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 stored 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 loan that is total 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.
вЂњAn estimated 30 million U.S. households are either unbanked or underbanked, counting 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 gives an alternative that is affordable as evidenced because of 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 when you look at the XtraCash payday loan alternative system, since they can helpmembers bust out of this storefront payday lenderвЂ™s high-interest pay day loan period by providing financialeducation and support. additionally, credit unions can offer lower-cost loans that are short-term users, andmotivation is enhanced because of the option of extra discounts whenever people be involved in a financialeducation system. The credit union delivers a value that is important serving as being a disciplined buffer betweenits users plus the normal pay day loan shop charges.
XtraCash assists credit unions retain current people, and attract members that are new by providing an item theycurrently get somewhere else to get. By utilizing XtraCash, credit unions can provide their users a better productwith lower fees, while saving their credit union the excess cost and loan loss danger.
вЂњXtraCashвЂ™s credit union lovers conserve or make money on three fronts. Their members conserve by usingXtraCash rather than a typical 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 the 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 just 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 a non-interest income generator. 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’s far better and affordable for acredit union to collaborate by having a CUSO like XtraCash to provide lending options and solutions for a cooperative foundation. While a specific credit union may not be in a position to pay for this system, XtraCash works as an alliance for many credit union lovers to offer this method.
XtraCash supplies a turn-key that is complete supplying web-based pc computer computer pc 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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