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Payday loan CUSO saves CU members 103000
LENEXA, Kan. (1/18/08)--XtraCash LLC saved credit union members more than $103,000 in average fees charged in Kansas and Missouri for 14-day term loans, announced the credit union service organization (CUSO). Since its March 2007 launch, XtraCash served 13 credit union branches in Kansas and Missouri. It processed more than 2,500 loans with a volume amount of more than $920,000. “XtraCash was created to fill a void in the payday lending services available to credit unions,” said Lisa Renner, CEO of CU Holding, a parent company of XtraCash. About 15% to 30% of credit union members and employees use payday lenders, Renner said. The payday lending alternative owns the loans and assumes all risk. It also works as an alliance for credit union partners, she added. “We want to help credit union members get out of the payday lending cycle and into mainstream credit union products and services,” Renner said. CU Holding Company was founded in May 2005 and is a wholly-owned subsidiary of Mazuma CU in Kansas City, Mo.
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