Xtra Cash Payday Loans Review

Xtra Cash Payday Loans ReviewXtra Cash Payday Loans is a company that helps enable credit unions to offer low cost payday loans to its members. Since more and more credit unions are beginning to operate like the banks they were supposed to be better than, members are being turned away for loans at a higher rate than before.

By offering a payday loan service your credit union would have one more financial tool for you to use, and would make it easier to get smaller amounts of cash without going through the process of applying for larger loan amounts than you really need. Credit unions used to be a good alternative to big banks, but these days it seems organizations of all types and sizes are feeling the financial crunch and getting more picky about who they let in as a member, and who they extend credit to.

So if you find yourself in need of some small quick cash and your credit union has said they can’t help you, you might feel like your only option is to get a payday loan. The best place to get one would be from your credit union, but they’re not in that sort of business, which is why Xtra Cash wants to be a sort of liaison that fixes that glitch, for a nominal fee of course.

Xtra Cash Payday Loans Review

Xtra Cash Payday Loans says that it’s owned by a credit union, and empowers credit unions to offer payday loans. Since most people few payday lenders as usury law breakers it’s not really something that credit unions want to be a part of. But as more and more of them realize that their members need some last ditch options before going belly up, they are starting to offer service that are like a payday loan, with some key differences.

A Comparison
They refer to their payday loans as “lower cost” so we looked at a comparison for the state of Florida. We sized them up against national lender Advance America to see what would happen if you took out a loan for $500. Advance America has it so that everyone gets the same loan regardless of other factors, and everyone pays back $555 dollars on payday. If you go with Xtra Cash the fees vary depending on how you get paid, and whether you subscribe to their financial education. With all the right moves you can get your total amount down to $541, a savings of $14.

But if you don’t play your cards right and don’t have direct deposit and forego the financial education your loan would be $551, a difference of only $4 and not really much of a reason to go with them over another lender with fewer stipulations. It’s not as if they break up the payments into installments, and the whole thing would be due back on your next payday, leaving you victim to the much talked about payday loan trap.

Any Other Features?
Xtra Cash Payday Loans doesn’t really give much more of a reason to go with them other than the cost difference, which as we’ve illustrated above is not entirely all that different. If you have a good relationship with your credit union it might be better to consult with them to see what your options are. The convenience factor might be a pressing reason to go with them, since you’ll be able to apply for a loan right at your credit union, which would be convenient if you go there on your payday anyway. But credit unions tend to be quite crowded on payday, so it might not be a sticking point.

Our Recommendation
If you get your direct deposit placed right into your credit union account and are willing to jump through a few educational hoops then it might be in your best interest to let your credit union know about this service if they don’t already offer it. But your credit union will have to make that decision, and this can often take a while. If they’re already offering it and you were wondering if it’s a good idea to go with this over another lender, as long as you meet the criteria it’s a better choice by a few dollars.

Add Your Own Experience to Our Xtra Cash Payday Loans Review Below

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