Upside refinances student loans for a lower interest rate while automatically generating a solid foundation for retirement.
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The Problem
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.
The Solution
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
