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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

Contact: Lon NeofotistManaging DirectorXtraCash, LLC(913) 310-9292Lneofotist@xtracashllc.com

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.

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