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Russell Simmons on RushCard, Financial Services for Unbanked

Russell Simmons on RushCard, Financial Services for Unbanked

Checking out “goal wallet” and an alternate to pay day loans

Hip-hop mogul Russell Simmons states their UniRush LLC business is targeted at a population that is underserved those who avoid using banking institutions.

In about one month, the prepaid card business hopes to introduce a unique function called the “Goal Wallet,” which will offer you a $2 cost rebate to RushCard clients that keep a stability of $500 or maybe more. The business can be checking out an alternative solution to the business that is high-priced of time loans.

“Our company is the anti-bank — maybe perhaps maybe not in negative way,” 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 may be bought for the one-time fee of $3.95 to $14.95. A person can truly add funds to your card as required.

The important points associated with the card are available in a tale ABCNews.com posted earlier in the day this week.

Simmons states the business’s objective is always to provide lower-cost choices for those who can not or will not utilize banking institutions. Non-bank use of funds, such as for example check-cashing shops, is costly. Based on the Santa Clara class of Law, cashing checks and money that is purchasing can price on average $540 per year.

“Our clients are utilizing check-cashing services,” stated Rob Rosenblatt, the CEO associated with the RushCard. “They use check cashing simply because they feel it is necessary and it’s really our task to coach them because the Rush Card is an infinitely more equitable deal.”

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