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Wyoming payday loans online

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 targeted at 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 will offer you a $2 cost rebate to RushCard clients that keep a stability of $500 or higher. The business can also be checking out a substitute for the high-priced company of pay day loans.

“Our company is the anti-bank — perhaps maybe not in negative means,” Simmons told ABCNews.com. “I want to work and build something which is empowering poor people,” he stated.

Simmons states that the RushCard debit card is used by one or more million users and certainly will be bought for the one-time cost of $3.95 to $14.95. A person can add on funds into the card as required.

The information of this card are located in an account ABCNews.com posted earlier in the day this week.

Simmons states the company’s objective would be to provide lower-cost options for individuals who can not or will not make use of banking institutions. Non-bank use of funds, such as for example check-cashing shops, could be high priced. In accordance with the Santa Clara School of Law, cashing checks and buying cash purchases can price on average $540 per year. (m√°s…)

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