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Innovation, Ethics, and Purpose: Why Payday Lending Matters to the Credit Union Mission

Ben Morales

Ben Morales, CEO of QCash, joins us to talk about what it means to offer an alternative to payday lending. On this podcast, he shares his unique perspective on why members need these sorts of loans, how a credit union can think about payday lending from a strategy, branding, and financial wellness standpoint, and why a 60-second approval process was the bar QCash had to meet to make their product effective.

Cameron’s Key Takeaways

  1. Payday lenders create a great experience for a not-so-great product — find how you can make your great products even easier to use.
  2. Someone will always be complaining about something you’re doing, but if you’re values-aligned, it won’t matter.
  3. Payday loans came about because of things banks and credit unions wouldn’t do, so find ways to solve your members’ problems or a solution will pop up somewhere else.