{"_id":"5becb823c995a2033765c45a","project":"59f79e3c584eb200345ceafc","version":{"_id":"5ba178b00a916500030c6a21","project":"59f79e3c584eb200345ceafc","__v":24,"forked_from":"59f79e3c584eb200345ceaff","createdAt":"2015-09-17T03:47:20.956Z","releaseDate":"2015-09-17T03:47:20.956Z","categories":["5ba178b00a916500030c69a2","5ba178b00a916500030c69a3","5ba178b00a916500030c69a4","5ba178b00a916500030c69a5","5ba178b00a916500030c69a6","5ba178b00a916500030c69a7","5ba178b00a916500030c69a8","5ba178b00a916500030c69a9","5ba178b00a916500030c69aa","5ba178b00a916500030c69ab","5ba178b00a916500030c69ac","5afb6888212c690003ae3d3b","5ba178b00a916500030c69ad","5ba178b00a916500030c69ae","5ba2dcbc99f53f0003b97e2c","5babd73fa0ab3e0003ead030","5bb4038be7222e000334dd97","5bb55954478c1300031a44c2","5bb665a1607307000327c81e","5bb6f90229a7fb0003a0650d","5bb7f9bc29a7fb0003a07ac1","5bba58bd7ba7710003bd901d","5bba6dac7ba7710003bd908d","5bba6e257ba7710003bd9090","5bbac87810189c0003e619ea","5bbb9d02b5862c00036266b2","5bbbadb6219c3e000376c2de","5bc417751d1b0000182bf7f6","5bc59e3b2a5b4f0044db5b97","5bc7bbce2262cc0041f6eff2","5bce6a3580a7250031199f34","5bcfac2c4082510019f2d91b","5bcfac3757bed90030e45d68","5bcfac45d305bc0049941539","5bd2a43548bb6f00289c8fad","5bd3a42a026ebe001f66259e","5bd9d5afffe003005b02f97b","5becb7ee85c6b300557662b6"],"is_deprecated":false,"is_hidden":false,"is_beta":true,"is_stable":false,"codename":"","version_clean":"3.2.0","version":"3.2"},"category":{"_id":"5becb7ee85c6b300557662b6","project":"59f79e3c584eb200345ceafc","version":"5ba178b00a916500030c6a21","__v":0,"sync":{"url":"","isSync":false},"reference":false,"createdAt":"2018-11-15T00:03:58.167Z","from_sync":false,"order":16,"slug":"loans-revolving","title":"Revolving Loans"},"user":"5557e76e512c300d007730d1","__v":0,"parentDoc":null,"updates":[],"next":{"pages":[],"description":""},"createdAt":"2018-11-15T00:04:51.665Z","link_external":false,"link_url":"","sync_unique":"","hidden":false,"api":{"settings":"","results":{"codes":[]},"auth":"required","params":[],"url":""},"isReference":false,"order":0,"body":"[block:callout]\n{\n  \"type\": \"info\",\n  \"body\": \"This product is currently in beta. Following are still to-dos on our side that we will be finishing:\\n\\n* **Repayment Transactions:** Everyday we will check if a payment is due, if it is, we will create a repayment transaction for the user.\\nInterest accrual logic: Currently daily interest accrual is disabled on sandbox.\\n* **Credit Checks:** Some developers wish to issue loans based on a credit box, currently we do not have this feature enabled on sandbox.\\n* **Payment due message alerts:** Text message alerts for repayments are disabled. But when we will enable the repayment logic, this will be a part of that release as well.\\n* **Email for agreements and decisioning:** This will come with the PDF generation release.\\n* **Closing Account:** With the above releases, we will also add a feature to let you close loan accounts for users.\",\n  \"title\": \"Currently in Beta\"\n}\n[/block]\nOur loan product allows you to quickly issue and service short-term unsecured loans without the need to register as a lender.  Loans are built on top of our Node architecture and are treated as accounts with a negative balance. \n\nA revolving loan is similar to a credit card, in that a user is issued a line of credit which they can draw against. Users will not be able to overdraw on this credit line and must pay off some of the balance to utilize credit.\n\nTo issue a revolving loan, Create a User with the necessary KYC. Then OAuth the user and apply for a loan by creating a `LOANS-US` node. This node will have all loan details, including credit limit, payment account, disbursement account, APR etc. The user will then either be denied or approved for the loan based on your custom requirements.\n\nNote: Loans are considered [unsecured loans](https://www.thebalance.com/unsecured-loans-definition-and-explanation-315638) because they are not backed by anything.\n\n##Node Type\n[block:parameters]\n{\n  \"data\": {\n    \"h-0\": \"Type\",\n    \"h-1\": \"Default Permissions\",\n    \"h-2\": \"Comment\",\n    \"0-0\": \"LOAN-US\",\n    \"0-1\": \"A loan account issued to a user with standard APR, credit limit, and payment details\"\n  },\n  \"cols\": 2,\n  \"rows\": 1\n}\n[/block]\n##Who is the lender? How is decisioning done?\n\nOur partner banks act as the lender. This allows you to issue loans without registering as a lender yourself. However, you will still be guarantor of the loans issued to users. This means if the end user is unable to pay the loan, you will have to make the payments on their behalf.\n\nWhen setting up your loan program, Synapse will underwrite your business and set an appropriate limit on how many loans your platform is allowed to underwrite at any given time. At this point, we will also work with you to establish decisioning for loan approval.