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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 alternative solution to pay day loans

Hip-hop mogul Russell Simmons states their UniRush LLC business is targeted at 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 have been the anti-bank — maybe not in negative method,” Simmons told “I would like to work and build something which is empowering the indegent,” he stated.

Simmons claims that the RushCard debit card is employed by multiple million users and may be bought for the fee that is one-time of3.95 to $14.95. A person can truly add funds towards the card as required.

The facts for the card are located in a story posted early in the day this week

Simmons says the business’s objective is always to provide alternatives that are lower-cost individuals who can not or will not make use of banking institutions. Non-bank usage of funds, such as for instance check-cashing shops, could be costly. In accordance with 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 becausethe Rush Card is a more equitable deal.