Clay Technologies and Pepper Advantage have introduced Paydown.com, a mobile-first lending platform designed to enable UK borrowers to consolidate existing high-interest debts into a single, lower-rate personal loan.
Paydown offers personal loans ranging from £1,000 to £25,000, with terms extending from one to five years. This service allows users to repay credit card balances and other high-interest debts, replacing multiple monthly payments with one consolidated installment.
Applicants must be UK residents aged 18 or over. The platform facilitates eligibility checks through a soft credit search, which does not impact credit scores. It utilizes open banking to verify income and spending rapidly, enabling quick affordability assessments, approvals, and fund disbursements. Customers can manage their loan entirely through the Paydown mobile application, from checking eligibility to applying.
This launch follows Kravings, the UK’s first personal loan mobile app, and is part of a strategic joint venture between Pepper Advantage and Clay Technologies. The collaboration developed an AI-driven technology stack that empowers financial and non-financial businesses to offer compliant credit products. This stack integrates Clay’s Brandable Credit APIs and origination technology with PRISM, Pepper Advantage’s proprietary credit management platform. All loans offered via Paydown and Kravings are directly managed by Pepper Advantage.
David Yalland, Founder and CEO of Clay Technologies, stated, “Credit cards make it easy to borrow but hard to get out. Paydown helps people take back control – one simple repayment, no hidden fees, and a clear path to get out of the red and into the black. We want to make it as easy to pay down debt as it is to build it up.”
Fraser Gemmell, Group CEO of Pepper Advantage, added, “After the success of Kravings, we are excited to support another innovative lending solution. Paydown runs on our PRISM platform for loan management and servicing, while Clay powers the full front-end and underwriting to deliver a seamless customer experience. Together, we’re demonstrating how smarter use of technology can help borrowers reduce debt in a more responsible way.”
Clay Technologies provides a platform and API that enables tech-enabled businesses to launch and fund their own branded lending programs, managing origination, underwriting, compliance, and servicing within the partner’s application.
Pepper Advantage is an international credit management and technology company with $55 billion (USD) in assets under management. Operating across Asia, Europe, and the United Kingdom, it serves investors, financial institutions, fintechs, and banks by managing credit portfolios across various asset classes, including residential and commercial mortgages, SME loans, and consumer loans.
