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.
GreenPath Financial Wellness is a national nonprofit organization that provides financial counseling, education and products to empower people to lead financially healthy lives. In working directly with individuals, and through partnerships with other organizations, GreenPath aims to remix the American dream so it works for everyone. Headquartered in Farmington Hills, Mich., GreenPath has nearly 500 employees and operates about 60 branch offices in 19 states. GreenPath is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA). For more information, visit greenpath.org.
EarnUp is a consumer-first platform that intelligently automates loan payments and identifies earning opportunities. Based in San Francisco, EarnUp is backed by prominent Venture Capital firms Blumberg Capital, Kapor Capital, Camp One Ventures, and Fenway Summer Ventures plus other leading angels and entrepreneurs. EarnUp is a winner of the prestigious Financial Solutions Lab in partnership with JPMorgan Chase & Co. and the Center for Financial Services Innovation. For more information, visit www.earnup.com, email [email protected], and follow on Twitter @EarnUp.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
SOURCE GreenPath Financial Wellness
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