April 30, 2017
by Ann Flannigan, Vice President of Human Resources, WSECU
QCash Loan Basics
Life is full of surprises. Unfortunately, some of those surprises are more expensive than others. QCash loans were designed to help consumers with life’s unexpected expenses.
QCash loans are convenient.
Applying for a QCash loan is fast and easy using our online application process. In many cases, you can find out whether you’ve been approved in just a few seconds. This speedy process helps minimize the uncertainty that comes along with any unexpected expense.
QCash loans are flexible.
Unlike, for example, an auto loan, a QCash loan can be used for any purpose you want. If your car breaks down between paydays, QCash is there. If your pet is injured and requires an emergency visit to the veterinarian, QCash is there. We never ask about the purpose of the loan, so your privacy is ensured.
QCash loans are affordable.
QCash provides the convenience of a payday loan, but with friendlier terms. While QCash and payday loans have a couple of things in common, QCash loans are much less expensive. Plus, you have the comfort of dealing with a financial institution that you already know and trust. Just for comparison’s sake, a typical payday loan costs the consumer $15-$30 for every $100 borrowed. On the other hand, a QCash loan costs $10-$12 for every $100 borrowed. That difference can really add up.
QCash is designed to help consumers.
Payday lenders are in business to make as much money as possible from the people they lend money to. Yes, they may provide money when you need it, but as noted earlier, it’s very expensive money.
QCash loans are offered by your credit union. Because credit unions are not-for-profit, member-owned financial institutions, they’re goal is not to maximize profits. On the contrary, their goal is to help members meet their financial needs. And when those needs are sudden, QCash is the ideal alternative to a predatory payday loan.
QCash provides loans to meet a variety of needs.
In addition to a standard QCash loan, we also offer a QCash Plus loan. QCash loans range from $50 to $700, with no credit check. These loans are instantly funded and, unlike pay day loans, you have a 60-day repayment period. With a standard QCash loan, you pay just $12 per $100 borrowed.
QCash Plus loans are for amounts from $701 to $4,000. Much like QCash, there’s no credit check. However, there is a $25 application fee. Instead of paying $12 for every $100 you borrow, you pay an interest rate of 36%. That’s significantly less than the triple-digit interest rates that payday lenders charge. These loans are also funded instantly, but the repayment term depends on the amount borrowed.
QCash Plus can help you break the payday loan cycle.
It may sound odd, but QCash Plus can even help you get out of debt. Unfortunately, many consumers get stuck in a cycle of renewing their payday loans week after week, month after month. However, a QCash Plus loan may provide you with enough money to meet your short-term financial needs and pay off other outstanding debt.
QCash loans are easy to apply for.
The QCash loan application is quick and easy to complete. Because we know life happens outside of credit union hours, we’ve designed a simple online application process available right on the credit union’s website. Just fill out the required information and submit the application. You’ll typically get a decision within a few seconds. And if you’re approved for QCash or QCash Plus, you’ll get instant funding into your credit union account.
QCash loans are available 24/7.
With QCash and QCash Plus, credit union members get convenience, speed, and flexibility literally at their fingertips. To learn more about QCash products and how they may be able to help you in an emergency, talk with your credit union representative or simply apply on the credit union’s website today.
Learn more: QCash Blog