Checking out ”goal wallet” and an alternate to payday advances
Hip-hop mogul Russell Simmons claims their UniRush LLC business is targeted at a population that is underserved individuals who avoid using banking institutions.
In about one month, the prepaid card business hopes to introduce an innovative new function called the ”Goal Wallet,” which will offer you a $2 cost rebate to RushCard clients that keep a stability of $500 or even more. The business can be checking out an alternate to the business that is high-priced of time loans.
”Our company is the anti-bank — perhaps maybe perhaps not in negative method,” Simmons told ABCNews.com. ”I would like to work and build a thing that is empowering the indegent,” he said.
Simmons claims that the RushCard debit card is employed by one or more million users and certainly will be bought for a fee that is one-time of3.95 to $14.95. A user can truly add funds to your card as required.
The important points associated with the card are available in an account ABCNews.com posted early in the day this week.
Simmons states the business’s objective is always to offer alternatives that are lower-cost those who can not or will not utilize banking institutions. Non-bank use of funds, such as for example check-cashing shops, could be costly. In line with the Santa Clara class of Law, cashing checks and money that is purchasing can price on average $540 per year. Fortsätt läsa ”Russell Simmons on RushCard, Financial Services for Unbanked”