WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Finova Financial, provider of fair and affordable digital alternatives for Americans underserved by the traditional banking system, announced today the launch of an industry-first prepaid card: the Finova Automobile-Secured Prepaid Card. Unlike traditional prepaid cards, the Finova Prepaid Card allows consumers to use cash or equity from their automobile to fund the card.
“Our latest financial product continues Finova’s history of developing new digital financial products that better meet the needs of the millions of Americans outside the formal financial system and helps them to improve their financial well-being,” said Gregory Keough, CEO of Finova Financial. “Other prepaid cards require consumers to deposit cash, which is the number one issue impacting growth of the secured prepaid card market segment. Allowing people to use their car equity removes another barrier for financially underserved Americans.”
Finova’s Automobile-Secured Prepaid Card helps consumers avoid check-cashing fees, get their paychecks faster, and better manage their finances.
Allowing the use of vehicle equity for its prepaid card is a natural fit with Finova’s flagship Car Equity Line of Credit (CLOC) offering, which was the industry’s first all-digital car equity loan product. Finova’s Car Equity Line of Credit (CLOC) digital loan provides fast, affordable emergency loans based on the equity in your car. Currently available in Florida, California, Tennessee, New Mexico, South Carolina, Oregon and Arizona, Finova’s CLOC has already earned Consumer Affairs prestigious partner accreditation for delivering up to 50% lower cost than the national average on title loans to consumers, instant online pre-qualification, and payment-against-principal with every payment.
Powered by Finova’s proprietary cloud-based digital financial services platform, the CLOC loan and Automobile-Secured Prepaid Card provide affordable solutions for roughly 50% of Americans who don’t have $400 to deal with a financial emergency by allowing them to quickly unlock the equity in their car.
The Finova prepaid card is currently available in app stores and at www.FinovaFinancial.com.
About Finova Financial
Working to transform the future of banking, Finova Financial is the socially responsible and flexible solution for the 28% of Americans outside the traditional financial system. Finova develops fair and affordable digital financial technologies to provide a path to financial health for the 70 million financially underserved Americans who spend $141 billion in fees and interest annually on alternative financial products. Founded in 2015 by a team of financial services, technology and payment experts, Finova is backed by leading Silicon Valley Venture Capital firms and Wall Street Private Equity investors.
For more information: www.finovafinancial.com