Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million

Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million

Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million

Contact: Lon NeofotistManaging DirectorXtraCash, LLC(913)

Lenexa, Kan. (March 3, 2011) – XtraCash, LLC, a lending that is payday CUSO, announced their partner credit unions and people conserved over $2.8 million, between 2007 and year’s end 2010.

Since its March 2007 launch in 2 branches, XtraCash processed almost 24,000 loans with a online payday loans Westlake bad credit total loan valueof over $9.1 million. XtraCash has exploded to provide 23 branches situated in Kansas, Missouri and Florida, andcontinues its intends to expand for the U.S. where permitted by legislation.

“An estimated 30 million U.S. households are either unbanked or underbanked, counting on alternativefinancial solutions. A number of these predicted 60 million grownups are credit union users,” said Lon Neofotist,XtraCash’s handling director. “As a credit union owned CUSO XtraCash is important for credit unionmembers. It offers a reasonable alternative, as evidenced by the total $2.8 million in cost cost savings credit unionsand their people took benefit of considering that the 2007 XtraCash launch.”

Credit union partners find value within the XtraCash payday loan alternative system, since they can helpmembers bust out of this storefront payday lender’s payday that is high-interest period by providing financialeducation and help. additionally, credit unions can offer lower-cost short-term loans for people, andmotivation is enhanced because of the accessibility to extra discounts whenever people be involved in a financialeducation system. The credit union provides a crucial value by serving being a disciplined buffer betweenits people while the normal pay day loan shop charges.

XtraCash assists credit unions retain existing people, and attract members that are new by providing an item theycurrently get somewhere else to get. Simply by using XtraCash, credit unions could offer their people a better productwith lower fees, while saving their credit union the excess cost and loan loss danger.

“XtraCash’s credit union lovers conserve or make money on three fronts. Their members conserve by usingXtraCash rather than a typical storefront payday loan provider, because their credit union provides lower-cost short-termloans and offers economic training. The credit union saves cost by utilizing XtraCash in place of doingall of this processing in-house. They even get non-interest earnings from XtraCash based on loan amount,” Neofotist added.

A 100% risk-free, payday lending alternative solution about XtraCash, LLCXtraCash, LLC is a credit union owned CUSO, offering credit unions. XtraCash has the loans and assumes all danger, incurs any loan loss, and functions as a non-interest income generator. The organization makes use of one of several leading lending that is short-term systems in america.

Providing tiny, short-term loans is cost prohibitive for credit unions. It really is far better and affordable for acredit union to collaborate having a CUSO like XtraCash to provide financial loans and solutions for a cooperative foundation. While a credit that is individual is probably not able to pay for the program, XtraCash works as an alliance for many credit union lovers to produce this method.

XtraCash offers a whole turn-key procedure supplying web-based pc pc computer software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide less expensive loans also to encourage monetary training to their FOMs.

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