LENEXA, Kan. — XtraCash LLC has launched an online payday loanapplication and processing system for members wanting to apply forloans anywhere they have Internet access.
|The new system aims to provide privacy for the member, gives thecredit union opportunity to provide solutions without increasingoperational staff and members receive a loan decision from thesystem within seconds, according to the CUSO.
|The new application system seems to be in line with onlineusage, XtraCash said. Citing data from Stephens Inc., a privateinvestment bank, in 2007, payday lending increased 10.6% withoutInternet lending and increased 19.9% with Internet lending. Lastyear, $6.7 billion was generated through payday loans and lendingis projected to grow 30% in the next couple years, according toStephens.
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