Experian, a global leader in consumer and business credit reporting and marketing services, partners with Paylink, a forefront provider of affordability software and payments solutions.
This collaboration introduces an innovative debt consolidation solution using Paylink’s ReFi™ product through the Experian Marketplace.
The partnership between Experian and Paylink is primarily aimed at addressing the affordability restrictions that often bar consumers from qualifying for debt consolidation loans. This initiative seeks to enhance financial inclusion by expanding access to credit for a broader range of consumers.
The collaboration leverages Paylink’s ReFi™ product to enable direct repayment of customers’ existing credit commitments, such as credit cards and personal loans, consolidating them into a single new loan with more favorable terms. This process not only simplifies the payment management for customers but also potentially lowers their monthly financial burdens and mitigates the risk of accruing further debt.
The Experian data shows a significant gap in loan pre-approvals on their marketplace: only 37% for debt consolidation loans compared to 59% for credit card applications. This disparity highlights the need for the solutions offered through this partnership.
Experian Managing Director of Consumer Services, Eduardo Castro, said, “As people continue trying to get on top of their finances amid the increased cost of living, our aim is to remove any barriers that will prevent them from doing so. Our new partnership with Paylink will allow us to unlock access to credit for more consumers seeking to simplify the process of managing their debt.
“The benefit of this partnership is twofold, as the ReFi™ solution offers a valuable tool for lenders to expand their offerings and reach a broader customer base that may have originally been overlooked.”
Jake Ranson, CEO of Paylink, said, “Against the backdrop of a prolonged cost of living crisis, ReFi™ has already proved its value to thousands of customers who, by shifting legacy debts to a new more affordable loan, have transformed their monthly household budgets. ReFi™ enables a financial ‘reset,’ potentially leading to significant savings and quicker debt repayment. It also provides lenders with assurance that the new loan is affordable and will be used to clear previous debts, helping customers achieve their financial goals.
“With unparalleled access to data, analytics and market insight, Experian is singularly placed to help ReFi™ reach thousands more people seeking to realise the opportunities access to reasonably priced credit brings.”
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