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 by having a loan that is total over $9.1 million. XtraCash is continuing to grow to provide 23 branches situated in Kansas, Missouri and Florida, andcontinues its intends to expand through the U.S. where permitted by legislation.

“An estimated 30 million U.S. households are either unbanked or underbanked, depending on alternativefinancial solutions. A number of these believed 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 because of the total $2.8 million in cost cost savings credit unionsand their people took advantageous asset of considering that the 2007 XtraCash launch.”

Credit union partners find value into the XtraCash payday loan alternative system, simply because they can helpmembers bust out of this storefront payday lender’s payday that is high-interest cycle by providing financialeducation and help. Additionally, credit unions can offer lower-cost loans that are short-term people, andmotivation is enhanced by the accessibility to extra discounts whenever people take part in a financialeducation system. The credit union provides a value that is important serving as a disciplined buffer betweenits people and also the normal pay day loan shop charges.

XtraCash assists credit unions retain current 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 normal storefront payday loan provider, because their credit union provides lower-cost short-termloans and offers education that is financial. The credit union saves cost by utilizing XtraCash in place of doingall of this processing in-house. In addition they get non-interest earnings from XtraCash based on loan amount,” Neofotist added.

About XtraCash, LLCXtraCash, LLC is really a credit union owned CUSO, offering credit unions a 100% risk-free, payday lending alternative solution. XtraCash has the loans and assumes all danger, incurs any loan loss, and functions as an income generator that is non-interest. The business uses among the leading lending that is short-term systems in the us.

Offering tiny, short-term loans is cost prohibitive for credit unions. It really is more efficient and affordable for acredit union to collaborate by having a CUSO like XtraCash to provide lending options and solutions on a cooperative foundation. While a credit that is individual may not be in a position to manage this system, XtraCash works being an alliance for several credit union lovers to present this technique.

XtraCash supplies an entire turn-key procedure supplying web-based computer pc software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide cheaper loans also to encourage monetary training to their FOMs.

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