Fintech Ready Life Will Offer Homeownership Without Credit Scores
Homeownership is a main key to developing riches, but there is a disconcerting space between Black property owners and those that are white. Frequently, the underrepresented group does not even have a fighting chance to efficiently apply for a mortgage as a result of numerous factors such as little to no credit and an extreme amount of debt.
To level the playing field for Black individuals in America, Ashley D. Bell and also Dr. Bernice A. King have signed up with forces in changing the standard home loan borrowing industry.
Getting ready For Ready Life
The two leaders are partnering to launch Ready Life– a fintech platform that offers a new path to homeownership that omits credit scores from eligibility needs. If customers utilize Ready Life’s mobile banking system to pay their lease on time, they will have the opportunity to get approved for a home mortgage.
After initially brainstorming on how they can contribute in making a distinction with each other, the end result was a system that intends to offer individuals a fresh start and also expect the future of home mortgage lenders, particularly for the Black communities.
“It goes back to the National Black Bank Foundation and our work to support Black-owned financial institutions. I think it’s just been a running conversation with Bernice and me about, ‘How can we do more?’ And I think her legacy as an individual leader in our city and around our country and world, focusing on the least, the last and the left behind has really empowered her to really step into this space. So, I’ve just been fortunate to have her leadership and friendship.”
He continued: “We thought about ‘What could be next?’ ‘How do we prepare for the future?’ Dealing with the current crisis with Black banks now, but also thinking about, ‘What does the Black bank of the future look like? What does lending look like in the future?’ This just seemed like a natural evolution of that journey of that discussion.”
What The System Is Set To Offer
Backed by Figure Technologies, Inc., Ready Life makes use of blockchain modern technology to support family members, no matter their background, in purchasing their first residence. Not only will the system be an assisting hand toward individuals wanting to be homeowners, but it is likewise going to educate them on the overall process.
As of now, Ready Life’s solutions include ReadyPay– Visa Ⓡ Debit Card, Ready Home Loan, as well as Ready Merchant.
An Expansion Of Dr. Martin Luther King Jr’s Legacy
While homeownership aids in building generational wealth, starting the process very early is just as essential. Ready Life aims to help in decreasing the age of the average home customer.
Ahead of its launch, Dr. King has announced that the system is an extension of her dad Dr. Martin Luther King Jr., and his legacy. Toward the end of his life, he was looking at how to construct the economic standing of the Black community entirely.
“A lot of people [probably] didn’t know that my parents rented until 1966,” Dr. King shared with AfroTech. “At that time, my father would have been about 36 years of age. So, this gives us an opportunity to ensure that coming out of college even young people can qualify to own a home because when you’re just coming out of college, you haven’t necessarily established your credit history.”Dr. King added: “This is an opportunity to start off even on our platform and at the same time begin the process of building generational wealth. I think that’s so important.”
Ready Life Mission – To equip communities with tools to help them advance economically and create generational wealth. We are shifting from a mindset of not just advocacy, but innovation by creating products that will serve all of us.