Faq’s2022-08-09T05:54:00+00:00
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What is Paydownhero?2022-08-01T07:18:30+00:00

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.

How does the Paydownhero work?2022-08-01T07:19:01+00:00

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.

How does the Paydownhero know how much to pay?2022-08-01T07:27:37+00:00

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.

Why does Paydownhero need my bank account information?2022-08-01T07:28:15+00:00

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.

What banks and auto loan companies are supported?2022-08-01T07:28:56+00:00

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.

How do I delete my Paydownhero account?2022-08-01T07:29:28+00:00

 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.

How do I contact Paydownhero support?2022-08-01T07:29:58+00:00

Email us anytime at help@paydownhero.com or accountservices@paydownhero.com or Chat with us via our website customer service chat portal!

Do I need a credit card to use Paydownhero?2022-08-01T07:30:23+00:00

      No credit card required

      Bank deposit account + car loan required

What are the advantages of Paydownhero?2022-08-01T07:30:56+00:00

      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

Is there a fee for using Paydownhero?2022-08-01T07:31:28+00:00

      $1.99/month