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 having 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 approximated 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 by the total $2.8 million in cost cost savings credit unionsand their people took benefit 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 by the accessibility to extra discounts whenever people take part in a financialeducation system. The credit union provides a value that is important serving as being a disciplined buffer betweenits people therefore the normal pay day loan shop charges.
XtraCash assists credit unions retain current users, and attract members that are new by providing something theycurrently get somewhere else to get. Simply by using XtraCash, credit unions can provide 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 make money on three fronts. Their members conserve by usingXtraCash in place of a normal storefront payday loan provider, because their credit union provides lower-cost short-termloans and offers economic training. The credit union saves cost by utilizing 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.
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 organization makes use of one of several leading short-term financing deal systems in the us.
Providing tiny, short-term loans is cost prohibitive for credit unions. It’s far better and affordable for acredit union to collaborate having a CUSO like XtraCash to supply financial loans and solutions on a cooperative foundation. While a credit that is individual is probably not in a position to pay for the program, XtraCash works being an alliance for several credit union lovers to supply this technique.
XtraCash offers an entire turn-key procedure supplying web-based computer pc pc computer software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide less expensive loans also to encourage economic training to their FOMs.
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