FinTech: QCash Signs Up Tropical Financial Credit Union For Small Loans

February 25, 2020 | FinTech, News
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QCash will provide small-dollar personal loans to TFCU members.

QCash Financial, the US fintech and digital loan marketplace gained a major new client in Tropical Financial Credit Union (TFCU). TFCU has $700 million in assets and 65,000 members. QCash Financial specializes in helping credit unions provide affordable credit to members. (CROWDFUND INSIDER)

QCash will set up a small-dollar personal loan product for TFCU members. It will be accessible instantly through a mobile phone to cater to their unexpected cash needs.

QCash Financial’s white-label lending platform

The product will be based on QCash Financial’s white-label, digital small-dollar lending platform. The platform will combine with TFCU’s member-wise credit history and enable the Union to greenlight and fund a personal loan in less than a minute.

TFCU (and other unions using the platform) can customize their fees and interest rates.  These “are substantially lower than today’s on-line and storefront short-term lenders,” QCash said in a statement.

“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,” said Ben Morales, CEO of QCash Financial.

Rapid growth in 2019

QCash has on offer fee-based, interest-based and pre-approval platforms. These are all patent-pending.

By end-December 2019, QCash Financial had 18 clients in 13 states totaling about $28 billion in assets. It was providing access to over two million members and advancing 12,000 loans a month.

The fintech provides a much-needed service to working-class Americans. According to a 2019 Fed study, about 40% of Americans are in such financial straits that they would be unable to even pay for a $400 emergency expense.

“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,” said Morales. “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.”

Related Story:  FinTech: LendingClub Is The First Fintech To Acquire a Bank

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