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 stored 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 majority 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 an inexpensive alternative, as evidenced because of the total $2.8 million in 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, simply because they can helpmembers bust out of this storefront payday lender’s high-interest pay day loan period by providing financialeducation and support. Additionally, credit unions can offer lower-cost loans that are short-term people, andmotivation is enhanced because of the accessibility to extra discounts whenever people be involved in a financialeducation system. The credit union delivers a value that is important serving being a disciplined buffer betweenits people additionally the normal pay day loan shop costs.
XtraCash assists credit unions retain current users, and attract members that are new by providing something 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 build an income on three fronts. Their members conserve by usingXtraCash in place of 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 simply by using XtraCash in place of doingall of this processing in-house. Additionally they receive 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 payday loans in Manchester credit union owned CUSO, offering credit unions. 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 one of several leading lending that is short-term systems in america.
Providing little, short-term loans is cost prohibitive for credit unions. It really is more beneficial and affordable for acredit union to collaborate with a CUSO like XtraCash to supply lending options and solutions on a basis that is cooperative. While a specific credit union may not be in a position to pay for this system, XtraCash works as an alliance for several credit union lovers to supply this technique.
XtraCash delivers a turn-key that is complete supplying web-based pc pc computer computer software, underwriting, collections, servicing and training. XtraCash partners with credit unions to uniquely provide cheaper loans and also to encourage education that is financial their FOMs.
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