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By Ben Morales, QCash Financial
A movement is building… or it should be! One of the largest financial institutions in the country is delivering a salary advance solution to help break the cycle of payday lending.
State Employees’ Credit Union of North Carolina has been providing an alternative since 2001 and has 237,000 outstanding salary advance loans and approximately 100,000 regular program users. Perhaps more notable, the accompanying cash account currently has $54.5 million in total balances.
Last year, U.S. Bank, the 5th largest bank in the country, launched its simple loan to cover immediate cash flow needs. It allows for loans up to $1000 with 3-monthly payments.
If we needed proof small dollar lending is a consumer need and can be sustainably delivered by financial institutions now we have it!
At QCash Financial, we believe we can change the current short-term credit market through competitive market forces to drive prices down and help all consumers. A critical component includes automation in order to create efficiency in your product delivery.
Join the movement aimed at building financial capacity, stability and resilience. Banks have an opportunity to make a difference in the lives of their consumers. We’re here to help.
Are you in? Let’s have a conversation. Reach me at firstname.lastname@example.org