Apply for a One-Time Loan

Posting a loan with Synapse

After you Create a User and OAuth the User, the user is ready to apply for a loan.

Upon applying for a loan, users will know instantly if they are approved and rejected, along with rejection reason.

Following are permissible reasons an application could be rejected:

  1. Loan rejected because KYC is not finished.
  2. Loan rejected because currently we do not issue loans for your platform account type.
  3. Loan rejected because the requested loan amount is higher than what we currently allow. The limit platform_limit
  4. Loan rejected because you are over the limit of loans we currently allow. The limit is platform_limit.
  5. Loan rejected because your credit score is low. Your credit needs to be over platform_limit.

Loan Program:

Here are all the features you can customize on your spec sheet for a loan:

Program Details
Comment
Details

Agreement Delivery

Platform or Synapse

You can decide if you want to send your end user the agreement or use our white labeled email notifications

Transaction Notification

Platform or Synapse

You can decide if you want to send your end users notifications about loans or use our white labeled text message notifications

Loan Type

One Time and/or Revolving

You can decide if you want to issue a one time loan or a revolving line of credit

Credit Score

N/A

You can factor in soft credit score pulls as part of your decision. Here you can set a minimum credit score users should have to receive a loan

APR

XX%

This is the amount of interest charged on the loan that the user takes out

Cap Amount

$XX

Although the APR on a loan can increase, there will be cap on the dollar amount of interest that a end user gets charged. That way the interest can only increase to a certain amount at the most

Max Amount per Loan

$XX

The maximum dollar amount that can be taken out per loan for the user.

Repayment

Auto-Debit

This is how the user will repay their loan. Auto-debit means that the user will be automatically debited on the same day/date on a monthly schedule

Schedule

Monthly

Loan repayment can be scheduled to happen on a recurring monthly basis

Custom Rules

N/A

This accounts for any additional customization that you would have for loan decisioning

user_id :
required
string

The user ID of the user you wish to add the LOAN-US node under

BODY PARAMETERS

type :
required
string

LOAN-US

info.loan_type :
required
string

Type of Loan (`ONE-TIME`)

info.nickname :
string

nickname of the loan account

info.credit_limit.amount :
required
float

limit of how much money can be borrowed out of this loan account

info.credit_limit.currency :
required
string

currency of the loan account

info.interest.apr :
float

APR on the loan in percentage

info.interest.cap :
float

Max interest that will be charged on the loan in USD.

info.payment_node_id :
string

node ID of where we will collect payments from

info.disbursement_node_id:
string

node id of where the funds will be disbursed to.

info.document_id :
required
string

KYC document ID of the user

info.schedule :
required
string

Payment schedule. All schedules are listed below

info.next_payment :
long

when the next payment is due. In unixtime (milliseconds)

info.num_payments :
long

Number of payments due

info.installment_amount :
float

amount for each payment installment.

extra.supp_id :
string

Supplement id for node

Example Request

Applying for a loan is a POST API call to a Node.

POST /v3.1/users/5c26721d877971006217fa5a/nodes HTTP/1.1
Host: https://uat-api.synapsefi.com
X-SP-USER-IP: 255.127.79.76
X-SP-USER: oauth_QqpLD7NBKOmjGR10ZHfvx2JYA6to58lUhnzIaPrF|e83cf6ddcf778e37bfe3d48fc78a6502062fc
Content-Type: application/json
{
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"My Loan",
    "credit_limit":{
    	"amount":5.2,
    	"currency":"USD"
    },
    "interest": {
    	"apr": 10,
    	"cap": 5
    },
    "payment_node_id":"5c2e4b4c03dfb100680b858f",
    "disbursement_node_id":"5c2e4b4c03dfb100680b858f",
    "document_id":"2a4a5957a3a62aaac1a0dd0edcae96ea2cdee688ec6337b20745eed8869e3ac8",
    "schedule":"MONTHLY",
    "next_payment":30,
    "num_payments":10
  },
  "extra":{
  	"supp_id":"xx123c"
  }
}
curl -X POST \
  https://uat-api.synapsefi.com/v3.1/users/5c26721d877971006217fa5a/nodes \
  -H 'Content-Type: application/json' \
  -H 'X-SP-USER: oauth_QqpLD7NBKOmjGR10ZHfvx2JYA6to58lUhnzIaPrF|e83cf6ddcf778e37bfe3d48fc78a6502062fc' \
  -H 'X-SP-USER-IP: 255.127.79.76' \
  -d '{
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"My Loan",
    "credit_limit":{
    	"amount":5.2,
    	"currency":"USD"
    },
    "interest": {
    	"apr": 10,
    	"cap": 5
    },
    "payment_node_id":"5c2e4b4c03dfb100680b858f",
    "disbursement_node_id":"5c2e4b4c03dfb100680b858f",
    "document_id":"2a4a5957a3a62aaac1a0dd0edcae96ea2cdee688ec6337b20745eed8869e3ac8",
    "schedule":"MONTHLY",
    "next_payment":30,
    "num_payments":10
  },
  "extra":{
  	"supp_id":"xx123c"
  }
}'
body= {
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"My Loan",
    "credit_limit":{
    	"amount":40.10,
    	"currency":"USD"
    }
   
