XtraCash LLC, a division of a CUSO owned by the $396 million Mazuma Credit Union, reveals on its Web site fees and annual percentage rates ranging from 260.71% to 391.07% for the state of Kansas. The CUSO also offers payday loans in Florida and Missouri.
Additionally, the logo of the Community Financial Services Association of America, the nationwide payday lending trade association, appears prominently on the XtraCash Web pages (www.xtracashllc.com).
XtraCash was one of the credit union-affiliated payday lenders criticized in a January letter from the National Consumer Law Center to NCUA, which decried its "triple-digit interest rates."
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The NCUA's letter to CUs that followed read, "Consequently, if a CUSO makes payday loans, then a FCU must divest itself of its ownership interest in the CUSO and may no longer invest in or lend to the CUSO."
XtraCash has not yet returned a call for comment on the NCUA's letter.
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