Headquartered in Germantown, Maryland, SkyPoint Federal Credit Union has launched Flex Loan, a new small dollar loan product designed to help their members deal with unexpected cash needs with an easy to use application process.
SkyPoint FCU has offered a similar product for many years, but the credit union recognized the market need for a broader product reach and worked with the QCash Financial team to streamline the loan process.
“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.
Earlier this year, the Federal Reserve released a study reporting roughly 40 percent of Americans are unable to cover a $400 emergency expense. The majority of these people have nowhere to turn.
Using QCash Financial’s 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.
“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.”
“The SkyPoint team understands being there for their members includes offering products to manage the surprises life hands all of us,” said Ben Morales, CEO of QCash Financial. “We’re pleased to be a part of it.”
SOURCE QCash Financial