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

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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 having a loan that is total over $9.1 million. XtraCash has exploded to provide 23 branches positioned 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, counting on alternativefinancial solutions. A majority of these approximated 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 offering financialeducation and support. additionally, credit unions can offer lower-cost loans that are short-term people, andmotivation is enhanced because of the option of extra discounts whenever people be involved in a financialeducation system. The credit union provides a crucial value by serving as a disciplined buffer betweenits users therefore the normal cash advance shop costs.

XtraCash assists credit unions retain current people, and attract brand new people, by providing something theycurrently get somewhere else to get. A better productwith lower fees, while saving their credit union the additional expense and loan loss risk by using XtraCash, credit unions can offer their members.

“XtraCash’s credit union lovers conserve or build an income 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 economic training. The credit union saves payday loans in Dumas cost simply by using XtraCash in place of doingall of this processing in-house. In addition they get non-interest income 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 organization uses among the leading lending that is short-term systems in america.

Providing little, short-term loans is cost prohibitive for credit unions. It’s more efficient and affordable for acredit union to collaborate having a CUSO like XtraCash to supply lending options and solutions on a cooperative foundation. While a specific credit union may not be in a position to pay for this system, XtraCash works as an alliance for many credit union lovers to give you this technique.

XtraCash offers a turn-key that is complete supplying web-based pc computer computer software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide cheaper loans also to encourage education that is financial their FOMs.

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