Case Study: Lendly improves loan servicing and reduces manual reviews with Pinwheel

Lendly funds $2.5M in direct deposit loans in 30 days with Pinwheel

Lendly, an authorized servicer for a bank providing personal loans to underbanked consumers, faced challenges with its manual loan origination and repayment setup processes. These manual methods created friction for applicants, required frequent operational intervention, and left the company vulnerable to fraud. To tackle this, Lendly partnered with vendor Pinwheel to implement its Verify and Deposit Switch solutions.

Pinwheel's solutions automated identity verification and direct deposit setup by connecting directly to applicants' payroll accounts. This automation resulted in a significant reduction in manual reviews and first payment defaults. Pinwheel also helped Lendly improve fraud prevention. A measurable impact was funding $2.5M in loans through the Pinwheel flow in a single month.

Lendly