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Case Study > Student Loan Lenders
Upside
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Lending

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

Products Used

Connect to Consumer Debt with low-code APIs

Connect

Real-time Debt Linking APIs

Pay

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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

We’re Better Together.

Let us help you empower borrowers to create better debt – all while reducing friction, lowering operating costs, and creating happier customers.

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Spinwheel

Transform how your business and your customers see, understand, and act on debt in as little as an afternoon with our industry-leading debt APIs or low code drop-in modules.

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