Faster Lending Approvals with Employment Verification APIs
Carolyn Morris

Carolyn Morris


Get Faster Lending Approvals with Employment Verification APIs

Lenders can instantly confirm salary, wages, and work status—without the hassles or lag of paperwork

High loan volume with limited risk is the name of the game in the lending industry. The trade off of moving fast to underwrite more loans used to mean sacrificing critical checks and taking on more risk, but with the advent of automation, lenders have been able to bring credit decisions that used to take weeks down to days.

While impressive, borrowers are living in a world of instant gratification—a process that takes days still just doesn’t cut it.

With Argyle, we enable you to perform one of the most critical steps in the lending process, income and employment verification in minutes, not days. Here’s what that added speed means to your lending business:

Reduce time to funding and increase borrower conversions

With Argyle, a single borrower sign-in fulfills your data needs throughout the lending process. That direct access to a borrower’s employer account or payroll provider enables you to auto-fill personal data, verify income and employment in seconds, and gain a holistic view of an applicant’s creditworthiness for instant, intelligent credit decisioning with minimal (if any) manual interventions. No more hunting for a paystub PDF in your inbox.

Our low-friction flow not only keeps users in your system, but also eliminates the risk of data entry errors. This means you can turn around a loan offer faster than competitors, and convert more applicants into borrowers.

Lower first payment default risk

Relying on a credit score alone means you capture a backward-looking picture of an applicant rather than current repayment habits and income trends. Continuous access to over 160 data endpoints enables lenders to know a lot about each applicant, and your information doesn’t go out of date.

The granularity of the employment data we source and our ability to continuously monitor it in real time extends Argyle’s utility to solutions like paycheck-linked lending, earned wage access, and long-term loan servicing insights that allow you to sell the right product (like an additional line of credit) at the right time and with even less default risk (since you know the borrower’s current income status). When you’re ready, the connectivity required to build out these solutions and more are instantly accessible to you through the Argyle platform.

Cost savings through automation

When you streamline any operation, whether it be a background check, underwriting, or income verification, you will see cost savings in the operation of the business. Argyle’s quick, two-step automated verification process is done in a matter of seconds, saving your team time wading through paystubs, W-2s, and emails and attempting to verify every employment detail by phone or email.

With Argyle, our employer and payroll data access portal provides an easy to navigate user experience for loan officers, so they can find the information they need quickly if any manual touch point is required.

Give the Argyle experience a try

Contact our team to learn more about our consent-based payroll and employment data or to request a demo of the frictionless UX experience you can have with Argyle.

Get in touch today!