge boils down to adapting their technology and culture to become more interactive and responsive and gain a competitive edge by delivering new innovations to the marketplace faster. This is where QCash Financial (QCF) is in a class by itself.

With a mission to empower CUs, QCF offers a highly customizable SaaS-based lending platform to help them “improve the financial wellness of their communities.” “As a reliable and trusted partner, we help credit unions to accelerate their time to market. Our digital lending platform allows them to deliver highly-customized, small-dollar, short-term credit solutions to their members in a faster and more efficient manner,” says Ben Morales, CEO of QCash Financial. The company’s innovative and mission-focused solution includes their latest product —a white-label, mobile financial wellness, and lending app that empowers credit unions in reaching the financially unstable in their membership and communities.

With an unwavering commitment to abolishing the cycle of debt created by unaffordable lenders, QCash Financial’s niche platform offers a payday lender alternative. The automated and fully customizable mobile lending platform connects securely through the cloud to credit unions’ core banking platforms to retrieve member relationship data, behavioral attributes, and all the information required for instant underwriting, decision-making, and funding. “Our product is unique in that it is fully integrated, adheres to compliance, has fraud checks and balances, and requires no additional human intervention or overhead to process these loans,” states Morales.

Born with a singular focus on helping credit unions pull back their members from predatory lenders, QCF’s lending platform gives CUs a tool today’s younger generations have come to expect — an unsecured, personal loan at their fingertips. With financial institutions losing 10-12 percent market share every year to online lenders who are often not regulated, this is an important feature for CU leaders to address. Further, when it comes to small-dollar lending programs in the uncertain legislative era for the CUs and government regulatory organizations, revenue-generating innovations and proactive initiatives leave thousands of borrowers off credit union radars and into the pockets of risky predatory lenders ready to strike with their triple-digit APRs. To that end, QCF provides the convenience of an immediately funded small-dollar loan, but at lower costs and friendlier terms. QCF has developed two products. One that automates small-dollar, fee-based loans typically between $50 and $700 for a term less than 90 days. The second is a product that automates small-dollar, interest-based loans between $701 and $4,000 for a term less than 36 months. Evidently, the platform reduces origination costs by an estimated 40 to 60 percent of a traditional loan, as it is easily deliverable to members with no additional human intervention. Besides, the company also leverages its business process automation capability to support pre-approved loan offers with the same efficiency and automation for product offerings such as credit cards or auto loans. “Once the loan is requested, the platform follows all of the business rules customized by each credit union and funds the amount directly into the member’s checking or savings account – their choice,” says Morales.


Our platform allows credit unions to deliver highly-customized, small-dollar, short-term credit solutions to their members in a faster and more efficient manner


Powered by cloud technology and data analytics, the API-driven and mobile-friendly platform has been specifically designed to adapt to credit unions’ unique situation and meet their regulatory requirements. This precise ability—to provide utmost flexibility, adaptability, and versatility to help CUs accelerate their time to market—is QCF’s winning differentiator. With its roots deep in the credit union industry and a team of finance experts, the company is able to provide first-hand insights and understanding around the challenges facing their clients. As the financial sector requires a faster process to approve loans without pulling in credit reports, QCF’s solutions render a decision and can fund a loan in less than a minute! CUs may also choose to include credit scores in their funding model – that’s entirely possible and up to them. Overall, this process has created an opportunity for credit unions to retain more of their members by keeping them from having to turn elsewhere for their immediate liquidity needs. Most importantly in the eyes of the QCF team, the instant cash is offered at an affordable rate. Ultimately, the QCF team wants members who may have gotten trapped in a costly debt cycle to reverse it and eventually build up their financial status such that they can begin to establish their credit and conduct even more banking with their credit union in the long run.

Illustrating on the prowess of the lending platform, Morales cites a customer success story that involved a credit union based in an agricultural area. Often, members in the agricultural area are not accustomed to banking frequently and, therefore, do have a high credit score. That said, the credit union executive team recognized they needed a short-term lending solution that could help identify members who were credit worthy without using a credit score. With QCF’s platform this became possible. “We serve a diverse clientele and meet their different requirements with the most important goal of helping credit unions provide broad access to credit to those who need it the most,” adds Morales.

With a strong value proposition in place, QCash Financial will continue to build products to support the objective of ensuring the financial stability of people. Towards this end, the QCF product team, led by Michael Besselievre, is planning to build a completely integrated solution within a single application—comprising small-dollar loan capability, financial literacy, integration with member banking data, live financial coaches, and more—to build financial capacity among the members and teach them how to save more, spend less, and achieve their personal financial dreams.

Company
QCash Financial

Headquarters
Olympia, WA

Management
Ben Morales, CEO and Michael Besselievre, Sr. Director of Products & Operations, Bryan Sherman, Sr. Director of Finance and Administration

Description
QCash Financial offers a highly customizable SaaS-based lending platform to financial institutions. The digital lending platform of the company delivers highly-customized, small-dollar, short-term credit solutions to their consumers in a faster and more efficient manner. QCash Financial’s innovative and mission-focused solution includes a white-label, mobile financial wellness, and lending app that empowers credit unions in reaching the financially unstable in their membership and communities. The company also provides the convenience of a payday loan, but at lower costs and friendlier terms

QCash Financial