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 having a total loan valueof over $9.1 million. XtraCash has exploded 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, counting on alternativefinancial solutions. A number of these believed 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 an alternative that is affordable as evidenced by the sum total $2.8 million in cost cost savings credit unionsand their users took benefit 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 high-interest pay day loan period by providing financialeducation and help. Additionally, credit unions can offer lower-cost short-term loans for people, andmotivation is enhanced because of the option of extra discounts whenever people be involved in a financialeducation system. The credit union provides a crucial value by serving being a disciplined buffer betweenits users additionally the normal pay day loan shop costs.
XtraCash assists credit unions retain current people, and attract brand new people, by providing an item 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.
“XtraCash’s credit union lovers conserve or build an income on three fronts. Their members conserve by usingXtraCash rather than an average 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. They even get 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 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 among the leading short-term financing deal systems in the usa.
Providing tiny, short-term loans is cost prohibitive for credit unions. It really is more beneficial and affordable for acredit union to collaborate by having a CUSO like XtraCash to provide financial loans and solutions for a basis that is cooperative. While a specific credit union is probably not in a position to manage this system, XtraCash works as an alliance for several credit union lovers to supply this technique.
XtraCash supplies a turn-key that is complete supplying web-based computer computer pc pc computer software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide less expensive loans also to encourage monetary training to their FOMs.
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