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 claims their UniRush LLC business is geared towards an underserved populace: individuals who avoid using banking institutions.

In about one month, the prepaid card business hopes to introduce a unique function called the “Goal Wallet,” which offer a $2 charge rebate to RushCard customers that maintain a stability of $500 or maybe more. The organization can also be checking out a substitute for the high-priced company of pay time loans.

“Our company is the anti-bank — maybe perhaps maybe not in negative method,” Simmons told “I would like to work and build a thing that is empowering the indegent,” he stated.

Simmons states that the RushCard debit card is used by several million users and will be bought for a fee that is one-time of3.95 to $14.95. A person can truly add funds to your card as required.

The facts associated with the card are located in a tale posted earlier in the day this week.

Simmons claims the business’s objective would be 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 stores, may be high priced. In accordance with the Santa Clara class of Law, cashing checks and buying cash purchases can price on average $540 per year.

“Our clients are employing check-cashing services,” said Rob Rosenblatt, the CEO of this RushCard. “They use check cashing simply because they feel it really is necessary and it is our task to teach them because the Rush Card is an infinitely more equitable deal.”

The $2 cost rebate might be an appealing draw.

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

“Look, banking institutions are not inherently wicked. They just don’t possess the infrastructure or the price framework which is necessary to provide the middle income. Their model is old in addition they can no further manage to provide the middle-income group,” Simmons stated in a declaration.

“Their overhead and branch infrastructure simply allow it to be not practical to allow them to provide this client set at a high price why these customers 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 and every time an individual makes a credit or debit card purchase,” he composed.

The business can also be checking out, although absolutely nothing is formal, the region of pay time loans. Regardless of the organization’s next actions are, Simmons states the primary way is empowerment in which he feels many attached to the individuals taking part in Occupy Wall Street.

“we think with what those individuals outside my screen are performing,” Simmons told

“I’m thrilled to spend more fees, i am pleased to consistently campaign to obtain the cash away from Washington. I do not wish to have an exploitative company, I would like to have an empowering company,” he continued.

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