US-based credit union BCU has teamed up with fintech company QCash Financial to launch a new small dollar loan solution, dubbed Express Loan.

The partnership allows BCU to employ a digital application process to achieve speedy approval of loans and able to provide credit in minutes.

BCU said Express Loan enables affordable and accessible short term loans ranging from $500 to $2,000 to help customers meet unplanned expenses and short term borrowing needs.

The lender said Express Loan service uses QCash Financial’s digital small-dollar lending platform, which leverages customers’ relationship with credit unions and offers quick lending decisions.

BCU vice president of lending David Brydun said: “BCU is committed to empowering our members to discover financial freedom.

“Together with QCash Financial, we are providing BCU members with a safe, affordable, and responsible loan solution for the challenges of real life.”

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Additionally, Express Loan service will also enable clients to improve their credit scores and avail better option to high-cost payday loans.

QCash Financial CEO Ben Morales said: “BCU puts its members first in everything they do. Offering responsible lending products to manage the surprises that life hands all of us is an important tool in helping members to improve their financial well-being.

“We’re pleased to partner with the BCU team to support their member-first mission and help their members to grow in financial confidence at a time when it’s needed most.”

BCU serves around 300,000 customers across the US and Puerto Rico with over $4.5bn in assets.