Paylink announces groundbreaking solution that saves UK customers over £10m

Paylink has announced a secure automated debt consolidation solution that has already saved has already saved UK customers over £10m.

Paylink has announced a secure automated debt consolidation solution that has already saved has already saved UK customers over £10m.

The product, known as ReFi, had a tremendously successful pilot phase, saving Salary Finance customers over 8 figures cumulatively, as ReFi aims to redefine how borrowers manage their debts and finances, with a focus on affordability and customer empowerment.

The pioneering product represents a major breakthrough in the lending industry. It addresses the critical issue of affordability by automating the consolidation of legacy debts with a customer’s new loan. This transformative product strives to provide borrowers with a more secure and accessible path to financial stability.

ReFi is the first True Debt Consolidation product in the UK lending market. It operates by seamlessly automating the settlement of a customer’s legacy debt using their new loan. This digital experience validates the customer’s existing financial products, confirms outstanding balances with legacy creditors, makes direct payments to clear debts, and provides evidence of account closures when required.

For borrowers, the solution opens the door to a range of financial opportunities. Unlike traditional loan applications, this product showcases offers that borrowers might otherwise miss due to existing debts. Customers can save money on interest payments, merge multiple bills into a single monthly repayment on a schedule that suits them, and alleviate financial pressure on their households, with funds typically arriving within days.

CEO of Paylink Solutions, Jake Ranson said, “Access to credit matters greatly. It allows consumers up and down the UK to smooth costs and incomes, realise opportunities, and pursue their financial objectives. It is especially valuable during tough times when too many UK borrowers, who genuinely want to refinance their debts, are unable to access affordable new loans. ReFi now allows lenders to acquire these customers in the secure knowledge that their loan will be used for the sole purpose of debt consolidation, which is something that has not been done before in the UK.

“One of our main goals is to destigmatise debt and encourage the use of ‘Refinancing’ as a positive way of managing personal finances. ReFi allows lenders to create a more financially secure future for themselves and their customers,” he continued.

Luke Enock, CEO of Salary Finance, added: “Our mission is to help millions of employees live financially happier and healthier lives. As such, I am very proud to have pioneered bringing True Debt Consolidation to the UK market in partnership with Paylink and helping to save employees millions in interest payments. With our market leading position in financial wellbeing in the UK, I believe there is a significant opportunity to grow this service and save employees millions more, and I am delighted to be working with Paylink on designing the next generation solution, ReFi.”

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