The loan products can be viewed and configured (from Version 1.2) from this view.
A loan product contains a few properties like:
| Property | Description |
|---|---|
| Product status | Is the product open for business or not |
| Product name | The name of the loan product like "Company loan", "Private house loan" etc. |
| Link to account term template | This is a link to the account term template that holds a lot more information. The account term template is then used to produce a separate account term for a certain borrower. |
| Type of credit check | The Lendysoft platform holds a number of supported credit check integrations and here the product can be associated with which credit check integrations to use |
| Brand | Since a number of brands can be operated using one Lendysoft platform the product should be associated with a brand. For example we might want to have a special branded customer front and homepage for real estate company loans and another brand and site for short term bridge loans. |
The account term template is a bit more advanced and holds some of the following properties:
| Property | Description |
|---|---|
| Template name | The name of the term template |
| Minimum and maximum amount | The minimum and maximum amounts that a borrower can apply for in their loan application |
| Minimum and maximum duration | The minimum and maximum number of months that the loan can be open for a borrower |
| Minimum and maximum amortization percent and amount | These settings will give us a way to limit the minimum and maximum amount of the monthly amortizations in percentage or absolute terms |
| Amortization type | Here we can choose if the product should be of the type annuity, straight repayment or any other type of amortization principle |
| Interest rate | The standard interest rate used for the loan product |
| Currency | The currency denomination of the loan product |
| Agreement type | What type of agreement this is, by default the agreement type is set to loan terms but could also be used for deposit terms |
| Type of repayment term | This property makes it possible to set if the loan should be possible to pay back before the end of the loan term. If the repayment type is set to closed the loan will not be able to re-pay until the end of the duration, if it is set to capitalization the loan is possible to pay back on the next capitalization date and if this property is set to open the loan can be re-paid at any time. |
Read more detailed articles below for specific examples.