Naperville, Ill. (September 8, 2023) – QCash Financial, LLC, a wholly owned credit union service organization (CUSO) of Alloya Corporate Federal Credit Union, proudly announced today that on September 1, 2023, it facilitated the one millionth loan in partnership with credit unions across the United States.
Astera Credit Union, in Lansing, Mich., funded QCash’s one millionth loan. In celebration of this milestone, QCash and Alloya will donate $10,000 to the charity of Astera’s choice. QCash’s CEO Seth Brickman will deliver lunch to the Astera Credit Union team as a thank-you for their partnership in serving the underserved in their community through Astera Snap Cash.
“We couldn’t be more excited to celebrate this milestone and all of our credit union partners who made it possible,” remarked Brickman. “It symbolizes tremendous progress in the fight for financial inclusion – ensuring more Americans stay out of predatory lending and have access to an affordable and responsible small-dollar lending solution from their trusted financial institution.”
Founded in 2015 as a wholly owned CUSO of Washington State Employees Credit Union (WSECU), QCash is a mission-driven fintech offering a relationship-based lending platform that empowers credit unions to improve the financial well-being of their communities by providing small-dollar loans to their members in under 60 seconds without the use of a credit score. For members who do not qualify for traditional lending options, QCash can offer hope. The software-as-a-service (SaaS) automates the application process, integrating with the credit union’s core processor and digital banking platform to reduce friction in the lending process, including making loans available 24x7x365 without any credit union staff involvement.
“We’re so thrilled to see that QCash has provided one million loans through dozens of credit union partners, which save families money from predatory lenders in the cooperative way,” said Gary Swindler, President and CEO of WSECU. “Through a low-effort, fast-funding loan engine, members are able to access funds 24x7x365 to support them through life stages that require quick solutions to everyday needs.”
“It’s a privilege to be celebrating this milestone alongside the QCash team and the 111 credit union clients that have made this millionth loan possible,” reflected Todd Adams, CEO of Alloya. “We look forward to the next million-plus loans that QCash and Alloya can facilitate together as we support our complementary missions to support credit union success and further financial inclusion.”
As a credit union for credit unions, Alloya supports the success of 1,400 member credit unions through affordable and comprehensive products and services that help each credit union gain strategic advantages in the marketplace while remaining safe, secure and relevant for generations to come. Alloya acquired QCash in March of this year.
About Astera Credit Union
Astera Credit Union is a local, community-chartered credit union that has been serving the Lansing, MI area for over 70 years. Astera, a cooperative financial institution owned by its members, has a member-centric business focus allowing them to provide the Lansing, DeWitt and Ionia communities with top-notch personal account and business account financial products and services including: several loan types, savings accounts, electronic services that include mobile banking, mobile check deposit and more, along with access to knowledgeable staff to help members optimize their money. For more information visit Astera online at www.AsteraCU.com.
About Alloya Corporate Federal Credit Union
Alloya provides cooperative financial services to 1,400 member credit unions and credit union entities nationally. Together, the member-owners of Alloya wield aggregated power to gain access to affordable, comprehensive products and services – including transactions, liquidity, and investments – to give each credit union a strategic advantage in the marketplace. The team of 200 professionals at Alloya view themselves as an extension of the credit unions they serve, ensuring that each credit union’s best interest is always at heart. In addition to the support Alloya provides to the membership, the corporate supports multiple credit union leagues and associations throughout the country and gives back to local communities nationwide by providing a variety of charitable donations. Visit www.alloyacorp.org to learn more.
About QCash Financial, LLC
QCash Financial’s relationship-based lending enables credit unions to help their members when they face financial challenges from life events. The CUSO’s lending platform allows credit unions to offer small-dollar loans to their members anytime, anywhere on any device. From application to funding, the process is complete in under 60 seconds, no credit check required. The QCash platform is the best tool for advancing financial inclusion and access for credit union members. QCash Financial is a wholly owned CUSO of Alloya Corporate Federal Credit Union. Visit www.qcashfinancial.com to learn more.
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