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 conserved 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 loan that is total 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 believed 60 million grownups are credit union people,вЂќ said Lon Neofotist,XtraCashвЂ™s handling director. вЂњAs a credit union owned CUSO XtraCash is important for credit unionmembers. It gives an alternative that is affordable as evidenced because of the total $2.8 million in cost 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 payday that is high-interest 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 be involved in a financialeducation system. The credit union provides a value that is important serving as being a disciplined buffer betweenits people and also the normal pay day loan shop charges.
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.
вЂњXtraCashвЂ™s credit union lovers conserve or make money on three fronts. Their members conserve by usingXtraCash rather than a normal 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 place of doingall of this processing in-house. Additionally they 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 business makes use of among the leading lending that is short-term systems in america.
Providing little, short-term loans is cost prohibitive for credit unions. It’s far better and affordable for acredit union to collaborate by having a CUSO like XtraCash to provide financial loans and solutions for a cooperative foundation. While a credit that is individual is probably not in a position to manage the program, XtraCash works being an alliance for many credit union lovers to give you this method.
XtraCash delivers a turn-key that is complete supplying web-based pc pc pc computer 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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