QCash Financial, provider of an automated, cloud-based, omni-channel lending platform for financial institutions, announces that it now offers its small-dollar, short-term lending technology to Canadian financial institutions.
Due to the demand for small-dollar lending in Canada, QCash Financial is expanding to offer its services to Canadian financial institutions. By serving the Canadian market, QCash Financial will offer Canadian financial institutions the ability to provide consumers a better alternative to Canadian payday loans.
Currently, Canadian payday loans have rates that can exceed 600 percent APR. Canadian financial institutions have shown great interest in offering consumers a much less expensive alternative in the form of small-dollar loans.
The QCash loan platform was developed in 2004 by WSECU after the credit union’s tellers noticed a substantial number of its members required small, short-term loans from payday lenders that were charging excessive fees and interest rates. It is offered as a white label solution to financial institutions.
“As more Canadian financial institutions have shown an interest in offering small-dollar loans, we seek to provide them with the technology to serve their customers and members,” said Ben Morales, CEO of QCash Financial. “Our lending platform quickly and cheaply originates sound small-dollar loans for the benefit of both the consumer and the financial institution.”