New Fintech Paydownhero aims to help people get out of car debt faster

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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 helps consumers pay off their auto debt, today announced its debit card with 3% Cashback Gas Rewards and 15% RoundUp Rewards, on the about to be launched this summer. The debit card will add cash rewards to user roundups and help pay off car loans faster. Paydownhero Fuel Rewards will combat rising fuel costs with cash back to help users save even more. The startup is on a mission to reduce auto debt and increase savings by supporting positive rewards. The debit card will enhance the current Roundup app which uses spare currency from your daily transactions and makes additional payments on your car loan. The Roundup app is already available on iOS and Android.

This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220616005677/en/

“Cars are central to most families’ lives. Our goal is to help users manage one of life’s most expensive everyday expenses. Your car expenses shouldn’t be a mystery. L The experience of paying off debt, saving money, and enjoying rewards should be frictionless,” said Ken Sargavakian, CEO and Co-Founder of Paydownhero.

The startup aims to pay off the entire car loan for a new user, up to $50,000, and start a debt-free journey. Users can join the waitlist on the company’s website and qualify for early access and a chance to say goodbye to their car loan. It’s so simple. Users can climb the car loan repayment leaderboard and earn points by sharing a personal link and referring friends to join the waitlist.

“We look forward to giving money to our customers to pay off more debt and put more money directly into users’ pockets,” added Erik Rueda, CPO and co-founder. “The debit card and cash rewards will help users manage the big expenses of car ownership and planned developments will add even more functionality to support financial goals.”

The car-loving company completed its second capital raise in late 2021. Mucker Capital, a Los Angeles-based venture capital firm, is the lead investor in its pre-seed round. Mucker Capital is focused on software-based disruption. Paydownhero works closely with partners to continuously deliver positive innovations to its customers.

About Paydownhero
Paydownhero was founded by two US Army veterans to help drivers pay off their auto loans with a simple, automated solution. The two car enthusiasts are inspired to help people deal with longer and bigger car debt.

Americans owe a record $1.4 trillion in auto and climbing debt. Despite rising interest rates and inflation, vehicles are expected to remain an essential part of life for many families. 85% of new cars are financed. The average new car loan comes with monthly payments of $600 over 6 years. Most people are forced to rely on whatever car financing is available to meet their needs.

Introducing Paydownhero. A convenient and easy roundup app that securely connects your bank account to your car loan, then uses the spare currency (rounded up) from your daily transactions to make additional payments on your current loan.

Download the existing Round Up app from the Apple App Store and Google Play. Join the gas debit card waitlist and round up cash rewards.

For more information, visit www.paydownhero.com and follow Paydownhero on social media.

https://paydownhero.com/rewards-debit-card/
https://www.linkedin.com/company/paydownhero
https://twitter.com/PayDownHero
https://www.facebook.com/paydownhero
https://www.instagram.com/paydownhero/

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220616005677/en/

contacts

Requests:

Erik Rueda, co-founder
(978) 500-2244
[email protected]

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