About QC | What We Do
QC provides credit solutions and other products and services to consumers and small business owners in the U.S. and Canada.
The company’s core business is helping customers meet their immediate financial needs between paychecks by providing short-term loans. Also known as "payday" advances, deferred deposits, and cash advances, these short-term loans are typically made between $100 and $500.
QC provides these loans and other specialty financial services via its network of retail locations and online at www.lumenalending.com
In addition, the company’s QC Capital Solutions subsidiary provides financing solutions for small business owners.
In Canada, the company delivers small, short-term Internet loans via its Credilogic subsidiary.
Getting a short-term loan is simple: A QC customer simply completes a short application, and provides photo identification, a blank check, and any other documentation required by state law. The approval process usually takes only a few minutes. Once approved, the customer writes a check for the amount of the loan plus fees, and leaves with cash.
QC customers typically have annual household incomes of $25,000 to $50,000, have families, and are happy with their experience with short-term loans. Each customer is employed or has a regular source of income, along with an active checking account. Many customers use the service to avoid costly bounced-check fees or late payment penalties.
About Short-term Lending
Consumer demand and changes in the financial services marketplace led to rapid growth of short-term lending. As banks began making more money from bounced-check fees and related “protection” plans, they quit offering small-denomination, short-term loans.
In 2013, an estimated 18,000 short-term lending locations served about 19 million U.S. households with about 110 million loans.