Between 2007 and 2010, payday lending alternative CUSO XtraCash LLC said it has saved its partner credit unions and members more than $2.8 million.
Since its March 2007 launch in two branches, XtraCash has processed nearly 24,000 loans with a total loan value of over $9.1 million, according to the Lenexa, Kan.-based CUSO. XtraCash has also grown to serve 23 branches located in Kansas, Missouri and Florida, and continues its plans to expand throughout the U.S. where allowed by law.
“An estimated 30 million U.S. households are either unbanked or underbanked, relying on alternative financial services. Many of these estimated 60 million adults are credit union members,” said Lon Neofotist, XtraCash’s managing director.
XtraCash is a division of CU Holding Company LLC, which is a wholly owned subsidiary of Mazuma Credit Union in Kansas City, Mo.