The Everett branch associated with Washington State Employees Credit Union is component of a pilot task to go the corporation in to the cash advance business.
This program, called Q-Cash, has raised some eyebrows within the monetary solution industry, where payday financing is seen with a few distaste, stated Kevin Foster-Keddie, the president associated with Olympia-based company.
“We have that effect a great deal,” he stated.
However the objective is lessen the number of credit union users that are counting on the short-term, high-interest loans in order to make ends fulfill, he said. “We think we could really replace the means payday financing is done and set a fresh standard for just exactly just how it is done appropriate.”
The credit union established the test early in the day this at five branches in Everett, Tacoma, Lakewood, Spokane and Chehalis month. To date, the ongoing solution is present and then WSECU users. The aim is to expand it to any or all 19 branches, provide the solution on agreement with other credit unions and expand it to non-members over the following 6 months, Foster-Keddie stated.