Secured Revolving Loans
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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."
Display Loan Summary
preview_only=true
Display the LOAN-RESERVE-US agreement to user
Wait for transaction to settle in the reserve node
Receive TRANS|PATCH Webhook with settled status
Display Disclosure to User:
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.”
Display loan Agreement
Collect Affirmative Consent from the User
Run Credit Decisioning
Display Loan Summary
Link Reserve Funding Node
Display the LOAN-RESERVE-US agreement to user
Display Disclosure to User:
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.”
Display loan Agreement
Collect Affirmative Consent from the User
Run Credit Decisioning
Wait for transaction to settle in the reserve node
Receive TRANS|PATCH Webhook with settled status
Wait for transaction to settle in the platform node
Receive TRANS|PATCH Webhook with settled status
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