The new Green Dot Money, an online marketplace seeks to match low and moderate income consumers with a curated set of lending partners that specialize in serving low and moderate income Americans.
The loans are made by third party lenders who are members of the marketplace. Green Dot does not use its balance sheet to fund the loans nor does it assume any risk of non-repayment.
Consumers with little, poor or no credit history are traditionally disadvantaged when it comes to seeking much-needed loans to cover necessary or unexpected expenses. In fact, low income consumers, many of whom also carry general purpose reloadable prepaid cards, are limited in their loan options and are forced to seek loans at higher rates with unsustainable repayment plans. Green Dot Money has an opportunity to help these hard-working Americans find a loan that suits their needs at an interest rate and repayment schedule that makes sense for their financial circumstances.
Green Dot Money is available to consumers on a nationwide basis with initial lenders able to offer loans in 46 states.
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