Paydownhero is a consumer fintech that helps users reduce auto debt and increase savings. Paydownhero’s first phase is led by its roundup app. Paydownhero has the only roundup app that supports micro-payments to auto lenders.
The next phases include roundups with “turbo-boost” cash-matching and its gas rewards debit card + neobanking.
Paydownhero’s roundup app takes spare change from your daily transactions and sends additional payments to your car loan to pay down your auto debt faster.
Daily bank transactions are rounded up to the next dollar. Each week, Paydownhero debits users accounts for their weekly accrued round ups and micropayments. Once a month, Paydownhero round-ups and micro-payments are paid to your auto lender.
Paydownhero uses the software servicer, Yodlee, for bank account information. PDH is able to calculate the roundups and apply the correct amounts to corresponding payments leveraging its app technology.
Paydownhero needs a user’s bank account information to facilitate the roundups, as the roundups originate from the bank account the user chooses. The auto loan information is needed to successfully send the payments to the auto lender. NOTE: there is NO credit card component yet.
Yodlee supports approximately 90% of all financial institutions and lenders across the country, including all big banks with open banking resources, and many smaller credit unions, as well as captive (Ford Motor Company Finance etc.) loan companies too.
CAR LOANS:
There are many challenges with car loans. This is why there are no other roundup or payment apps to auto lenders.
Why?
❖ Access to account information for auto loans is lacking vs. traditional consumer banking and lending
❖ Banks hold 50% of auto loans
❖ Credit unions, auto lenders, manufacturer financing, and misc make up the other half.
Reach out to us at accountservices@paydownhero.com and request we close out your account, we’ll send you a follow up email confirming it has been removed/deleted.
Email us anytime at help@paydownhero.com or accountservices@paydownhero.com or Chat with us via our website customer service chat portal!
○ No credit card required
○ Bank deposit account + car loan required
○ Automating positive behavior
○ Paying down debt faster
○ Saving money on interest expense
○ **NOTE: the debit card / neobank brings a ton more features and “value-adds” for the customers
