New Fintech Paydownhero aims to help people get out of car debt faster
Startup to help pay off your entire car loan – Up to $ 50,000
BOSTON, June 16, 2022– (BUSINESS WIRE) – Paydownhero, a Boston-based fintech that allows consumers to pay down car debt, today announced its debit card with 3% Cashback Gas Rewards and 15% RoundUp Rewards, on its way to launch this summer. The debit card will add cash rewards to users’ rounds and provide a helping hand to repay car loans faster. Paydownhero’s gas rewards will fight rising fuel costs with cashback to help users save even more. The start-up is on a mission to reduce car debt and increase savings by supporting positive rewards. The debit card will improve the current roundup app that uses the backup growth from your daily transactions and makes additional payments to your car loan. The Roundup app is already available on iOS and Android.
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“Cars are central to most families’ lives. We aim to help users deal with one of life’s most costly running expenses. Your car expenses should not be a mystery. The experience of paying down debt, saving money and enjoying the rewards should be frictionless, “said Ken Sargavakian, CEO and co-founder of Paydownhero.
The start-up aims to repay the entire car loan for one new user, up to $ 50,000, and start a debt-free journey. Users can sign up for the waiting list on the company’s website and qualify for early access and a chance to say goodbye to their car loan. It’s that simple. Users can climb on the car loan pay off leaderboard and earn points by sharing a personal link and by referring friends to join the waiting list.
“We look forward to giving our customers money to pay down more debt and put more money directly into users’ pockets,” added Erik Rueda, CPO and co-founder. “Debit cards and cash rewards will help users cope with the high cost of car ownership, and expected developments will add even more features to support financial goals.”
The car-loving company completed its second capital raising in late 2021. Mucker Capital, a Los Angeles-based venture capital firm, is the main investor in its Pre-Seed round. Mucker Capital focuses on software-based disruption. Paydownhero works closely with partners to continuously offer positive innovation to its customers.
About Paydownhero
Paydownhero was founded by two US Army veterans to help drivers repay their car loans with a simple, automated solution. The two car enthusiasts are inspired to help people cope with longer and larger car debts.
Americans owe a record $ 1.4 trillion in car debt and climbing. Despite rising interest rates and inflation, vehicles should remain a critical part of life for many families. 85% of new cars are financed. Average new car loans come with monthly payments of $ 600 over 6 years. Most people are forced to rely on all the car financing available to meet their needs.
We introduce Paydownhero. A convenient and simple roundup app that securely connects your bank account to your car loan, and then uses the roundups from your daily transactions to make additional payments on your outstanding loan.
Download the existing round-up app on the Apple App Store and Google Play. Join the waiting list for the debit card with petrol and round up cash rewards.
For more information, please visit www.paydownhero.com and follow Paydownhero on social media.
https://www.instagram.com/paydownhero/
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Contacts
Requests:
Erik Rueda, co-founder
(978) 500-2244
[email protected]
