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) вЂ“ XtraCash, LLC, a lending that is payday CUSO, announced their partner credit unions and people spared over $2.8 million, between 2007 and yearвЂ™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 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.
вЂњAn 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,вЂќ said Lon Neofotist,XtraCashвЂ™s handling director. вЂњAs 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 savings credit unionsand their people took advantageous asset of considering that the 2007 XtraCash launch.вЂќ
Credit union partners find value within the XtraCash payday loan alternative system, since they can helpmembers bust out of this storefront payday lenderвЂ™s high-interest cash advance period by providing financialeducation and help. Additionally, credit unions can offer lower-cost loans that are short-term people, andmotivation is enhanced by the option of extra discounts whenever people take part in a financialeducation system. The credit union provides a value that is important serving as a disciplined buffer betweenits people additionally the normal cash advance shop charges.
XtraCash assists credit unions retain current people, and attract brand new users, 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.
вЂњXtraCashвЂ™s credit union lovers conserve or make money 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 the place of doingall of this processing in-house. They even get non-interest earnings from XtraCash based on loan amount,вЂќ 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 the us.
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 for a basis that is cooperative. While a specific credit union is probably not in a position to manage the program, XtraCash works as an alliance for several credit union lovers to give this technique.
XtraCash offers an entire turn-key procedure supplying web-based pc computer computer 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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