UFCU launches E Cash, short-term loans powered by QCash Financial
By Pavithra R
Utah based University Federal Credit Union (UFCU), providing low rate loans, deposit products & a wide variety of member services has announced the launch of a new small-dollar loan product called E-Cash, offering a short-term loan from $200 to $2,000 to members to help them with unexpected cash needs with an easy digital application process.
“One of our member initiatives is to provide low-cost options to help our members achieve financial success. These loans align with this strategy. Those without access to traditional credit often turn to payday loans and overdrafts with triple-digit APRs because they have no other option. This new E Cash loan product will undoubtedly help our members who fall into this category, particularly during this time with the financial stress the COVID-19 pandemic has created,” said UFCU President/CEO Jack Buttars.
Leveraging QCash Financial‘s white-label, digital lending platform, UFCU automated the loan process using the member’s CU relationship rather than credit score history, to make the lending decision. Members will have instantaneous knowledge of what they qualify for, and the funds wil be deposited into their respective accounts. The fees and rates are configurable by each financial institution (FI) and are substantially lower than traditional short-term lenders.
“Challenges brought on by the pandemic have added to the struggle many members face. Access to cost-effective financial resources is nearly impossible. Our mission at QCash Financial is to ensure financial wellness for everyone. That begins with meeting immediate needs without causing harm. By partnering with credit unions like UFCU, we have an opportunity to drive equal access to liquidity and financial tools, sending members on the journey toward an improved financial life,” said Ben Morales, QCash Financial CEO.
Established since 1956, University Federal Credit Union serves over 100,000 members and has over $1.2 billion in member-owned assets. The CU originally established to serve the employees of the University of Utah, later added alumni and students to its field of membership.