EarnUp and GreenPath: The Makings of a Major Partnership

Our mission at EarnUp is about helping people. More specifically, we are focused on helping the over 200 million indebted Americans manage their loan payments and ultimately get out of debt. To solve this we continually evolve our product while partnering with several organizations that share similar goals. One of these groups is GreenPath Financial Wellness. GreenPath is a non-profit organization focused on empowering people to lead financially healthy lives.

EarnUp and GreenPath aim to bring a scalable long-term technology to the thousands of people in need of financial guidance. How did we do it? Read the full report here.

We wanted to share some of our key takeaways from this partnership and how it has helped influence our product, processes and future partnerships.

Tips for Selecting Partners

  • Identify your “No Matter Whats”
  • Ensure strong mission alignment
  • Identify the massive pain point the partnership will solve
  • Find companies with cultures that are compatible
  • Ask questions about processes, not just outcomes
  • Ensure both companies are committed to learning and will prioritize the prototype or partnership equally
  • Visit before signing an agreement
  • Require senior level engagement on both sides

What Did We Build Together? Introducing The Simple Payment Plan

The Simple Payment Plan (SPP) is a service that GreenPath and EarnUp jointly created that combines EarnUp’s technology solution with GreenPath’s counseling support to help people navigate challenges and stay on track.

With the SPP, GreenPath financial counselors review clients’ loans and expenses, help them determine which debts should go on the program, and set them up on the plan. Then, clients use the EarnUp technology to automate their payments. GreenPath counselors remain available to advise clients throughout the process.

The EarnUp app automatically withdraws money from clients’ accounts on payday, which makes it easier for clients to budget. Clients also can opt to round up payments to save significant amounts of interest over the life of the loan. Combining the EarnUp tool with GreenPath’s strong non-profit counseling creates a premium service tailored to each individual. We continue to test a variety of price points as we learn what mix of people and technology prompts customers to take action and is sustainable for the organizations.

To illustrate how this works: one customer who makes $1200 each pay period enrolled a mortgage payment of $700 per month and a car loan payment of $350 per month. He is paid twice monthly, on the 1st and the 15th. EarnUp withdraws $525 twice a month, on dates the customer picks, then pays the mortgage and auto loans on time each month.

It’s very common for our customers to have one pay period dedicated to paying rent or the mortgage. Often that pay period is very tight, given other expenses they have or unplanned expenses that arise, resulting in some missed or late payments. With the Simple Payment Plan, customers can develop a more consistent budget and cash flow, resulting in peace of mind and more on-time payments.

Together We Can Help More People

To learn more about GreenPath, EarnUp and how to build your own partnership, check out the full report.

 

More About EarnUp and GreenPath:

Detroit Free Press on the partnership

GreenPath and EarnUp Release Roadmap for Nonprofits + Fintechs to Work Together