#financialsecurity

102: Zoro Card – Build Credit With a Debit Card

It is really hard for a young person to their build credit. How does one navigate the complex and opaque credit rating system? We chat in this episode with Roger Morris, Co-Founder and COO of Zoro Card that hopes to help the 100 million Americans with subprime credit build credit with debit cards. Zoro Card began not as a company, but as a cause. Millions of Americans can’t access affordable credit, simply because they have never had credit in the past. Millions more are buried in debt and have no way out. Rather than help, many financial institutions profit off of people’s mistakes with hidden fees and unfair credit practices. Without good credit, everything becomes more expensive—cell phone contracts, loans, insurance rates, security deposits for utilities and rent—even job applications are affected by your credit score.
Their vision is simple, for college grads focused on building prosperous careers rather than paying off student loans, public school teachers and first responders able to afford homes, and soldiers healing from the wounds of war free from the shackles of debt – to offer a solution that’s available to everyone, regardless of their credit history. Roger was so committed to be part of this solution, that he decided to drop out of college to pursue his start-up. Learn more only on Mindful Businesses.
https://zorocard.com/
https://mindfulbusinessespodcast.com/

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Economic Empowerment
Economic Empowerment
102: Zoro Card - Build Credit With a Debit Card
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100: Earnin – Your Money When You Want It

Financial insecurity can be expensive, living paycheck to paycheck and with overdraft fees, penalties, higher interest and mortgage rates. Seven out ten households in America live paycheck to paycheck. Ram Palaniappan , founder of Earnin, noticed that one of his employees had to get payday loans to pay her expenses. Though she had worked her hours she got paid only after two weeks and her bills were due now. He decided to advance her salary as soon as she put in the hours. Soon the word got around, and other employees and non-employees reached out to Ram to avail of their earned wage. He realized the inequalities in our society further accentuates the mismatch between when an employee earns and when they get paid. He started Earnin to break down the barriers of an outdated financial system, to build new solutions that work for everyone. Using the time attendance systems already in place, they are able to provide Earned Wage Access – where their users can access the money as they earn it. This helps the users synchronize their income and expenses. They offer these services without any mandatory fees. They charge a nominal $2.99, only in case of instant transfers – which is much lower than the $15 that payday loans charge. I ask Ram – how can such a business model be profitable? To hear his answer, tune in to this weeks episode.

Mentions: Prof. Ananth Iyer, Purdue University
https://www.earnin.com/
https://mindfulbusinessespodcast.com/
#fintech, #financialsecurity, #earnedwage, #mindfulbusinesses, #paydayloans,

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Economic Empowerment
Economic Empowerment
100: Earnin - Your Money When You Want It
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