Press. Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million

Press. Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million

Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million

Lenexa, Kan. (March 3, 2011) – XtraCash, LLC, a lending that is payday CUSO, announced their partner credit unions and people conserved 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 positioned in Kansas, Missouri and Florida, andcontinues its intends to expand through the U.S. where permitted by legislation.

“An 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,” said Lon Neofotist,XtraCash’s handling director. “As a credit union owned CUSO XtraCash is important for credit unionmembers. It offers a reasonable alternative, as evidenced because of the full total $2.8 million in cost savings credit unionsand their people took benefit of because the 2007 XtraCash launch.”

Credit union partners find value when you look at the XtraCash fasterloansllc.com/400-dollar-payday-loan/ review 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 assistance. additionally, credit unions can offer lower-cost loans that are short-term users, 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 being a disciplined buffer betweenits users plus the normal pay day loan shop charges.

XtraCash assists credit unions retain current people, and attract brand new members, 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. Continue reading “Press. Pay day loan alternative CUSO XtraCash saves CUs and members $2.8 Million”