Personal Loan Lenders
Increase Revenue 10x & Boost Repayment Outcomes
- Direct payments of credit card balances
- Improve visibility into credit card account data
- Boost your profile on our refinance network
The Problem
The Solution
Better Outcomes & Benefits
An Easy, More Direct Repayment Process.
Lower Default Risks With Better Data.
A Smarter Approach to Loan Repayment.
Say Hello to More Customers.
Go Further & Increase Your Customer’s LTV
Re-engage your low-risk borrowers and increase revenue by targeting other outstanding credit card debt. Assist borrowers with refinancing or debt consolidation with their other cards.
This company is a credit card platform that allows other companies to quickly launch their own credit card.
Products Used
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Pay
The Problem
Opening a new credit card account with a zero percent or low APR for balance transfers drives new user adoption and portfolio growth for the issuer. It also helps users manage their finances and save money by transferring a high APR balance from an existing credit card. This process is often very manual and not easy for both the user and the issuer to execute.
The Solution
Spinwheel’s balance transfer solution makes it easy for new customers to quickly transfer their balances to a new credit card as part of an account opening. In this way the user immediately sees the value of their new credit card account. It also improves conversion and reduces customer service issues.
This company is disrupting the mortgage lending space by providing faster, easier lending experience for their borrowers.
Products Used
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Comprehensive Data + Insights
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Precision Payments
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Income-Based Repayment/Forgiveness Enrollment
The Problem
Mortgage underwriting and closing is often delayed or stopped when an applicant’s debt-to-income ratio is too high. Applicants must leave the lender’s flow to paydown an existing debt and provide verification to meet underwriting requirements. This can take weeks, causing frustration, abandonment, and rejection of the mortgage application.
The Solution
Using Spinwheel, the mortgage underwriting process is transformed for all key stakeholders:
- Mortgage lenders can present all debts & tradelines as well as allow applicants to make payments with instant verification directly within their app or platform
- Underwriters can see debt-to-income ratio changes immediately and process the loan faster
- Applicants qualify faster with less frustration; mortgage lenders close loans faster and decrease funnel drop-off
This lender is focused on lowering the risks borrowers face when taking out personal loans.
Products Used
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Real-Time Debt Payoff
The Problem
Paying down credit card debt is the most cited reason why people take out a personal loan. Personal loan lenders often make personal loan disbursements directly to borrowers which increases default risk and lowers overall portfolio performance by 10%. Making payments directly to credit card accounts or outstanding debt is manual and expensive – often involving incorrect account information, mailing checks, and reconciling bounced payments.
Borrowers often get into further trouble when disbursements aren’t applied directly to debt. They might forget to use the money to pay the credit card or might use some of the money for other purposes, pushing them into further debt instead of helping reduce the interest or payments they have today.
The Solution
With Spinwheel’s solution lenders can:
- Fund more loans by ensuring the use of funds and correctly assessing the borrower’s risk.
- Make loan disbursements and payoffs directly to the borrowers’ credit cards or outstanding debts
- Validate accounts to ensure payments can be made and are directed to the appropriate account
- Rest easy knowing that the entire payment process is managed, giving finality and confidence in the origination and disbursement
- Reach more users by engaging them in the apps they use the most.
Along with decreased risks to the lender, borrowers see better outcomes, too, ensuring that their credit card debt is addressed.
Better Outcomes Made Easy
