Case Study: Lendly funds $2.5M in direct deposit loans through Pinwheel in 30 days
Key results
The challenge
Lendly, an authorized servicer of a bank offering personal loans to underbanked consumers, relied on manual loan applications and repayment setup that required frequent operations-team intervention. Applicants had to upload documents to prove employment, and customers often entered incorrect direct-deposit details, while the servicer needed stronger identity and employment verification to prevent fake pay stubs and synthetic-identity fraud.
The solution
Lendly implemented Pinwheel Verify and Pinwheel Deposit Switch across the loan-origination process. At application, borrowers log into their payroll account so Pinwheel Verify pulls identity, employment history, and income directly from payroll; on approval, Deposit Switch sets up automatic repayment from the borrower's paycheck.
“The Pinwheel flow is becoming one of our main sources of funding direct deposit loans. In the last 30 days, we've funded $2.5M in loans through Pinwheel alone.”
NSNick SchubertChief Marketing Officer, Lendly, LLC
The results, in context
Lendly reported funding $2.5M in direct deposit loans through Pinwheel in the last 30 days, with the Pinwheel flow becoming one of its main sources of funded direct-deposit loans. The company also reported fewer manual document reviews, a reduction in first payment defaults, and lower fraud claims after customers began logging into payroll directly.