Paydown Launches AI-Powered App to Simplify UK Debt Consolidation
Pepper Advantage and Clay Technologies have launched Paydown, a new mobile lending app for debt consolidation. Fraser Gemmell, Group CEO of Pepper Advantage, expressed excitement about supporting this innovative solution, highlighting the responsible use of technology to reduce debt.
Paydown is the second mobile lending app from the strategic joint venture between Pepper Advantage and Clay, following Kravings. The platform, launched as Paydown.com, aims to help UK residents aged 18 or over consolidate credit card balances and other high-interest debts into a single, lower rate loan.
The platform uses advanced technology to streamline the process. It combines Clay's Brandable Credit APIs with Pepper Advantage's PRISM credit management platform, creating an AI-driven tech stack. Applicants can check their eligibility through a soft credit search that won't affect their credit score. Paydown also uses open-banking to verify income and spending, enabling fast affordability checks, approvals, and disbursements. All loans offered through Paydown will be managed directly by Pepper Advantage.
David Yalland, Founder and CEO of Clay Technologies, stated that Paydown helps people take control of their debt with simple repayments and no hidden fees. The platform offers personal loans between £1,000 and £25,000 with terms of one to five years.
Paydown, a new mobile lending app for debt consolidation, has been launched by Pepper Advantage and Clay Technologies. The platform uses advanced technology to simplify the debt consolidation process, offering loans between £1,000 and £25,000 with terms of one to five years. Fraser Gemmell, Group CEO of Pepper Advantage, expressed excitement about supporting this innovative solution, demonstrating the responsible use of technology to reduce debt.
