Categories
one day payday loan

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

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 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 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.

“An estimated 30 million U.S. households are either unbanked or underbanked, counting on alternativefinancial solutions. A number of these predicted 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 offers an inexpensive alternative, as evidenced by the full total $2.8 million in cost cost cost savings credit unionsand their users took benefit of because the 2007 XtraCash launch.”

Credit union partners find value into the XtraCash payday loan alternative system, since they can helpmembers bust out of this storefront payday lender’s high-interest cash advance period by providing financialeducation and help. Additionally, credit unions can offer lower-cost short-term loans for users, andmotivation is enhanced because of the accessibility to extra discounts whenever people take part in a financialeducation system. The credit union provides a value that is important serving as a disciplined buffer betweenits people while the normal cash advance shop charges.

XtraCash assists credit unions retain current users, and attract brand new users, by providing something theycurrently get somewhere else to receive.