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 payday financing alternative CUSO, announced their partner credit unions and people spared 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 with a total loan valueof over $9.1 million. XtraCash has exploded to provide 23 branches based in Kansas, Missouri and Florida, andcontinues its intends to expand for 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 calculated 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 inexpensive alternative, as evidenced by 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 within the XtraCash payday loan alternative system, since they can helpmembers bust out of this storefront payday lenderвЂ™s high-interest cash advance period by providing financialeducation and support. Also, credit unions provides lower-cost short-term loans for people, andmotivation is enhanced by the accessibility to extra discounts whenever people take part in a financialeducation system.