Obviously, with the COVID-19 pandemic continuing its rise, there's a lot of financial stress coming to a boil -- even with CARES Act funds on the way within the next few weeks -- hopefully. With those funds not arriving soon enough and bills coming due, unfortunately, many people will turn to payday lenders to get some emergency cash -- not knowing this vicious cycle will crush them down the road.
On the white horse, however, is your credit union and helping them ride is QCash Financial's small dollar lending alternative. To provide some sage advice for credit unions out there looking to help distressed members in this area, QCash Financial CEO Ben Morales joined us. Ben addressed the lure of payday lending for people in challenging times and how credit unions can stem that lure by offering them a better way not only to get some much-needed cash but help set those members on the path to a stable financial foundation.