The Pew Research Center estimates that 12 million families take out a Payday loan every year. Although the average loan amount is only $375, these families also pay fees of around $520 to pay off each loan. Consumers in North America need short term liquidity, and it costs them dearly. How can credit unions support members by providing short term, small dollar loans that are fairly priced and easily accessible?
Join us for a panel discussion with the Executives of Washington State Employee Credit Union to hear how they use Filene's Reaching Minority Households Incubator research and the resulting opportunity for small-dollar loans in credit unions, including a unique small-dollar loan service called QCash.
What is QCash?
Led by Ben Morales, QCash Financial CEO and i3 alumni, QCash is a solution that was built, designed, and tested by Washington State Employees Credit Union. Over the last 10 years it has been meticulously refined to better address the member's need for a convenient alternative to other non-conventional, short-term loans.
What will you learn from this webinar?
- Better understand the impact small-dollar loans can have on your members financial wellness
- Hear concrete examples of how small-dollar loans work from the experienced credit union leaders
- Apply learnings from the Reaching Minority Households research to your credit union