First Bank of Delaware Announces Lending Product for Prepaid Cards

Consumers need to only fill out a quick two minute application online and notification of approval can be provided in a matter of minutes. Consumers can access their Simply Credit line of credit through their existing prepaid card, providing quick and convenient access from any location 24 hours a day,7 days a week.

Once approved, consumers can access their Simply Credit account at http://www.simplycredit.net or by calling a toll free number. Simply Credit allows consumers who normally don’t have access to credit the ability to borrow money to meet short term obligations. In lieu of a periodic rate (0%periodic rate, 0% corresponding APR), consumers are simply charged a transaction fee of $1.20 for every $10 (12%) borrowed, with no late or over-limit fees. Additionally, in order to assist consumers, First Bank of Delaware reports this product to the three major credit bureaus.

“We are very excited to add this product to our current offerings. Holders of prepaid card products, many of whom are underbanked and unbanked, need access to credit to cover short term obligations or cash related emergencies. Our goal is to provide these consumers the credit they need, while putting them on the path to more traditional financial products and services. Through a unique bank-to-bank business environment and innovative technology provided by our strategic services provider Protective Draft Credit, this program is available to other banks who wish to offer a lending feature to their prepaid customers. Our desire is to work in partnership with other issuing banks and their partners to quickly deliver this valuable service to the prepaid market. Through superior technology and support, Simply Credit provides an excellent consumer experience and an immediate opportunity for banks to serve an underserved market” says Alonzo Primus, CEO of First Bank of Delaware.