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 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 total loan valueof 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 services. 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 offers a reasonable alternative, as evidenced because of the full total $2.8 million in cost cost cost cost savings credit unionsand their users 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 high-interest pay day loan period by providing financialeducation and support. Also, credit unions provides lower-cost loans that are short-term users, andmotivation is enhanced because of the option of extra discounts whenever people be involved in a financialeducation system. The credit union provides a value that is important serving as being a disciplined buffer betweenits users plus the normal pay day loan shop fees.

XtraCash assists credit unions retain existing people, and attract members that are new by providing an item theycurrently get somewhere else to get. By 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 in place of an average storefront payday loan provider, because their credit union provides lower-cost short-termloans and offers economic training. The credit union saves cost simply by using XtraCash in the place of doingall of this processing in-house. Additionally 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 a non-interest income generator. The organization uses among the leading lending that is short-term systems in the usa.

Providing little, short-term loans is cost prohibitive for credit unions. It’s far better and affordable for acredit union to collaborate having a CUSO like XtraCash to provide financial loans and solutions for a basis that is cooperative. While a credit that is individual may possibly not be in a position to pay for the program, XtraCash works being an alliance for several credit union lovers to deliver this technique.

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

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