LENEXA, Kan. -- XtraCash LLC has launched an online payday loan application and processing system for members wanting to apply for loans anywhere they have Internet access.
The new system aims to provide privacy for the member, gives the credit union opportunity to provide solutions without increasing operational staff and members receive a loan decision from the system within seconds, according to the CUSO.
The new application system seems to be in line with online usage, XtraCash said. Citing data from Stephens Inc., a private investment bank, in 2007, payday lending increased 10.6% without Internet lending and increased 19.9% with Internet lending. Last year, $6.7 billion was generated through payday loans and lending is projected to grow 30% in the next couple years, according to Stephens.