}

user.create_node(body, idempotency_key='123456')
const body = {
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"My Loan",
    "credit_limit":{
    	"amount":40.10,
    	"currency":"USD"
    }
   
};

user.createNode(body);
body= {
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"My Loan",
    "credit_limit":{
    	"amount":40.10,
    	"currency":"USD"
    }
   
}

user.create_node(payload: body)
$extra = (object)[
  "supp_id" => "xx123c"
];
$credit_limit = (object)[
 "amount" => 40.10,
 "currency" => "USD"
];
$interest = (object)[
 "apr" => 10,
 "cap" => 5
];

$info = (object)[
 "loan_type" => "ONE-TIME",
 "nickname" => "My Loan",
 "credit_limit" => $credit_limit,
 "interest" => $interest,
 "payment_node_id" => "5c2e4b4c03dfb100680b858f",
 "disbursement_node_id" => "5c2e4b4c03dfb100680b858f",  
"document_id" =>"2a4a5957a3a62aaac1a0dd0edcae96ea2cdee688ec6337b20745eed8869e3ac8",
 "schedule"=>"MONTHLY",
 "next_payment"=>30,
 "num_payments"=>10
];

$body = (object) [
 "type" => "LOAN-US",
 "info" => $info,
 "extra" => $extra,
];

$user->create_node($body);
body := `{
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"My Loan",
    "credit_limit":{
    	"amount":40.10,
    	"currency":"USD"
    }
   
}`

data, err := user.CreateNode(body)

Examples Responses:

