What does a typical short-term loan member look like?

Nearly 30 million U.S. households are either unbanked or rely on alternative financial services – including many of your own credit union members and employees. All of them need a better alternative.

The demographics of short-term loan members remain broad and varied. In general, the short-term loan member is a responsible, hard working, middle-class American. A snapshot of the typical short-term loan member base reveals the following demographics:

  • Adults aged 25 – 49.
  • The majority are women.
  • Annual income between $20,000 and $60,000.
  • 82% have a high school diploma or better, with 52% having some college or a college degree.
  • Nearly half own their own home.
  • Represent the working American middle-class.
  • They research and consider their alternatives only to decide that short-term loans are often a less costly, more desirable option for short-term unsecured credit.

How does a member apply for an XtraCash loan?

In-branch – The member must come into the credit union. On their initial loan application, the member will need to bring in the required documentation - i.e. paystub, credit union account statement, photo ID, etc. On subsequent transactions, the member only needs their photo ID unless any of their previous information has changed since their last loan.


Online (Available in most states where XtraCash is currently conducting business) – The member can apply for an XtraCash loan conveniently anywhere internet access is available. On their initial loan application, the member will need to come into the credit union after they are pre-approved. They will need to provide the required documentation in person for verification purposes before the loan will be funded. On subsequent transactions, the member does not need to come into the credit union.

What are XtraCash's loan amounts?

The loans typically range from $100 to $500 in increments of $25, depending on state laws.

How much does an XtraCash loan cost?

State and federal laws regulate the fees charged for short-term loans. XtraCash offers competitive fees in compliance with applicable state and federal laws.
» Click to see Fee Charts > Kansas | Missouri | Florida | Louisiana

Who/What determines the XtraCash loan amount?

Based on the established underwriting criteria, XtraCash's system researches all the variables and determines loan approval amounts and loan denials automatically.

What deliverables does XtraCash provide to credit unions using XtraCash's services?

  • Use of XtraCash's short-term, web-based lending services.
  • XtraCash provides System, Underwriting, Collections, Servicing, licensing (if applicable), and incurs all loan losses.
  • XtraCash provides training on loan origination process and web-based system.
  • XtraCash pays your credit union quarterly based on loan volume.
  • XtraCash provides a complete marketing package at no charge.

What are the steps for XtraCash implementation?

1. Credit union and XtraCash sign Service Agreement.
2. XtraCash sets up system and acquires necessary licensing if applicable.
3. Credit union has option of investing in CUSO as an owner. Owners would share in future potential profits.
4. XtraCash provides training for credit union staff on loan origination process and web-based system.
5. XtraCash goes "live" and is offered to your credit union members.

What are the requirements for an XtraCash loan?*

(*Requirements vary by state, however these are the most common)

  • Must be at least 18 years old with a validated source of regular income.
  • Must have an open and active checking and/or savings account.
  • Must have a home phone or cell phone.
  • Most recent pay stub, if employed.
  • Annual award letter, if receiving social security, or pension, or proof of direct deposit.
  • Most recent 30-day credit union or bank statement.
  • Utility bill or another piece of printed mail for address verification.
  • Photo ID.

Why do people choose short-term loans?

While many people do a good job of managing household budgets, there are times we need occasional help. An increasing number of consumers choose a short-term loan to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. It is a short-term financial management tool that provides a sensible alternative to costly bounced checks, late payment charges, and tarnished credit ratings.

How often can I use this service?

Since a payday loan is a short-term solution to an immediate need, it is not intended for repeated use in carrying an individual from payday to payday. When an immediate need arises, we're here to help. You may use this service anytime you need us, but an XtraCash loan is not a long-term solution for ongoing budget management.

How do I apply for an XtraCash loan?

Online (Available in most states where XtraCash is currently conducting business) — You may apply for an XtraCash loan conveniently anywhere you have internet access available. On your initial loan application, after being pre-approved, you will need to stop by your nearest credit union branch to provide the required documentation for verification purposes before your loan will be funded. On subsequent transactions, you will not need to come into the credit union. Everything will be completed automatically.

What happens if I change my mind after taking out an XtraCash loan?

You may undo the transaction at no cost, before the end of the following business day, by returning the full principal amount of the loan to us.

Is my transaction confidential?

We disclose our privacy policies and practices to members, and protect the confidentiality of members’ personal information.

How much can I borrow?

Depending upon income level, other established underwriting criteria, and state or federal laws, loan amounts typically range from $100 to $500 - available in $25 increments.

How are fees established?

XtraCash fees are competitive and in compliance with applicable state and/or federal laws.
» Click to see Fee Charts > Kansas | Missouri | Florida | Louisiana

Is my credit rating checked before I receive a payday loan?

We do not obtain a credit report from any of the three major credit bureaus. People who have had past credit problems may receive loans from us. We do, however, subscribe and report to Teletrack or MicroBilt, risk assessment services that tell us if members are current in their payments to other businesses like ours, and whether our members have payday loans outstanding with other companies subscribing to the same service.

How will I receive the funds?

The funds will be deposited into your credit union account.

How do I pay back my XtraCash loan?

We can arrange for an ACH electronic transfer from your account to occur on the loan due date. Depending on state laws, other payment options may be available. Contact us directly for additional information.

May I have more than one loan at a time with you?

No. You may only have one loan outstanding with us at one time.

After I pay off my loan, may I get another loan?

Yes! You may get another loan at any time as long as you paid your last short-term loan in full, and it is allowed under state law. Some states do have a "cooling off" period before you can receive a new XtraCash loan.

If getting an XtraCash loan is such a simple and easy process, why is there so much information in the Consumer Loan Agreement?

The Agreement you read and sign prior to receiving an XtraCash loan is a contract between you and us. Our contract complies with all applicable state and/or federal disclosure requirements. It fully outlines the terms of the transaction, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Although most members do not consider APR information helpful when evaluating the cost of an XtraCash loan, in the interest of full disclosure, we want you to have all the information you need to make an informed financial decision. It may also contain an arbitration agreement and an ACH (Automated Clearing House) authorization.

What happens if I don’t possess necessary funds to repay the loan on the due date?

We are committed to collecting past due accounts in a professional, fair, and lawful manner. However, if your ACH electronic transfer is returned by your credit union or bank, you may receive a “returned item fee” charge where allowed by law.