Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million
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Contact: Lon NeofotistManaging DirectorXtraCash, LLC(913) 310-9292Lneofotist@xtracashllc.com
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 by 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 for the U.S. where permitted by legislation.
“An estimated 30 million U.S. households are either unbanked or underbanked, depending 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 gives an alternative that is affordable as evidenced by the total $2.8 million in cost savings credit unionsand their people took benefit of because 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 provides lower-cost short-term loans for people, andmotivation is enhanced because of the accessibility to extra discounts whenever people be involved in a financialeducation system. The credit union provides a essential value by serving as a disciplined buffer betweenits people in addition to normal cash advance shop costs.
XtraCash assists credit unions retain current people, and attract brand new users, by providing an item theycurrently get somewhere else to get. By utilizing XtraCash, credit unions will 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 rather than an average storefront payday lender, 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,” 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 a non-interest income generator. The organization makes use of among the leading short-term financing deal systems in the us.
Providing little, short-term loans is cost prohibitive for credit unions. It really is more efficient and affordable for acredit union to collaborate having a CUSO like XtraCash to provide financial loans 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 several credit union lovers to present this method.
XtraCash offers an entire turn-key procedure supplying web-based computer computer computer software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide less expensive loans and also to encourage economic training to their FOMs.
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