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QCash Financial Releases Latest Version of QCash Platform Providing Enhanced Features when Offering Small-Dollar Loans

Olympia, WA – QCash Financial, a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology for financial institutions, announced the launch of the latest version of its digital lending platform, further extending the solution’s ability to provide greater flexibility when offering short-term loans.

The latest version of the QCash platform offers improved flexibility in its Decision Manager algorithm. In this update, financial institutions can develop multiple decision models that take into consideration different indicators of a loan applicant’s ability to repay, such as income, on-time payments or other factors. The update also offers financial institutions the ability to perform A/B testing to determine which decision models provide the best results and the ability to track each model’s performance to improve profit and loss statistics.

The new feature also prompts loan applicants to reach out to the debt counseling experts at the financial institution and offers financial coaching materials. Many times consumers applying for small-dollar loans need additional guidance to improve their overall financial stability, and this additional feature directs applicants to take advantage of experts at their trusted financial institution.

The new version of the QCash platform also introduces a Campaign Manager feature, which allows financial institutions to offer a select group of customers or members promo codes to waive fees or lower interest rates when applying for a loan. For example, a financial institution may want reduce fees and rates for consumers who are experiencing a regional or local catastrophe or may be in the middle of a furlough. The financial institution merely needs to input a CSV file of which customers or members to target.

The QCash platform also expands from only fee-based and interest-based loan products, to include an open-ended line of credit loan option. As always, the QCash loan platform is fully configurable and financial institutions can determine the loan amount, term and interest rates or fees to offer customers or members.

“We are continually adapting our lending platform to fit the industry’s and borrowers’ needs,” said Ben Morales, CEO of QCash Financial. “We observed that financial institutions wanted more control over how to determine their borrowers’ abilities to repay and especially wanted to offer their customers and members access to financial coaching, so we developed solutions to address those concerns.”

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. For more information contact Ben Morales at bmorales@q-cash.com.

QCash Financial is a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology that enables financial institutions to provide short-term loans quickly to the people they serve. QCash Financial, a wholly owned subsidiary of WSECU in Olympia, Wash., started as a short-term loan solution for the credit union’s members in 2004. For more information about QCash, visit its website at Q-Cash.com

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