\n\nTo be set up as the guarantor of loans your platform will hold a loan reserve account with the amount you’ll be giving out in loans. We will not debit this account as you are giving loans out, but this account will function more as collateral. We will only debit this account when the user does not pay back the loan after their agreed period of time. The platform's loan reserve account guarantees that loans are paid back.  You can only issue loans based on the balance in your reserve account.\n\n##Interest Accrual and Cap amounts \n\n**Statements cycle:** Statements will correspond to regular months. A statement is always the first day of the month to the last day of the month.\n**Statements delivery:** Statements are delivered no later than the 10th of each month.\n**Payment date:** Payment is due on the 20th of each month. No interest is charged if the total amount due is paid on this date.\n**Interest accrual:** If the total amount due is not paid on the 20th of the month following the statement cycle, the interest accrued will include everything back to the initial day of expenditure/credit use.\n**Payments distribution:** Partial or late payments shall offset the first expense made (in the timeline) and the interests accrued proportionally (ex.: if there is one 50 dollar payment plus $5 in interest ($55) and the user paid 11, then we will apply 10 for principal and 1 for interest, and the balance will be 40 principal and 4 interest).\n\nJust like for our One-Time Loan, we cap APR on Revolving Credit Loans. We also do not charge end users for late payments. The APR is the only fee they have to worry about.\n\nWhat that means is, for example, if an end user has a balance of $100 loan with an APR of 10% and cap of $40 dollars, then the interest will only accrue up to $40, not more.\n\n##Required KYC\nFor revolving loans, our KYC at a minimum would be base doc, SSN and government ID as the functionality more closely resembles a deposit account.\n\n## Node Object\n[block:html]\n{\n  \"html\": \"<div class=\\\"api-manager\\\"> <div class=\\\"param-table\\\"> <div class=\\\"table\\\"> <div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong>_id <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>ID of the loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong>allowed <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>permisisons granted to the loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">extra.</span>note <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>All reasons for rejecting a loan</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>agreements <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">array of objects</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>Reference ID for the loan</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.agreements.</span>type <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>Type of agreement</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.agreements.</span>url <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>URL of the agreement</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.balance.</span>amount <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">float</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>Balance on the loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.balance.</span>currency <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>currency of the loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.credit_limit.</span>amount <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">float</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>limit of how much money can be borrowed out of this loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.credit_limit.</span>currency <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>currency of the loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>disbursement_node_id <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>node id of where the funds will be disbursed to.</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>document_id <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>KYC document ID of the user</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>installment_amount <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">float</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>amount for each payment installment.</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.interest.</span>accrued <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">float</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>how much interest has accrued so far on the loan. In USD</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.interest.