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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) – XtraCash, LLC, a lending that is payday CUSO, announced their partner credit unions and people spared 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 having a loan that is total over $9.1 million. XtraCash has exploded to provide 23 branches based 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, counting on alternativefinancial solutions. A majority of these believed 60 million grownups are credit union people,” said Lon Neofotist,XtraCash’s handling director. “As a credit union owned CUSO XtraCash is important for credit unionmembers. It gives an alternative that is affordable as evidenced because of the full total $2.8 million in cost cost savings credit unionsand their users took advantageous asset of considering that the 2007 XtraCash launch.”

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 lender’s high-interest pay day loan period by providing financialeducation and support. additionally, credit unions provides lower-cost short-term loans for members, andmotivation is enhanced by the option of extra discounts whenever people take part in a financialeducation system. The credit union delivers a value that is important serving as a disciplined buffer betweenits people in addition to normal cash advance shop costs.

XtraCash assists credit unions retain current people, and attract brand new users, 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.

“XtraCash’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 economic education. The credit union saves cost simply by using XtraCash in place of doingall of this processing in-house. They even get non-interest earnings from XtraCash based on loan amount,” 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 organization makes use of among the leading lending that is short-term systems in the us.

Providing tiny, short-term loans is cost prohibitive for credit unions. It really is 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 credit that is individual may possibly not be in a position to manage this system, XtraCash works being an alliance for many credit union lovers to offer this technique.

XtraCash supplies a total turn-key procedure supplying web-based pc computer computer pc software, underwriting, collections, servicing and training. XtraCash lovers with credit unions to uniquely provide cheaper loans also to encourage monetary training to their FOMs.

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