Secured Revolving Loans

Required Language

• The following must be disclosed within TOS and on user's application screen:

  • "All loans are made by Synapse Credit LLC, NMLS 1971454, a licensed U.S. lender in designated States. Loans are [unsecured and/or secured], fully amortized personal loans. Eligibility for a loan is not guaranteed."

Create Secured Revolving Loan from existing Deposits

1. Display Loan Summary

2. Create a preview of the LOAN-RESERVE-US agreement

   1. preview_only=true

3. Display the LOAN-RESERVE-US agreement to user

4. Create a LOAN-RESERVE-US node

5. Transfer funds from the Deposit node to the reserve node

6. Wait for transaction to settle in the reserve node

   1. Receive TRANS|PATCH Webhook with settled status

7. Create a preview of the LOAN-US agreement

8. Display Disclosure to User:

   1. Required Language: “The bank services are provided by Synapse's partner banks, Members FDIC. By accepting the terms of this loan on <Insert Platform Name>, you agree to Synapse’s Consumer Loan Agreement.”

   2. Display loan Agreement

9. Collect Affirmative Consent from the User

10. Run Credit Decisioning

11. Create Revolving LOAN-US Node

Create Secured Revolving Loan without Deposits

1. Display Loan Summary

2. Link Reserve Funding Node

   1. Synapse Deposit Node
   2. Linked account
3. Create a preview of the LOAN-RESERVE-US agreement
4. Display the LOAN-RESERVE-US agreement to user

5. Create a LOAN-RESERVE-US node
6. Create a preview of the loan agreement
7. Display Disclosure to User:

   1. Required Language: “The bank services are provided by Synapse's partner banks, Members FDIC. By accepting the terms of this loan on <Insert Platform Name>, you agree to Synapse’s Consumer Loan Agreement.”

   2. Display loan Agreement

8. Collect Affirmative Consent from the User

9. Run Credit Decisioning

10. Transfer funds from platform node to the reserve node
11. Wait for transaction to settle in the reserve node

    1. Receive TRANS|PATCH Webhook with settled status

12. Create Revolving LOAN-US Node
13. Transfer funds from the linked node to the platform node
14. Wait for transaction to settle in the platform node

    1. Receive TRANS|PATCH Webhook with settled status

15. Enable transactions out of the loan node

Notes:

• The credit limit for a revolving loan is linked to the amount kept in the loan reserve.

• In order to facilitate a fast onboarding experience, platforms can front the reserve amount in order to allow users to complete the onboarding process while waiting for the transaction to clear from the 3rd party account.

• We recommend having enough funds to cover 3 days of user onboarding in your clearing account to cover loan reserves