12 docs tagged with "creating_a_loan"

Only loans in the Processing state can be approved.

When a loan is created in the system, it is associated with a loan product. The terms set on the loan product will be the terms for the new loan. To set up a loan product, see Creating New Loan Products.

Only loans in the Processing state can be deleted.

Only loans in the Approved state can be disbursed.

A loan can be edited only if it is still in the Processing state. In this state, the user can edit any field. Once the loan has been approved, to edit the loan the user must first undo the approval. Undoing the approval reverts the loan back to the Processing state. If the loan has already been disbursed (Open state), the user must undo the disbursement to revert back to the approved state and then undo the approval to revert back to the Processing state to be able to edit.

Loan details section provides information about the loan.

Each time a loan is created, it is assigned an initial state of "Processing." From there, the loan goes through a series of states until it completes a cycle. Each state defines the loan's position and what can happen to it.

There are two ways to add payments to loans. You can go to the loan and make a payment, or you can choose to make bulk repayments.

When a loan in Open state misses installments, its state is changed to Arrears. In arrears, depending on product configurations, penalties may be added automatically to a loan at specific intervals. You might want to limit penalties added to a particular loan, or on loan creation, you might want to restrict the system from adding penalties to a specific loan in case of default.

Only loans in the Processing state can be rejected.

Lenda system only supports single payment on solidarity loans. To add a payment:

Only loans in Open or Arrears state can be written off. Writing off a loan takes the remaining loan balances off the portfolio, registering them as a loss.