Credit Union FAQ
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What does a typical short-term loan member look like?
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 a CUALS XtraCash loan?
The member can apply for a CUALS XtraCash loan conveniently online.
How much can a member borrow?
How much does a CUALS XtraCash loan cost?
Who/What determines the loan amount?
What deliverables does CUALS provide to credit unions using these services?
- Use of CUALS short-term, web-based lending services.
- CUALS provides System, Underwriting, Collections, Servicing, licensing (if applicable), and incurs all loan losses.
- CUALS provides training on the Xtracash loan origination process and web-based system.
- CUALS pays your credit union quarterly based on loan volume.
- CUALS provides a complete Xtracash loan marketing package at no charge.
What are the steps for implementation?
- Credit union and CUALS sign Service Agreement.
- CUALS sets up system and acquires necessary licensing if applicable.
- CUALS provides training for credit union staff on the Xtracash loan origination process and web-based system.
- CUALS Xtracash loan goes “live” and is offered to your credit union members.
*Credit union has option of investing in CUSO as an owner. Owners would share in future potential profits.
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What are the requirements for a CUALS XtraCash loan?*
- 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.
*Requirements vary by state, however these are the most common
Why do people choose short-term loans?
How often can members use this service?
How do members apply for a CUALS XtraCash loan?
Members may apply for an CUALS XtraCash loan conveniently online.
What happens if the member changes their mind after taking out a CUALS XtraCash loan?
Is the transaction confidential?
How much can the member borrow?
How are fees established?
Is the members credit rating checked before they receive a CUALS Xtracash loan?
How does the member receive the funds?
How does the member pay back their CUALS XtraCash loan?
May a member have more than one loan at a time with you?
After the member pays off their loan, may they get another loan?
If getting a CUALS XtraCash loan is such a simple and easy process, why is there so much information in the Consumer Loan Agreement?
The Agreement the member reads and electronically signs prior to receiving a CUALS XtraCash loan is a contract between the member 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 the member to have all the information they need to make an informed financial decision. It may also contain an arbitration agreement and an ACH (Automated Clearing House) authorization.
What happens if the member doesn’t possess necessary funds to repay the loan on the due date?
How can a member protect themselves against being hacked?
Visit our tips page for 3 ways to detect fraud and protect your account.
CUSTOMER NOTICE: There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.