Paydown App Launches to Help Borrowers Escape Credit Card Debt
Clay Technologies, a platform that supports tech-driven businesses in creating and funding own-label lending programs, has partnered with Pepper Advantage, a global credit management and technology firm, to launch Paydown.com.
What Paydown Offers
Paydown is a mobile-first lending platform designed to help borrowers consolidate credit card debts, overdrafts, and other high-interest obligations into a single personal loan with a lower interest rate. This approach aims to help users reduce interest costs and accelerate debt repayment.
Loan Details
- Loan amount range: £1,000 to £25,000
- Loan terms: 1 to 5 years
- Purpose: Pay off credit card balances and other high-interest debts
- Repayment is simplified to a single monthly installment
Eligibility and Process
- Applicants must be UK residents aged 18 or older
- Eligibility checked via a soft credit search that does not impact credit score
- Income and spending verified using open-banking technology within minutes
- Fast affordability checks, loan approval, and disbursement through the app
"Customers can check eligibility, apply, and manage their loan entirely through the Paydown app."
Paydown simplifies debt management by consolidating multiple repayments into one, making borrowing more manageable and cost-effective.
Summary: Paydown is a UK-based app enabling users to consolidate high-interest debts into affordable personal loans, streamlining payments and helping borrowers save on interest.
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