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 payday financing alternative 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 with a total loan valueof over $9.1 million. XtraCash has exploded to provide 23 branches based in Kansas, Missouri and Florida, andcontinues its intends to expand for 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 calculated 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 gives an inexpensive alternative, as evidenced by the sum total $2.8 million in cost cost cost cost savings credit unionsand their users took advantageous asset of because 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 support. Also, credit unions provides lower-cost short-term loans for people, andmotivation is enhanced by the accessibility to extra discounts whenever people take part in a financialeducation system. The credit union provides a essential value by serving being a disciplined buffer betweenits people while the normal cash advance shop costs.
XtraCash assists credit unions retain current users, and attract brand new people, by providing an item theycurrently get somewhere else to get. Making use of XtraCash, credit unions could possibly offer their people a better productwith lower fees, while saving their credit union the excess cost and loan loss danger.
вЂњXtraCashвЂ™s credit union lovers conserve or build an income 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 education that is financial. The credit union saves cost simply by using XtraCash in place of doingall of this processing in-house. They also 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 one of the leading short-term financing deal systems in the usa.
Providing little, short-term loans is cost prohibitive for credit unions. It’s more efficient and affordable for acredit union to collaborate by having a CUSO like XtraCash to supply financial loans and solutions for a cooperative foundation. While a specific credit union may possibly not be in a position to manage the program, XtraCash works being an alliance for many credit union lovers to produce this method.
XtraCash offers a total turn-key operation supplying web-based computer computer computer computer software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide less expensive loans and also to encourage education that is financial their FOMs.
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