COSTA MESA, Calif.–The financial wellness company Payoff said it is partnering with Chicago-based Alliant Credit Union to help consumers eliminate high-interest rate credit card debt with the Payoff Loan program.
“The partnership will offer a digital-first consumer experience to borrowers who want to improve their financial well-being; consumers will receive a personal loan to pay off their high-rate credit card debt, enabling consumers to eliminate their debts more quickly,” the organizations said in a statement. “Payoff’s digital platform is unique in that it focuses on the intersection of consumer spending and consumer psychology. The integration of Payoff’s innovative digital platform along with Alliant’s experience in consumer lending should deliver a consistent and lasting impact to consumers’ financial health.”
The credit union said it was interested in taking a different approach to helping members.
“Payoff’s approach and vision immediately stood out to us,” said Alliant CEO and President Dave Mooney in a statement. “Payoff’s integration of science, psychology and technology is a different approach to other finTechs in the marketplace, and it was clear that Payoff’s approach and platform outperforms competitors. We also saw considerable alignment in both companies’ commitment to improving consumers’ financial well-being.”
Payoff said that Alliant brings to it an ideal source of long-term, stable and aligned capital to support Payoff’s mission of helping its members eliminate high-interest rate credit card debt.
Payoff has raised more than $600 million in combined equity and debt capital since inception.