OLYMPIA, Wash., July 31, 2019 / PRNewswire / – Based in Eugene, Oregon, Northwest Community Credit Union (NWCU) launched two new products earlier this year called Northwest Money and Cash Plus Northwest, offering short-term loans of $ 150 To $ 700 and $ 701 To $ 4000, respectively. Both products are designed to help their members meet unforeseen cash flow needs through an easy-to-use application process.
Using QCash Financial White mark, digital lending platform, NWCU automated the loan process by using the member’s cash relationship to make the loan decision rather than the credit history. Members immediately learn what they are entitled to and the funds are immediately deposited into the account. The fees and rates are configurable by each financial institution and are significantly lower than those of traditional short-term lenders.
“I was initially skeptical of the credit risk and the potential cost to members associated with these loans,” NWCU business intelligence manager said, Sam stratton.
“After viewing a Pew Charitable Trust webinar on small dollar loans, I changed my thinking. Pew described the scenarios that lead consumers to use short-term, high-cost loans. Those without access to traditional credit often turn to payday loans and overdrafts with triple-digit APRs. “
The NWCU studied its members and found that a significant portion of the members were in fact using traditional payday loans.
“Since we launched the products in January, we have funded over 1,000 loans and have heard several touching stories from members who highlight the critical need for this type of loan product,” said Teri scott, Director of Support Services for the NWCU.
“One member took out two NW Cash loans to help him make ends meet while on paternity leave. Another member had been unemployed for two weeks and struggling to pay his bills. NWCU call center agent recommended that he apply and he cried with joy when he was approved. ”
“We have the great privilege of hearing stories like this all the time,” said Ben Morales, CEO of QCash Financial. “The Northwest Community Credit Union team understands how important access to cash is as a first step in breaking the debt cycle. Our platform is an easy way for credit unions to make a huge difference in the lives of their members, ”noted Morales.
About the Northwest Community Credit Union
The Northwest Community Credit Union (NWCU) is headquartered in Eugene, Oregon. Originally founded by six members of a wood products company in 1949, the NWCU has grown to serve a diverse workforce of 115,000 and over $ 1.1 billion in member-owned assets, with locations in 11 Oregon cities.
About QCash Financial
QCash Financial, headquartered at Olympia, WA, is a goal-oriented FinTech company whose mission is to empower financial institutions in their quest to improve the financial well-being of their communities. QCash Financial offers automated, cloud-based short-term lending technology and recently launched a financial wellness app designed to build financial capacity, stability and resilience.
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SOURCE QCash Financial