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
Student Debt, Home and Personal Loan APIs
The Problem
Managing default risk is a key capability for a successful lending book.
The Solution
Spinwheel’s debt API helps you create a reliable customer risk profile with the ability to directly connect to credit card issuers. Lower default risk and improve margins even more with direct payments to the credit card issuer.

Better Outcomes & Benefits

Personal Loan API
An Easy, More Direct Repayment Process.
We make it easy for you to complete direct loan payments to the debt issuer in real time, or for borrowers to set up an auto-pay plan. Reduce default risk, access current debt balances, and increase repayment outcomes with Precision Pay.
Financial Data API
Lower Default Risks With Better Data.
Quickly build a risk profile with access to any liabilities account and get a complete financial picture for easy, accurate risk assessment. Consistent direct connections to borrower account data provide full visibility into credit card balance, loan information, and more.
Loan Repayment API
A Smarter Approach to Loan Repayment.
Spinwheel’s intelligent tools, including our loan calculator, make it easy for borrowers and lenders to create a feasible loan repayment plan and improve default rates.
Embedded Fintech
Say Hello to More Customers.
Spinwheel’s network gets you in front of millions of borrowers fast. Our embedded fintech solutions open up all-new refinance and debt consolidation capabilities, so borrowers can make data-driven decisions to improve outcomes, and drive your revenue.

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.

Case Study > Personal Loan Lenders

This company is a credit card platform that allows other companies to quickly launch their own credit card.

Products Used
  • Real-Time Debt Payoff

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.

Case Study > Personal Loan Lenders

This company is disrupting the mortgage lending space by providing faster, easier lending experience for their borrowers.

Products Used
  • Comprehensive Data + Insights
  • Precision Payments
  • 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
Case Study > Personal Loan Lenders

This lender is focused on lowering the risks borrowers face when taking out personal loans.

Products Used
  • 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

1.

Borrower connects their loan account via the app

2.

Once authenticated, you have access to their debt information

3.

Borrowers can start making payments or refinancing right away