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What is the purpose for a loan

Updated over 2 months ago

At Paydown, we’re here to help you take control of your finances and reduce the cost of your existing debt. Our loans are designed specifically for debt consolidation and paying off expensive credit, helping you simplify repayments and save money over time.

Here’s how a Paydown loan can help:

Pay Off Credit Cards and High-Interest Borrowing

If you’re juggling multiple credit cards or high-interest loans, a Paydown loan lets you bring everything together into one simple, affordable monthly payment. You can clear your existing balances and pay a lower, fixed rate—making it easier to manage your money and see your debt reduce faster.

Settle Costly Car Finance

Stuck with an expensive car loan? Use a Paydown loan to settle your existing car finance and switch to a more manageable repayment plan. You’ll keep your vehicle while gaining the peace of mind of predictable payments and potentially lower interest costs.

Simplify and Save

With one fixed monthly payment, a clear end date, and no hidden fees, Paydown helps you take back control. Our focus is on helping you pay down what you owe—faster, smarter, and with more confidence.

At Paydown, we believe in making debt management simple, transparent, and stress-free. Our flexible loans are designed to help you move toward financial freedom at your own pace.

For more information or support, reach out to our customer service team via in-app message or email us at hello@paydown.com.

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