Paylink Introduces ReFi™: A Groundbreaking Debt Consolidation Solution

Published 5 months ago

Paylink, a front-runner in the financial technology sector, has introduced a pioneering product named ReFi™. This novel, safe, and secure automated debt consolidation solution has saved Salary Finance customers over £10 million in interest payments since its inception.

A Unique Approach to Debt Consolidation

ReFi™, implemented by the prominent financial wellness platform Salary Finance, is the first True Debt Consolidation product. It addresses affordability issues in the lending industry by automating the settlement of legacy debt with a customer’s new loan. The digital experience validates the card, loan, and overdraft products a customer currently holds, confirms settlement balances, pays legacy creditors directly, and even evidences when accounts are closed.

Benefits for Lenders and Customers

This innovative product allows lenders to accept customers who have passed creditworthiness, income sufficiency and stability checks, who would otherwise have been declined for falling short on affordability calculations. For the customer, ReFi™ enables them to access products that empower them to pursue their financial objectives. Customers can save money in interest, consolidate multiple bills into a single monthly repayment, and relieve financial pressure on their household.

Aiming to Destigmatise Debt

ReFi™ is part of Paylink’s broader goal to destigmatise debt and encourage customers to embrace their true expenses by actively exploring opportunities to secure a budget that works for them through refinancing. Jake Ranson, CEO of Paylink Solutions, believes that access to credit is crucial and can help consumers to manage their finances positively.

Working Towards Financial Wellbeing

Luke Enock, CEO of Salary Finance, shares the sentiment and is proud to pioneer bringing True Debt Consolidation to the UK market in partnership with Paylink. He believes there is a significant opportunity to grow this service and save employees millions more.

ReFi™ taps into Paylink’s trusted payments engine, extensive industry knowledge, proprietary technology, banking system, well-trained customer support teams, and regulatory permissions. This makes it one of the most revolutionary products of 2023 in the industry.