Credit unions offer many types of loans, most of which cap well below an 18% APR. Read on to learn why higher interest rates make sense for small-dollar loans.
The American financial regulatory landscape is preparing for massive changes to small-dollar lending programs. What does this mean for your credit union?
Regardless of obstacles, credit unions should still consider offering small-dollar loan services to their members. While the quick loan industry’s reputation was tarnished by predatory lenders, the service itself is increasingly necessary.
Without a buffer of money in a savings or deposit account, most Americans are in danger of running out of money at the first setback.
Payday loans have not been received very favorably recently, by either the general populace nor by the legislature. And yet, at QCash, we still see small dollar loans as an important aspect of credit union member health. Why do we continue to hold this viewpoint? We understand that financial health means different things to different […]
If you think credit unions and banks should only make large dollar loans because small dollar loans are too inefficient – then this post is NOT for you! However, if you think you are missing a key segment or want to help your members day to day – then read this post to learn about […]
Why did WSECU start offering small dollar loans? How did QCash begin? It’s an excellent story about a front line employee living the motto of people helping people. Our story begins when a teller at Washington State Employees Credit Union, the credit union that owns our CUSO, that members were coming into the branch repeatedly for […]