{
    "error_code": "0",
    "http_code": "200",
    "limit": 20,
    "node_count": 1,
    "nodes": [
        {
            "_id": "5c2e5719bdceaf00660f50f1",
            "_links": {
                "self": {
                    "href": "https://uat-api.synapsefi.com/v3.1/users/5c26721d877971006217fa5a/nodes/5c2e5719bdceaf00660f50f1"
                }
            },
            "allowed": "CREDIT",
            "client": {
                "id": "589acd9ecb3cd400fa75ac06",
                "name": "Synapse"
            },
            "extra": {
                "note": null,
                "other": {},
                "supp_id": "xx123c"
            },
            "info": {
                "agreements": [
                    {
                        "type": "LOAN_AGREEMENT",
                        "url": "https://cdn.synapsepay.com/uploads/2019/01/03/oQ7yYtrN0g2zMLAXiPk5TOhxC4ab18wVSsWdmnu9FEcDB3J6Hv.pdf"
                    }
                ],
                "balance": {
                    "amount": 0,
                    "currency": "USD"
                },
                "credit_limit": {
                    "amount": 5.2,
                    "currency": "USD"
                },
                "disbursement_node_id": "5c2e4b4c03dfb100680b858f",
                "document_id": "2a4a5957a3a62aaac1a0dd0edcae96ea2cdee688ec6337b20745eed8869e3ac8",
                "installment_amount": 0.55,
                "installments": [
                    {
                        "amount": 0.55,
                        "date": 1549132822184
                    },
                    {
                        "amount": 0.55,
                        "date": 1551552022184
                    },
                    {
                        "amount": 0.55,
                        "date": 1554230422184
                    },
                    {
                        "amount": 0.55,
                        "date": 1556822422184
                    },
                    {
                        "amount": 0.55,
                        "date": 1559500822184
                    },
                    {
                        "amount": 0.55,
                        "date": 1562092822184
                    },
                    {
                        "amount": 0.55,
                        "date": 1564771222184
                    },
                    {
                        "amount": 0.55,
                        "date": 1567449622184
                    },
                    {
                        "amount": 0.55,
                        "date": 1570041622184
                    },
                    {
                        "amount": 0.51,
                        "date": 1572720022184
                    }
                ],
                "interest": {
                    "accrued": 0,
                    "apr": 10,
                    "cap": 0.26
                },
                "loan_type": "ONE-TIME",
                "name_on_account": " ",
                "next_payment": 1549132822184,
                "nickname": "My Loan",
                "num_payments": 10,
                "payment_node_id": "5c2e4b4c03dfb100680b858f",
                "remaining_payments": 10,
                "schedule": "MONTHLY"
            },
            "is_active": true,
            "timeline": [
                {
                    "date": 1546540822184,
                    "note": "Node created."
                }
            ],
            "type": "LOAN-US",
            "user_id": "5c26721d877971006217fa5a"
        }
    ],
    "page_count": 1,
    "success": true
}
{
    "error_code": "0",
    "http_code": "200",
    "limit": 20,
    "node_count": 1,
    "nodes": [
        {
            "_id": "5c2e588f03dfb100680b88d9",
            "_links": {
                "self": {
                    "href": "https://uat-api.synapsefi.com/v3.1/users/5c26721d877971006217fa5a/nodes/5c2e588f03dfb100680b88d9"
                }
            },
            "allowed": "REJECTED",
            "client": {
                "id": "589acd9ecb3cd400fa75ac06",
                "name": "SynapseFI"
            },
            "extra": {
                "note": "The LOANTYPE amount requested is higher than what we can offer you. Your limit is 100.",
                "other": {},
                "supp_id": "xx123c"
            },
            "info": {
                "agreements": [
                    {
                        "type": "ADVERSE_ACTION",
                        "url": "https://cdn.synapsepay.com/uploads/2019/01/03/f05aUxV3zL6mRkNnITo8cejyQDhdW90FSwsBXEqbCi4PZrKp21.pdf"
                    }
                ],
                "balance": {
                    "amount": 0,
                    "currency": "USD"
                },
                "credit_limit": {
                    "amount": 0,
                    "currency": "USD"
                },
                "disbursement_node_id": "5c2e4b4c03dfb100680b858f",
                "document_id": "2a4a5957a3a62aaac1a0dd0edcae96ea2cdee688ec6337b20745eed8869e3ac8",
                "installment_amount": 0,
                "installments": [],
                "interest": {
                    "accrued": 0,
                    "apr": 10,
                    "cap": 0.05
                },
                "loan_type": "ONE-TIME",
                "name_on_account": " ",
                "next_payment": null,
                "nickname": "My Loan",
                "num_payments": 0,
                "payment_node_id": "5c2e4b4c03dfb100680b858f",
                "schedule": "MONTHLY"
            },
            "is_active": true,
            "timeline": [
                {
                    "date": 1546541197958,
                    "note": "Node created."
                }
            ],
            "type": "LOAN-US",
            "user_id": "5c26721d877971006217fa5a"
        }
    ],
    "page_count": 1,
    "success": true
}

Toggle Auto-Pay On/Off

To toggle auto-pay off, just supply null for the payment_node_id.

Timeline

The timeline will reflect Node created. or Node updated.. Specifically, the node will reflect that it was updated when the payment amount or date is updated.

Variable APRs

You can also specify the APR when you create a loan object. Any APR below that has been approved by us will work as a valid input. All you would need to do is add info.interest.apr in %.

Example:

POST /v3.1/users/5b9ee70e04707a0067a724d5/nodes HTTP/1.1
Host: uat-api.synapsefi.com
X-SP-USER-IP: 255.127.79.76
X-SP-USER: oauth_F0rsnYzBpfZkNh91aERc5d|e83cf6ddcf778e37bfe3d48fc78a6502062fc
Content-Type: application/json
Cache-Control: no-cache

{
  "type": "LOAN-US",
  "info": {
  	"loan_type":"ONE-TIME",
    "nickname":"For a Tesla Model X",
    "credit_limit":{
    	"amount":500.2,
    	"currency":"USD"
    },
    "interest": {
    	"apr": 10
    },
    "payment_node_id":"5bb4ea879a835600b57fb1c2",
    "disbursement_node_id":"5bb4ea879a835600b57fb1c2",
    "document_id":"2a4a5957a3a62aaac1a0dd0edcae96ea2cdee68",
    "schedule":"MONTHLY",
    "next_payment":30,
    "num_payments":10
  },
  "extra":{
  	"supp_id":"xx123c"
  }
}

By default, funds are automatically disbursed to the user's disbursement node. If there is no disbursement node, your platform will have to create a transaction to draw funds from the node.

Subscribe to Webhooks

We recommend that you subscribe to webhooks to stay updated on the status of nodes.

Apply for a One-Time Loan


Posting a loan with Synapse

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