The Future of Consumer Debt
Our Debt APIs transform consumer debt and lending solutions using only a phone number and birthdate. From here, the possibilities to improve financial outcomes for you and your borrowers are endless.
Betterment at Work is a leading provider of financial wellness solutions - including 401k plans - to small to medium-sized businesses.
Student loans are a primary reason why Americans don’t save enough for retirement. Moreover, student debt is a top contributor toward financial stress and employee turnover. Betterment sought to address these critical issues and needed a solution that could reliably sync student loan data, including monthly payments, repayment plans, and loan types. They needed to integrate complicated and confusing student loans into their intuitive user experience that simplifies financial understanding and decisions.
Additionally, given the CARES Act and pending Secure 2.0 legislation, Betterment wanted their solution to help employers take advantage of the tax benefits associated with both.
Betterment used Spinwheel’s best-in-class data and unique precision pay solutions with their roboadvising platform to put employer and employee student loan contributions on auto pilot – all tied to Betterment’s 401k platform. Benefits to Betterment’s customers include:
- Employers can now offer this sought-after employee benefit, along with having the option to take advantage of pre-tax treatment on student loan contributions that comply with section 127 of the IRS code
- Employers can also make contributions to an employee’s 401k without a matching contribution when they can verify that they are paying student loans
- Employees can easily sign up and enroll in this benefit, increasing employee participation
- Employees can create a plan to get out of debt years earlier and save thousands of dollars of debt, empowering them with the information they need to increase retirement savings and take control of their financial future
Personal Financial Management, Financial Wellness, Banking Apps
Qapital is an award-winning app designed to let its customers save, invest, and spend with any goal in mind.
After surveying their customers, Qapital found that the top 2 concerns for their 2M+ customers were support with paying off their loans and improving their credit score. In order to address these concerns, Qapital was looking for a robust solution that would allow them to quickly get this started.
Using Spinwheel’s APIs and UI drop-in modules, Qapital was able to quickly launch a two-pronged solution to address the top concerns of their users.
Paying Off Loans: Qapital launched their Debt Wrangler offering that allows their users to:
- Connect and see all of their loans
- Understand which loans they should pay off first
- Make optimized payments on a one-time or recurring basis
- Understand their refinance options including the impact from a proposed refinance relative to their existing loans
- Set up a new bank account for auto-debit to save .25% on interest rates
Improving Credit Score: With Spinwheel’s data, Qapital is able to offer their users personalized recommendations on how to improve their credit score. These include options such as:
- Scheduling payments on the most impactful debt
- Lowering their revolving balance by refinancing debt on high interest credit cards
- Credit score monitoring
- Increasing credit limits by opening new credit cards
- Tracking and optimizing credit card utilization
Tuition.io enables employers to offer a full suite of education assistance benefits.
Student Loan Debt Assistance is quickly growing in popularity as an important part of an employee benefits package. However, it’s only an effective recruitment and retention tool if employees can successfully connect their loans and access the loan data they need. When Tuition.io struggled with other data providers whose connections, coverage, and data were lacking, Spinwheel was the easy choice.
Tuition.io launched with Spinwheel’s Comprehensive Data + Insights product with incredible results. Because of Spinwheel’s stronger connections and better data:
- User adoption increased because of better coverage, allowing users to connect their loans with servicers that weren’t available without Spinwheel
- User retention increased significantly because users weren’t getting disconnected frequently
- Customer service costs reduced dramatically because users didn’t have to reconnect their loans repeatedly
Upside refinances student loans for a lower interest rate while automatically generating a solid foundation for retirement.
Upside transforms student loan debt, the most complicated consumer debt, into a wealth creation tool by refinancing the original loans such that each payment can be used for investments like a 401k or other options. Paying off the original loan during a refinance is difficult and error-prone. Interest accrues on a daily basis and traditional money movement, including sending electronic or physical checks, makes the payment date a moving target. Underpayment or overpayment are common scenarios which lead to delayed closings, customer reimbursements, and customer service issues.
Using Spinwheel’s solution, Upside is able to:
- Streamline their loan application process by using existing loan information
- Target specific loans and sub loans for refinance and payoff
- Determine the exact amount to be paid off at any point in the future and payoff payments are initiated and reconciled in real time
- Avoid sending paper checks or slow ACH transactions
- Eliminate customer service issues, refunds and clawbacks resulting from over or underpayment
- Close new loans and originations faster, helping borrowers begin building wealth sooner
PeopleJoy provides comprehensive student loan assistance through analysis, advice, and employer and employee contributions.
Retrieving consistent and accurate data is critical to PeopleJoy’s services. Moreover, determining loans that qualify for tax incentives that save employers and employees money relies on understanding loan types and repayment plans. Beyond employer contributions, PeopleJoy needed a way to make it easy for users to budget and make extra payments to get out of debt faster.
Partnering with Spinwheel, PeopleJoy quickly launched a completely embedded solution to deliver a comprehensive student loan management experience for borrowers. Using our drop-in modules, PeopleJoy launched within a month, saving more than a year of development time and cost. Benefits include:
- PeopleJoy can ensure that loan types and repayment plans comply
- Borrowers can see all their loans in one place
- Precise payments can be made to individual loans across multiple loan servicers, ensuring that the maximum amount gets applied to principal over interest
- Borrowers can also round up the change from their purchases to make extra payments toward the principal of their most expensive loans
PriceChopper is a grocery chain in the northeast with a robust loyalty program that rewards customers each time they shop.
PriceChopper and TCC Global were looking for new ways to engage their shoppers with their reward points program. Grounded in the wellbeing of the communities they serve, they needed redemption options that provided meaningful value while tapping into experiential and digital solutions. Knowing that student debt impacts 50% of all households in the U.S., PriceChopper wanted to enable their points to make a difference.
With Spinwheel, PriceChopper launched the first student loan point redemption option in the Grocery market. The program allowed not only student loan borrowers to use their loyalty points to pay down their student loans, but also their loved ones – parents, relatives, etc. By earning points and redeeming them on a weekly basis, shoppers help themselves or someone they care about get out of debt years earlier while saving thousands of dollars. Student debt contributions quickly became a top redemption option in the PriceChopper Loyalty Program.
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All you need is a phone number and birthdate and you'll be able to pre-qualify, underwrite, and complete balance transfers, and more. We provide all the verified data you need in just one click.
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