Debt management is a topic on the mind of most of the people these days especially the economy is slowly returning to normal but the rate of inflation is increasing. Borrowers are looking for new and easier ways to pay off their debts and put in place a concrete action plan. Most borrowers seeking debt management solutions have no idea where to start, so they look to businesses with innovative platforms or apps using the software provided by Paytoff.
Payitoff’s technology can be embedded into the company’s existing platform or app, making it easy for borrowers to use. The embeddable loan tool Payitoff helps borrowers customize their repayment plans, which can save them considerable money while repaying their loans within the partner company’s app or platform. These money-saving opportunities can come from loan forgiveness, federal loan repayment programs and better refinancing deals.
Payitoff also manages forgiveness applications and pre-qualification for refinancing, so participating companies do not need to be experts in debt management to provide the end user with concrete next steps on how to begin paying off their loans. can be done.
Payitoff’s loan API helps businesses save on operating time and costs associated with tasks such as verifying payment amounts and third-party payment capabilities. Meanwhile, their smart loan guidance tools help borrowers learn, save and grow all in-app enrollment, wallet share, engagement and customer relationships. It also makes it easier to direct clients to other financial products that a company may offer, as the technology works within the client company’s existing UX.
The results from Payitoff’s Smart Loan Guidance Tool show how effective the technology can be for participating borrowers:
Individual borrowers save an average of $240 per month from their loan repayments. On average, borrowers save $60,000 over the lifetime of their loan. Borrowers have saved a total of more than $11 million to date.
There are several ways in which this debt management software can help fintechs, financial institutions, banks, workplace benefit providers and other financial apps to grow and succeed in the future:
increase customer loyalty
Payiotff’s loan management software is user-friendly and intuitive, making borrowers feel understood and empowered. As borrowers link to their loan servicer accounts, Payitoff’s guidance is personalized to their specific circumstances. Additionally, it enhances customer loyalty as borrowers perform all tasks in-app, so the company’s platform becomes a one-stop destination for all things loan management from now on.
Increase Wallet Share (SOW)
There are dozens of companies that offer financial solutions for debt management, but not all of them are committed to results-based borrower guidance. Payitoff knows that when the borrower is able to save money, they are more likely to stay on your company’s site and trust your company when purchasing future financial products. This increases the wallet share for that company.
third party payment
The ability to execute payments between third parties opens up more payment options for consumers. It may sound like an employee benefits platform that helps employers match employee student loan contributions, make lending services run smoothly with refinancing, and more.
Some of the major consumer loan verticals where debt management software is beneficial to offer to borrowers are:
student loan credit card auto loan and personal loan mortgage
Some businesses that benefit from debt management software are:
Financial services – Increases wallet share and provides lifetime value Lending companies – Software will help improve DTI (debt to income ratio) workplace profitability – Employers due to incentives to be more competitive with employees Smart loan guidance tools can provide student loan benefits or access
Other benefits of Payitoff are:
Connect with expert reliable and consistent loan servicers available to guide you through the process of deregulation. Uptimes are 99%. Automated payment capabilities for borrowers and third-party payments Direct digital enrollment for federal programs SOC compliance security regularly audited
Debt management software Payitoff offers can help your company increase profits, wallet share, and customer loyalty through better data, faster approvals, and user-friendly, customizable tools. This is definitely a revolution in debt management.