How a student loan API can help you pay off debt faster and more efficiently
No one can say that we don’t live in interesting times. We’ve seen many changes in our daily lives this past year, including how many of us approach student loan debt. In fact, this year will mark the first time in U.S. history that as many as 43 million borrowers will return to paying off their student loan debt.
While President Biden’s student loan pause brought needed temporary relief for borrowers, as of May 2022, millions will be faced with moving over to new loan servicers in order to get their payments back on track.
Simplifying payments while minimizing confusion makes it easier for borrowers to keep track of their finances. Creating better debt payback opportunities for borrowers, regardless of government aid, is what’s needed most right now. The good news is that decisive, easy-to-use debt repayment and financial wellness applications offer just that. Embedded fintech and financial solutions with efficient strategies stand to help users tackle loan and debt repayments effectively.
The need for a student loan API | Spinwheel
A student loan debt API eases the burden of debt repayment for both lenders, borrowers, and other finance-based businesses equally, especially in light of the current state of the US economy. Spinwheel’s student loan API, for instance, is an excellent example of how smart debt solutions are here to stay.
Student loan repayment apps (along with a host of other financial wellness apps) can use Spinwheel to help borrowers pay off debt quickly and effectively. Student loan borrowers can also make micropayments via Spinwheel’s technology without ever leaving the interface of their already familiar app. Spinwheel allows borrowers to round-up tiny transactions to pay off their loans quickly. Student loan borrowers may round up their purchases, and any spare change is sent immediately into their loan repayments. Using Spinwheel’s token-based authentication system means not using cookie-based frameworks that are outdated.
Nurture healthier debt relationships with Spinwheel
Our unique approach to embedded finance keeps borrowers happy.
Provide the tools borrowers need to succeed
The always-connected, user-authorized system enables companies to receive a comprehensive financial picture of their borrowers’ debt. Businesses can benefit from instant access to real-time loan and borrower data to instantly verify, analyze, and communicate with existing and new borrowers. Spinwheel excels in its ability to help businesses maximize their borrowers’ debt repayments for a faster, more efficient path to better financial health.
Informed borrowers make smarter choices
Embedding our API technology into businesses allows instant and always-connected access between the borrowers’ account information and the business involved. This also means that your borrowers are better educated when it comes to efficient debt management practices. These could include which tax rebates are on offer, to the best choice that’s available if loan refinancing is required. The primary takeaway is that it boosts confidence in your brand amongst borrowers, allowing your business to thrive, thanks to the seamless experience that’s provided to the borrower.
Spinwheel: A more calculated approach to debt management
Spinwheel brings a fresh approach to embedded finance and student loan APIs. Our integrated solutions deliver reliable, real-time data about your customers’ debt, and reveal ways to improve it. Borrowers are more likely to stay when they understand which debts to pay off first, when to refinance, and how to optimize their resources to avoid incurring excessive fees. Reduce refinancing time and costs by providing consumers with lightning-fast, hyper-personalized, intelligent refinancing alternatives embedded within your app.
How it works
Spinwheel’s debt API interacts with but is not limited to financial services and repayment apps. Without using any other third party, borrowers gain access to crucial loan information, transactions, payments, and financial advice. Best of all, it’s a cinch for developers to integrate these features and capabilities into any application with the help of Spinwheel’s easy-to-use low-code student loan API drop-in-style modules. Spinwheel makes integration easier while quickly getting projects up and running. Spinwheel’s innovative drop-in modules are not only solving problems with student loan lender apps and services but also work efficiently with:
- Banks and Credit Unions
- Personal financial wellness apps
- Workplace benefits, 401K providers, and record keepers
- Companies with loyalty rewards
- Credit wellness companies
Spinwheel provides an infrastructure that helps apps and services add value-added loan payment and loan management services. What’s more, the easy-to-use low-code student loan API can be implemented fast. Spinwheel strives to ease the pressures of debt and improve debt outcomes for all borrowers with their smart student loan APIs.
Learn more about Spinwheel here or contact our sales team here.