ReadyForZero Helps Users Pay Off $12.5M In Debt; Now Launching Offers Platfrom
ReadyForZero, an online financial service (and YC alum) focused on addressing a real need ? getting people out of debt faster ? appears to be working. The company, which is now reporting 13% month-over-month growth, says its users have paid off $12.5 million in debt to date, out of the nearly $200 million worth of debt managed by the service. That number has been growing quickly, too. Just a few weeks ago, it was at $8.5 million, then jumped up to $11 million after the first week of March, and, as of today, reached the $12.5 million mark.
Something which will help that number grow even further is the company?s newly launched Savings Platform, which will show offers to users from ReadyForZero?s financial partners, without sharing users? personal information with the partners in advance.
?We?ve always wanted our product to eventually be like a marketplace,? explains ReadyForZero CEO and co-founder Rod Ebrahimi, ?people can show their performance over time, and say: ?Look, I?m doing really well ? here?s a real-time snapshot of their finances with respect to my debt and my cash flow?why don?t you offer me a better rate???
This new savings platform is the first step towards that goal, says Ebrahimi.
The privacy-focused feature is different from what the big banks are used to (traditionally, they acquire new customers via lead generation). Now, they have to work with ReadyForZero by providing access to their own algorithms and requirements in order for the startup to target users on its end. But for users already wary of having their financial details floating around, there?s a benefit in being able to securely receive these offers and consider them while remaining anonymous.
For example, when suggesting a consolidation loan, ReadyForZero would show the user how much money they would save, what the interest rate would be, how much the monthly payments would be reduced by, and how much quicker you would be able to pay off the debt. Likely, the user would then accept the offer, and