Last week GreenPath Financial Wellness and fintech startup EarnUp announced they have teamed up to launch Simple Payment Plan, which is described as a convenient service that helps consumers efficiently budget their money, save more, and pay off their debts faster.
According to the duo, with the Simple Payment Plan, GreenPath financial counselors will 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. Kristen Holt, GreenPath President and CEO, stated:
“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. 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 notably 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. Matthew Cooper, Co-Founder and CEO of EarnUp, went on to add:
“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. By working with GreenPath, we can provide people with innovative tools to improve their financial health.”
The launch of Simple Payment Plan comes less than a month after EarnUp completed its Series A funding round, which was led by SignalFire with participation from Acumen Ventures and Ulu Ventures.