U.S. fintech and digital lending platform QCash Financial announced on Monday it has signed its newest client, Tropical Financial Credit Union (TFCU) with $700 million in assets. TFCU has reportedly turned to QCash to help launch a small dollar, personal lending program for their more than 65,000 members. The product is reportedly designed to help their members deal with unexpected cash needs with a mobile-friendly and instantaneous application process.
“Using QCash Financial’s white-label, digital, small dollar lending platform, Tropical FCU will combine components of the member’s financial history to underwrite, approve, and fund a personal loan in under one minute. The fees and rates are configurable by each financial institution and are substantially lower than today’s on-line and store front short-term lenders.”
Speaking about the collaboration, Keith Troup, TFCU Chief Lending Officer, stated:
“We know when our members need a personal loan they don’t expect the process to take very long. The member experience is paramount in everything we do and the employee experience is just as important. Our partnership with QCash Financial will help satisfy the quick turnaround time needs of our members on their personal loan request. Furthermore, we’re creating back office efficiencies for the staff given it’s a completely automated, digital solution. We’re really looking forward to being able to serve more members in a shorter period of time with this partnership.”
Ben Morales, CEO of QCash Financial, further commented:
“The Tropical FCU team understands part of fulfilling the demands of today’s credit union members includes offering a product that meets the ‘in the moment’ request for funds. The bottom line is if credit unions don’t offer this service, their members will turn to alternatives where the annual percentage rates on these personal loans are anywhere from 120% to more than 600% in certain states. In Florida, the APRs are as high as 419%. We applaud Keith and his team for taking this important step towards helping their members avoid these outrageous fees.”