Invite borrowers to allocate part of their monthly paycheck to pay down your loan while lowering your default risk at the same time.
We typically see lenders implementing this solution in a two-step flow:
We suggest integrating Argyle in two phases:
There are five aspects to consider when thinking about the user flow:
Argyle has the ability to read all information within an employment account. This can be used at various periods in the application process:
Argyle has persistent access to an employment account once it is connected. Therefore, wherever you insert Argyle in the process, you get all of the downstream benefits (e.g. if you implement in phase 2, you automatically get the data for phases 3 and 5).
From a product perspective, you can use Argyle to:
The recommended flow looks like this:
There are a few ways to initiate Argyle:
Send all users through Argyle and leverage Argyle as a switchboard to alternative loan funding options. Our experience with clients shows that sending all users through Argyle provides the best user experience and highest conversion rates.
For users where Argyle has coverage, they can connect their accounts. For users where Argyle does not have coverage, they are presented to a “Don’t see your company?” button that closes Argyle Link and initiates a callback for you to funnel the user back to your application for an alternative path. The callback function receives an object containing a search query that was entered by the user.
This option requires you to know who employs the user. You can then check that employer against the Argyle system to confirm coverage. The user will be dropped straight into the login screen (without the need to show the search screen).
You can utilize the search Link items endpoint to query the Link items database and power the company search field in your application.
If Argyle does not cover a particular employer, then funnel the user to an alternative flow:
Not all payroll platforms support pay distribution changes and not all platforms allow more than a single 100% allocation. To successfully implement the paycheck-lending solution, constrain the available Link item list based if a payroll platform supports:
The Implementation part of this solution covers how the Link item list can be constrained based on the above criteria.
Now that you have determined 1) where in your flow, and 2) to which users, you want to surface Argyle, it is important to frame Argyle correctly for your users. Best in class implementations provide two things:
An example on-ramp screen is provided below:
After the users connect their accounts and are funnelled back into your application, it is important to inform the users what will happen next in the process. This depends on your overall flow and goals but here are some examples:
When users connect their accounts, you can retrieve their employment and income information via the Argyle API to inform your loan decisioning process.
Argyle has access to 120+ employment record data points. For verification of employment, you are most likely to want to retrieve:
For verification of income:
You can also retrieve full documents:
Please refer to the Argyle API reference for a full list of all available data points. If you want to do calculations and projections with income data, you can use our Calculator pre-build to get started.
Not all data is created equally. Employment information as job title or profile information as name are quite stable and usually can be retrieved very quickly. However, paystub information requires more time to download and scan pdf files. Please refer to the diagram below to inform your decisions on data retrieval times:
After making a loan decision and having the users accepted loan terms, drop the users back into Argyle to link their paychecks to the payback of the loan. Users have to confirm a regular and automated pay allocation to the financial institution of your choice.
If you are using the recommended flow, the users do not need to reauthenticate with their payroll platform to link their paychecks. Argyle maintains an active session and can drop the users directly into the pay allocation confirmation screen:
To initiate this process, we advise to provide:
On-ramp screen example:
Pay allocation confirmation process within the payroll platforms is beyond Argyle's control. Some platforms confirm them almost instantly, while a few others can take 24 hours or more to have a pay allocations status change from
active. The most frequently experienced scenario is that it takes a few seconds to confirm a new pay allocation.
To check that a pay allocation has been confirmed within the payroll platform, you should subscribe to the
accounts.pay_distribution_updated webhook. Please, find more information about webhooks subscription in the Implementation part of this solution.
After the users link their paychecks, they are funnelled back into your application. If the allocation is confirmed instantly, you can surface an off-ramp screen like this:
Otherwise, inform the users that the pay allocation confirmation is pending and that they will be notified once it is confirmed by the payroll platform.
By default, Argyle has your users grant ongoing access to their employment accounts. You should provide them a way to manage and disconnect their accounts and pay allocations. Provide users with an option to invoke Argyle Link (e.g. from an account settings page) to allow users to manage their connected accounts: