GERMANTOWN, Md.–SkyPoint FCU here has launched Flex Loan, a new small dollar loan product designed to help their members deal with unexpected cash needs with what it described as an easy-to-use application process.
The product is being offered as part of a partnership with QCash Financial, a wholly owned CUSO of Washington State Employees Credit Union in Olympia, Wash.
“In our first week, we are seeing great adoption with almost 100 loans approved so far. We are excited to see how this product will support our members through various life events when they need cash the most,” said James Norris, III, SkyPoint FCU president and CEO, in a statement.
According to QCash Financial, by using its white-label digital lending platform, SkyPoint FCU combines the member’s financial history to underwrite, approve, and fund the loan in under one minute. The fees and rates are configurable by each financial institution and are substantially lower than traditional short-term lenders, the CUSO said.
“We knew we needed to improve the options members have to affordably access cash quickly. Implementing QCash is a powerful step in broadening this offering for our credit union,” said Norris. “We are member driven and this is the right thing to do for them.”
Added QCash CEO Ben Morales, “The SkyPoint team understands being there for their members includes offering products to manage the surprises life hands all of us. We’re pleased to be a part of it.”