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 payday advances

Hip-hop mogul Russell Simmons claims his UniRush LLC business is geared towards an underserved populace: those 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 organization can also be checking out an alternate to the high-priced company of pay time loans.

“Our company is the anti-bank — perhaps 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 one or more million users and certainly will be bought for a one-time cost of $3.95 to $14.95. A person can truly add funds towards the card as required.

The main points of this card are located in a tale posted early in the day this week.

Simmons claims the business’s objective is always to provide lower-cost choices for those who can not or will not make use of banking institutions. Non-bank usage of funds, such as for instance check-cashing shops, may be costly. Based on the Santa Clara class of Law, cashing checks and buying cash requests 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 really is necessary and it’s really our work to teach them because the Rush Card is a more equitable deal.”

The $2 charge rebate could be a draw that is appealing.

“they are in the industry of charging you cash to utilize their funds,” claims Rosenblatt. They truly are perhaps not in the commercial of creating a suite of solutions, including bill pay, that decreases charges for clients, he states.

“Look, banking institutions are not inherently wicked. They merely do not have the infrastructure or even the expense structure that is necessary to provide the middle-income group. Their model is old plus they can not manage to provide the middle-income group,” Simmons stated in a declaration.

“Their overhead and branch infrastructure just ensure it is impractical in order for them to provide this client set at a cost why these clients are able to afford. Their issue is compounded by present changes that are regulatory have actually paid down the cost income they gather from merchants each time a client makes a credit or debit card purchase,” he penned.

The organization normally exploring, although absolutely absolutely nothing is formal, the location of pay day loans. Long lasting business’s next steps are, Simmons claims the direction that is main empowerment in which he feels many attached to the individuals playing Occupy Wall Street.

“we think with what the individuals outside my screen are doing,” Simmons told

“I’m pleased to spend more fees, i am thrilled to continue steadily to campaign to obtain the cash away from Washington. I do not wish to have an exploitative company, i do want to have an empowering company,” he proceeded.

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Advance America Customer score: 4.8Customer reviews:

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