Paydown App Launches to Help Borrowers Manage Debt
Clay Technologies (Clay), a platform supporting tech-enabled businesses in creating and funding own-label lending programs, together with Pepper Advantage, a global credit management and technology firm, announced the launch of Paydown.com. This mobile-first lending platform is designed to assist borrowers in consolidating credit card debt, overdrafts, and other high-interest loans into a single personal loan with a lower interest rate.
Loan Features and Terms
- Loan amounts range from £1,000 to £25,000
- Repayment terms span from one to five years
- Designed to replace multiple debt payments with one monthly installment
Eligibility and Application Process
Applicants must be UK residents aged 18 or above. Eligibility can be checked via a soft credit search that does not impact the credit score. The platform employs open-banking technology to quickly verify income and spending, enabling swift affordability assessments, approvals, and loan disbursements.
Paydown.com "enables borrowers to consolidate their existing credit cards, overdrafts, and other high-interest debt into a single, lower rate personal loan – helping them save on interest and pay down debt faster."
Customers have the convenience of checking eligibility, applying for, and managing their loan fully through the Paydown app.
Author’s summary: Paydown offers UK consumers a quick, tech-enabled way to simplify and reduce costly debt by consolidating multiple payments into one affordable loan.