Money Left on the Table: CEOs Discuss Opportunity for Small Dollar Lending
In today’s market, it can be difficult find a niche that your credit union (or your biggest competitor) isn’t already filling. While the tendency is to “think big” about your next great offering, some credit unions are finding success by focusing on a specific need.
Consider the case of small dollar lending. The need is great: in fact, the Pew Research Center estimates that more than 12 million households take out at least one payday loan every year. Credit unions were founded in part to help grant loans to those who couldn’t get them elsewhere, yet credit union loans comprise less than two percent of today’s $38.5 billion short-term small dollar loan market. Filene's Reaching Minority Households Incubator is designed to identify, test and replicate programs serving minority groups and other financially vulnerable populations in the US and Canada. One of those programs is QCash, an omni-channel lending solution that offers relationship-based underwriting to members in search of small, short-term unsecured loans.
In this session, we will introduce three credit union CEOs who will discuss how they overcame the four Common Fears of Small Dollar Lending - outlined in a new whitepaper from QCash Financial – and who are experiencing success using QCash today:
Kevin Foster-Keddie, CEO, Washington State Employees Credit Union
Don Miller, CEO, Gesa Credit Union
Kris VanBeek, CEO, USALLIANCE Credit Union
You will come away from the webinar with new ideas for serving a member need for short-term loans, thoughts on how to increase your lending portfolio and answers to some of your most pressing challenges when it comes to introducing a new product.