Ask Pablo DeFilippi, an executive with Inclusiv, the trade group for CDFI credit unions, why they did a deal with QCash, the fintech birthed to facilitate making small dollar loans quickly to credit union members, without reference to credit scores, and his answer boils down to this: It's the CDFI mission.
Members have financial needs, many turn to very high interest alternatives such as payday loans. For many of them QCash is the better option.
QCash also is automated and the process happens online. It's also fast. Decisions are made within 60 seconds.
A member has a life event - a blown car water pump, maybe it's an urgent need for dental work, or perhaps it's that eviction if the landlord doesn't get a chunk of cash. When before a credit union might have had to turn that member away, now QCash gives the member an option.
You may remember you heard DeFilippi on this show before. You are right. Here is his 2020 episode.
And here's a link to a 2022 show with Seth Brickman, CEO of QCash.
Listen up.
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