Russell Simmons on RushCard, Financial Services for Unbanked
Checking out “goal wallet” and an alternate to pay day loans
Hip-hop mogul Russell Simmons claims their UniRush LLC business is geared towards a population that is underserved individuals who avoid using banking institutions.
The prepaid credit card company hopes to introduce a new feature called the “Goal Wallet,” which will offer a $2 fee rebate to RushCard customers that maintain a balance of $500 or more in about four weeks. The business can be checking out a substitute for the business that is high-priced of time loans.
“we’re the anti-bank — perhaps maybe maybe not in negative means,” Simmons told ABCNews.com. “I would like to work and build something which is empowering poor people,” he stated.
Simmons claims that the RushCard debit card is employed by one or more million users and certainly will be bought for the one-time cost of $3.95 to $14.95. A person can add on https://autotitleloansplus.com/payday-loans-mn/ funds into the card as required.
The important points associated with card are available in a tale ABCNews.com posted earlier in the day this week.
Simmons states the business’s objective would be to offer alternatives that are lower-cost individuals who can not or will not make use of banking institutions. Non-bank use of funds, such as for instance check-cashing shops, could be high priced. In line with the Santa Clara class of Law, cashing checks and money that is purchasing can cost on average $540 per year.
“Our clients are employing check-cashing services,” stated Rob Rosenblatt, the CEO associated with RushCard. “They use check cashing simply because they feel it’s necessary and it is our work to teach them because the Rush Card is an infinitely more equitable deal.”
The $2 cost rebate can be a draw that is appealing. (more…)
