OFCU and XtraCash, LLC are partnering to offer members a better choice to a typical Payday loan - XtraCash! XtraCash, LLC is a premier provider of practical Payday lending services for credit unions nationwide.
Studies have shown that 15 – 30% of credit union members are using Payday lending services. This is why we have teamed up to provide our members with this service. Various discounts are available to credit union members to reduce fees by as much as one-fifth the cost of a typical Payday loan. This means more money saved!
The XtraCash program offered through Orlando Federal Credit Union is not intended for repeated use, but rather for emergency situations. We suggest you sit down with one of our Member Service Representatives to discuss your options if you use this program for any other reason. Loan amounts range from $100 - $500 in $25 increments.
Important Guidelines
Payday loans are provided exclusively to OFCU members.
Must be a Member for at least 90 days, and account must be "in good standing".
Members may have only one active Payday Loan at a time anywhere in the State of Florida.
Members must wait 24 hours from the time they paid off their last Payday Loan to initiate another Payday Loan
Must have a paycheck or form of income. Child support is not included.
In good standing: member who makes regular deposits, sufficient to cover transactions; brings their account to a positive balance, meaning not overdrawn for over 30 consecutive days; have no legal orders outstanding on their account(s); have at least a $5.00 balance in the Savings account; all loans are not past due for 30 days or more.
Required Items for Initial Payday Loan*
Copies of the items listed below are only required for the initial Payday loan application:
Utility bill or lease.
Valid Class I Photo ID (Driver's License, State ID, Passport)
Most recent paystub (or award letter for social security or pension)
Annual Award Letter (for social security/pension).
If annual award letter is not available provide credit union statement as proof of monthly direct deposit.
Unemployment - only acceptable if direct deposited in the account.
Self-employed - need last year's tax return for proof of income.
Welfare - must be direct deposited; otherwise, not acceptable.
Need statement or proof for all direct deposited items.
*Documentation will have to be provided for any changes (i.e. address change, change in job, change in name)
Documentation Required for all Payday Loans
For each Payday Loan, the Member will have to provide a copy of their most recent paystub or proof of income.
Payday Loan Rate Discounts are provided with:
Orlando Federal Credit Union Direct Deposit.
Successful completion of the Anytime Adviser Couples & Money Coach Course and Quiz. Certificate must be provided at time of Payday Loan to receive discount.
