SLOAN App & Sila
Helping Students Pay Off Debt Faster
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SLOAN App & Sila:
At a Glance
One out of 4 Americans has a student loan, is a co-signer, or is affected by student loans in other ways. That’s roughly 45 million people that struggle to move on with their financial lives due to student loan debt.
Sila’s payment architecture and fintech API allowed SLOAN to set up a highly sophisticated loan payment dashboard and payment app so students can get out of debt faster. Helping students take years off their school loans through crowdfunding and auto payments.
SLOAN app users can easily make automated, one-time, monthly, or weekly payments to pay down their student loans faster.
Sila architecture is able to help SLOAN move money effectively and conveniently, blending payment solutions with targeted giving.
SLOAN gains access to Sila’s expertise in the complex, financial, regulated market so they can spend more time perfecting and expanding their app, getting users to pay down debt faster than ever before.
Sila’s fintech marketplace allows users of SLOAN to tap into powerful partnerships, simplifying user verification, bank account linking, and money transfers, all in one product.
The Goal
With Sila’s compliance, Wallet API, and bank account linking API, SLOAN got to market faster and didn’t have to identify and engage with a separate bank to be compliant when facilitating P2P money transfers
Student loans allow more people to get an education, but the student loan market is crippling. Student loan debt nationwide reached a high of $1.6 trillion collectively being owed, close to $40K per borrower, according to the Federal Reserve Bank of New York.
Paying off student loans, unfortunately, is a greater challenge than one might expect. Once out of college, some students have a hard time getting jobs, many of which are often entry-level. This forces them to pay just the minimums on their active loans, or get more loans. One student had a total of 22 student loans active at one time!
Paying off your student loans shouldn’t be hard, and this is where the SLOAN app comes in.
The SLOAN app is powered by the Sila architecture and the brilliant minds at SLOAN. It has the capability of linking multiple loan accounts to one dashboard in the app, facilitating payments directly to loans, and obtaining crowdfunded money from friends and family, enabling faster payments to loans to help Americans get out of debt.
Without Sila
- Becoming or acquiring an FDIC-insured bank, which is unrealistic for a startup
- Struggling to find a way to transfer money from different sources into a loan, which is not a normal bank account
- Engineering the financial elements for the app from scratch so users can access their SLOAN payments on the go
- Finding a way to organize multiple loans in one easy-to-read dashboard
- Expensive and time-consuming process to start a business with money transfer features
With Sila
- Tapping into the Sila architecture to get started. Instantly being able to facilitate multiple types of money transfers, bank account linking, and digital wallets, all with compliance features included
- Offering secured loan lender linking so money can be transferred directly into the loan itself without leaving the app
- Relying on Sila’s powerful money API technology, with the capability of sending cryptocurrency as well
- Having that power, with access to full information like interest rates, remaining balances, and total monthly payments
- Saving oodles of time and thousands of dollars by starting up with a proven money transfer technology
A new financial world, built by you.
Sila offers a simple, secure, and scalable banking API to make money programmable with built-in regulatory compliance.
We could not be what we are without the Sila architecture. It would not be possible.
The Results
Sila’s money transfer architecture helped SLOAN get up and running quickly with financial architecture already in place. Through the sandbox, SLOAN founders were able to test their app with friends and family to perfection.
Once launched, the SLOAN app was able to register new users and perform Know-Your-Customer (KYC) verification for compliance. Through Sila’s fintech marketplace, SLOAN users can easily connect a bank account for easy money transfers.
SLOAN also wanted to tap into the peer-to-peer payment apps made available by other payment vendors like Venmo. Friends and family are so happy to give to charity, so why not support your debt repayment program?
SLOAN would not be able to do what it does without Sila. Sila’s tools prepare SLOAN to verify their users, send money securely, limit the amount of compliance risk to the company and the users, and help pay off student loans faster.
Features of SLOAN app that are powered by Sila and Sila’s fintech marketplace include:
- Automated payments
- Repayment plan set up
- Direct payments
- One-time or scheduled payments
- Secure bank account linking
- User verification
- A bank wallet for collecting funds securely
- The ability to pay with cryptocurrency!
SLOAN users can now connect directly to their loan vendors safely through their app, consolidating all loan lenders in one place. Users have more control over how they pay their balances, allowing them to get out of debt faster than ever before!
Result 1
The SLOAN app and Sila architecture connect users and their payments directly to loan lenders. Users can connect as many accounts as they need, putting all their loan payments in one place. Understand your monthly loan payments, calculated interest, and the total remaining balance through one easy-to-use app.
Result 2
Put all your loan repayment programs on autopilot. Users can also send additional payments to pay off the loans faster. The app tells them how much money they would save in interest with payment boosts, extra payments, and donations from friends and family. Take years off private and federal loans with round-ups, direct pay, and employee benefits programs.
Result 3
Friends, family, and strangers can “donate” to paying off your loan. Raise funds on special holidays, for birthdays, or even your wedding registry. Thanks to Sila’s payment transfer architecture, the money goes into your digital wallet or onto the loan. The users never have to deal with holding their money in a separate account or transferring money outside of SLOAN.
Result 4
SLOAN also taps into the future of moving money, with cryptocurrency. With Sila’s cryptocurrency technology, SLOAN users don’t have to worry about navigating off the app. Users have the ultimate control over how they pay their loans so that stress is eliminated.
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A new financial world, built by you.
Sila offers a simple, secure, and scalable banking API to make money programmable with built-in regulatory compliance.