Checking out “goal wallet” and an alternate to pay day loans
Hip-hop mogul Russell Simmons states their UniRush LLC business is directed 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 offer a $2 cost rebate to RushCard clients that keep a stability of $500 or maybe more. The business normally checking out a substitute for the high-priced company of pay time loans.
“Our company is the anti-bank — perhaps perhaps not in negative means,” Simmons told ABCNews.com. “I would like to work and build a thing that is empowering poor people,” he stated.
Simmons claims that the RushCard debit card is used by multiple million users and will be bought for a fee that is one-time of3.95 to $14.95. A person can truly add funds towards the card as required.
The important points regarding the card are available in an account ABCNews.com posted earlier in the day this week.
Simmons states the business’s objective is always to offer alternatives that are lower-cost individuals who can not or won’t make use of banking institutions. Non-bank use of funds, such as for instance check-cashing stores, may be high priced. In accordance with the Santa Clara class of Law, cashing checks and buying cash sales can price on average $540 per year.
“Our clients are utilizing check-cashing services,” stated Rob Rosenblatt, the CEO regarding the RushCard. “They use check cashing simply because they feel it is necessary and it’s really our task to teach them because the Rush Card is an infinitely more equitable deal.”