FARMINGTON HILLS, Mich., Dec. 15, 2017 /PRNewswire-USNewswire/ — GreenPath Financial Wellness, a national nonprofit financial wellness organization, has partnered with EarnUp, an automated loan payment platform, to launch Simple Payment Plan, a convenient service that helps consumers efficiently budget their money, save more and pay off their debts faster. This tool is free for the first year, thanks to support from Freddie Mac.
With the Simple Payment Plan, GreenPath financial counselors review clients’ loans and expenses, help them determine which debts should go on the program, and set them up on a plan. The clients then use the EarnUp platform to budget and automate their payments based on their income schedule. GreenPath counselors remain available to advise clients throughout the process.
“The Simple Payment Plan takes the stress out of paying monthly bills. We help our clients identify which bills they should put onto the platform. Then, they set it and forget it,” says Kristen Holt, GreenPath president and CEO. “During testing, clients told us the program simplified their payment process, and saved them time and late fees. We just earned an Innovative Practice Award from the Council on Accreditation for this service.”
The EarnUp platform works by breaking up the client’s monthly loan payments into smaller withdrawals taken on the days that they get paid—making it easier for the client to manage spending and avoid late fees. Clients can also opt to round up payments to save significant amounts of interest over the life of the loan. Combining EarnUp’s FinTech tool with GreenPath’s strong track record in financial counseling creates a premium service tailored to each individual.
“Our experience shows that people are more likely to stay current on their loan payments if we make it quick and easy for them to do so. The app gives them control of their plan right at their fingertips,” said Matthew Cooper, co-founder and CEO of EarnUp. “By working with GreenPath, we can provide people with innovative tools to improve their financial health.”
The Simple Payment Plan is currently free for the first year thanks to a sponsorship from Freddie Mac. Consumers can sign up for the Simple Payment Plan by calling GreenPath Financial Wellness at 877-663-0143.
“The increasing rate of consumer debt and the low homeownership rate lead us to believe average Americans can use help managing their debts,” said Danny Gardner, vice president of affordable lending and access to credit in Freddie Mac’s Single-Family Business. “Offering free access to EarnUp’s technology is one of the many ways we’re building on our broader community mission, which includes our efforts to stabilize communities, responsibly expand credit and educate borrowers.”
For more information, call 877-663-0143 or go to greenpath.org.