EarnUp: Intelligent Automation of Loan Payments to Build Financial Health

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EarnUp: Intelligent Automation of Loan Payments to Build Financial Health

Poor customer service is rampant in today’s society. In fact, a recent report on the subject found that the issue costs businesses more than $75 billion a year as consumers switch to other providers because they don’t feel appreciated or are tired of dealing with rude or unhelpful representatives. In some cases, these customers may be inspired to do even more.

“My cofounder and I had experienced horrendous customer service with consumer loans,” Matthew Cooper, CEO of San Francisco-based EarnUp, told RewardExpert. “I say horrendous now but in hindsight it’s just the way people are used to being treated by mortgage, student loan or credit card companies. That was the inspiration behind our consumer-first platform. We wanted to create a better experience for managing and paying off debt.”

Stay on Track and Get Out of Debt Faster

Founded in 2014 and backed by several venture capital firms including Signal Fire and Blumberg Capital, EarnUp intelligently automates loan payments while identifying savings opportunities for its customers.

Stay on Track and Get Out of Debt Faster
Image via earnup.com

“We never aspired to be a lender but to create a one-stop automated environment where consumers are supported in managing their payments, making sure those payments stay on time, and getting out of debt faster,” Cooper explained.

The platform enables consumers to sync all of their loans—from mortgages and student loans to auto loans, personal loans and credit cards—with their income schedule in one convenient place. Monthly payments are broken down into smaller withdrawals that are made automatically on paydays.

“Every time money comes in, the platform takes money out and sets it aside for the customer’s priority payments,” Cooper continued. “When the application notices that there are extra dollars coming in, it makes personalized recommendations to help the consumer make extra payments and get out of debt faster.”

Avoid Late Fees and Penalty Interest Charges

Cooper said EarnUp’s customer base includes consumers from every state in the nation as well as age group, racial and income cohort.

“The desire for simpler loan payments and a better experience has definitely been very broad, and consumer appetite for our solution has been wonderfully intense,” he added. “We tend to attract more consumers between their late 30s and early 60s who have accumulated more diverse types of credit.”

a better way to pay loans
Image via earnup.com

EarnUp helps these consumers build their financial health by making it easy for them to budget, pay their loans on time, and even start to get ahead on paying down debt.

“Most Americans, statistically, are living paycheck to paycheck,” Cooper said. “Sixty to 70 percent of Americans have less than $400 of liquid savings. This means that most people will benefit from our one-stop environment where they can see at any time exactly what is going on with their loans and have support to make sure those payments are made on time. No more late fees. No more excess penalty interest charges.”

Enjoy Affordable Peace of Mind

The peace of mind EarnUp provides its consumers is available for the low fee of $9.95 per month, and the company is continuously adding beneficial new features to the platform based on customer feedback.

“We just launched Trans Union Vantage credit scores inside the application,” Cooper said. “Anyone using EarnUp can now view their credit score for free. That’s an additional financial health benefit for our consumers that they get as part of the service.”

He also said that his team is looking into the ability to add rent payment functionality. “We get a lot of requests for this service,” he noted. “It’s not available today, but it’s something we’re interested in and welcome consumers sharing their opinions on it.”

To explore how much you can save, or to get started with your own EarnUp account, visit earnup.com. “Customers can also call or email us if that’s more comfortable for them,” Cooper concluded. “We’d love to hear from them and help them determine if EarnUp can help them with their financial life.”