Atlanticus Launches Aspire Banking Platform for the financial underserved

Geared in the direction of the practically 44 million People whom the FDIC estimates are unbanked or underbanked and overdrafting, Aspire™ Banking gives prospects with a checking account, debit card, and a prescribed listing of actions supposed to assist shoppers construct constructive monetary habits. Upon completion of those actions, which could be finished in as little as 90 days, prospects are introduced with an Aspire® Credit score Card provide. Designed to determine good banking behaviors, these actions embody assembly minimal standards for making deposits, sustaining a stability, and making purchases, every for 3 consecutive months. Aspire™ Banking’s path to credit score gives an alternative choice to secured card merchandise that carry deposit necessities most unbanked and underbanked shoppers can not afford.

“Atlanticus is dedicated to creating an actual influence on actual individuals. We created the Aspire™ Banking platform to assist overcome challenges many shoppers face when making an attempt to realize entry to credit score right now,” stated Jeff Howard, Chief Govt Officer of Atlanticus. “With no credit score historical past, underbanked people are usually not solely denied entry to loans, however are behind their friends when landlords, utility firms, or insurers make the most of credit score reviews to make selections about whom to lease to, insure or present providers to with out extra deposits. Not solely will we wish to open alternatives to earn credit score, however we additionally wish to assist cardholders set up monetary habits that can higher their futures. This launch embodies our dedication to providing extra inclusive monetary providers and we’re so excited to assist these on the trail to monetary empowerment.”

The Aspire™ Banking debit product has no minimums, no nuisance charges (together with month-to-month or overdraft charges), and entry to over 55,000 ATMs nationwide. Different options embody invoice pay, distant verify deposit, Zelle, and early paycheck entry with collaborating payroll suppliers. In accordance with the Monetary Well being Community, unbanked and underbanked People spent $11 billion in overdraft charges alone in 2021, disproportionately affecting those that can afford them least. Aspire™ Banking goals to not solely save on a regular basis People tens of millions in charges they can not afford, but additionally assist them make strides towards monetary wellness with entry to banking advantages and options that they might not have had entry to earlier than.

“Whereas there are different applications on the market that should convert debit prospects into bank card prospects, Aspire™ Banking platform was created particularly for the unbanked and underbanked who wouldn’t have already got been afforded entry to these financial institution providers and alternatives,” stated Fred Rolle, Head of Product and Innovation at Atlanticus. “This actually is a first-of-its-kind banking product designed to serve the wants of the financially underserved. Perhaps they don’t meet ‘prime’ credit score requirements, or perhaps they’re younger or new to the nation and don’t have credit score but in any respect – no matter their circumstances, we are going to meet them the place they’re.”

For greater than 25 years, Atlanticus has remained devoted to offering entry to important credit score options, powering higher monetary outcomes for on a regular basis People. For extra data on how Atlanticus is making an actual influence for actual individuals, please go to: https://www.atlanticus.com/our-commitment/.

Banking providers and the Aspire™ Banking Debit and Aspire® Credit score Playing cards are supplied by The Financial institution of Missouri, Perryville, MO, Member FDIC.