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 payday financing alternative CUSO, announced their partner credit unions and people spared 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 is continuing to grow 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 projected 60 million grownups are credit union people,” said Lon Neofotist,XtraCash’s handling director. “As a credit union owned CUSO XtraCash is important for credit unionmembers. It gives an alternative that is affordable as evidenced by the sum total $2.8 million in savings credit unionsand their users took advantageous asset of because the 2007 XtraCash launch.”

Credit union partners find value into 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 provides lower-cost loans that are short-term users, andmotivation is enhanced because of the option of additional discounts whenever people take part in a financialeducation system. The credit union provides a essential value by serving as a disciplined buffer betweenits people and also the normal cash advance shop costs.

XtraCash assists credit unions retain current users, and attract brand new users, by providing an item theycurrently get somewhere else to get. Making use of 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 economic training. 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 just a credit union owned CUSO, offering credit unions a 100% risk-free, payday lending alternative solution. first payday loans Wadesboro NC XtraCash has the loans and assumes all danger, incurs any loan loss, and functions as a non-interest income generator. The organization 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’s far better and affordable for acredit union to collaborate with a CUSO like XtraCash to supply lending options and solutions for a cooperative foundation. While a specific credit union may possibly not be in a position to manage this system, XtraCash works being an alliance for many credit union lovers to supply this technique.

XtraCash delivers a total turn-key operation supplying web-based pc pc software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide less expensive loans also to encourage education that is financial their FOMs.

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