How Purpose Financial approves 99% of loan applicants who verify their income using Plaid

Plaid Income has helped Purpose Financial streamline its loan application process, increasing the approval rate for verified income from 78% to 99.8%. The company turned to Plaid after its current tool was sunset and it had just 90 days to find a new solution. With over 12,000 financial institutions connected, Plaid provides significant improvements in speed and enhances consumer trust, which is crucial for Purpose's large customer base of thousands of new loan applications per month. The partnership has proven to be highly beneficial, with Plaid Income enabling Purpose Financial to greenlight more loans and providing a secure connection between the company and its customers' bank accounts.