A beta product launch by an Austin, Texas, credit union and a locally based fintech aims to expand consumers' options with their monthly loan payment amounts, while illustrating how community-based institutions try to reach technologically savvy consumers.

The $125 million-asset Capitol Credit Union became the first financial institution last month to offer customers the product, Kasasa Loans. The product, developed by an Austin-based fintech company called Kasasa, allows borrowers to make larger than minimum payments but then "take back" the extra money in the future if they need the cash.

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