Meeting Your Members’ Need: Small Dollar Lending
Do you know how many of your members use short-term, small dollar loans today? The research is clear: more than 12 million households take out a payday loan every year. Yet, small dollar loans haven’t traditionally been a component of our loan portfolios. If we don’t meet the needs of our members, many competitors inside and outside the credit union movement are waiting to serve them.
Some credit unions are finding effective, profitable and relationship-building ways to fill the need for short-term, small dollar liquidity. During this joint session with Filene and the Center for Financial Services Innovation, we will discuss:
- The Need: Four cases of small dollar credit consumers
- The Opportunity: Our industry’s impact and opportunity to deliver small dollar loans
- A Solution: Filene and Q-Cash are collaborating on a pilot program to offer an omni-channel lending solution that serves members in search of small, short-term unsecured loans.
If we don’t serve our members’ small dollar loan needs, who will?