</span>apr <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">float</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>APR on the loan in percentage</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.interest.</span>cap <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">float</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>Max interest that will be charged on the loan in USD.</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>next_payment <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">long</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>when the next payment is due. In unixtime (milliseconds)</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>nickname <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>nickname of the loan account</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>num_payments <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">integer</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>number of payments in the loan term</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>payment_node_id <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>node ID of where we will collect payments from</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>schedule <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>Payment schedule. All schedules are listed below</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong> <span class=\\\"text-muted\\\">info.</span>loan_type <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>ONE-TIME or REVOLVING</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong>type <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>LOAN-US</p></div></div></div><div class=\\\"tr\\\"> <div class=\\\"td param\\\"> <strong>user_id <span class=\\\"colon\\\">:</span> </strong> </div><div class=\\\"td\\\"> <strong class=\\\"param-type\\\">string</strong> <div marked=\\\"\\\" class=\\\"ng-isolate-scope\\\"> <p>ID of the user</p></div></div></div></div></div></div>\"\n}\n[/block]\n## Allowed Statuses\n[block:parameters]\n{\n  \"data\": {\n    \"h-0\": \"PERMISSION\",\n    \"h-1\": \"DESCRIPTION\",\n    \"0-0\": \"CREDIT-AND-DEBIT\",\n    \"0-1\": \"This `allowed` type is used for a revolving line. It means you can pay back the loan and also draw funds out of the account.\",\n    \"1-0\": \"REJECTED\",\n    \"1-1\": \"When the loan gets rejected, a loan account will be created but with `allowed` as `REJECTED`. The loan account will have details of rejection in the `extra.notes` section and also the adverse action letter under `info.agreements`.\",\n    \"2-0\": \"LOCKED\",\n    \"3-0\": \"INACTIVE\",\n    \"3-1\": \"A node can be marked as `INACTIVE` if the balance is zero and it is not currently in use.\",\n    \"2-1\": \"In case of a revolving line, when a loan account is closed, it will be marked as `LOCKED`.\"\n  },\n  \"cols\": 2,\n  \"rows\": 4\n}\n[/block]\n## Agreement Types\n[block:parameters]\n{\n  \"data\": {\n    \"h-0\": \"Agreement Types\",\n    \"0-0\": \"ADVERSE_ACTION\",\n    \"1-0\": \"CREDIT_AGREEMENT\",\n    \"2-0\": \"LOAN_AGREEMENT\",\n    \"h-1\": \"Notes\",\n    \"0-1\": \"If a loan is rejected, an adverse action letter will be issued and that will be under the `info.agreements` object.\",\n    \"1-1\": \"If a loan is credit based, then the credit agreement will be under `info.agreements` object.\",\n    \"2-1\": \"If a loan is approved, the approved loan \\n with all the loan details agreement will be under `info.agreements` object.\"\n  },\n  \"cols\": 2,\n  \"rows\": 3\n}\n[/block]\n## Repayment Schedules\n[block:parameters]\n{\n  \"data\": {\n    \"h-0\": \"Schedules\",\n    \"h-1\": \"Notes\",\n    \"0-0\": \"MONTHLY\",\n    \"1-0\": \"`WEEKLY`\",\n    \"2-0\": \"`MONTHLY`\",\n    \"0-1\": \"Monthly loan repayment\",\n    \"1-1\": \"Weekly loan repayment\",\n    \"2-1\": \"Monthly loan repayment\"\n  },\n  \"cols\": 2,\n  \"rows\": 1\n}\n[/block]","excerpt":"Introduction to loans product","slug":"revolving-loan-intro","type":"basic","title":"Revolving Loan Intro"}

Revolving Loan Intro

Introduction to loans product

[block:callout] { "type": "info", "body": "This product is currently in beta. Following are still to-dos on our side that we will be finishing:\n\n* **Repayment Transactions:** Everyday we will check if a payment is due, if it is, we will create a repayment transaction for the user.\nInterest accrual logic: Currently daily interest accrual is disabled on sandbox.\n* **Credit Checks:** Some developers wish to issue loans based on a credit box, currently we do not have this feature enabled on sandbox.\n* **Payment due message alerts:** Text message alerts for repayments are disabled. But when we will enable the repayment logic, this will be a part of that release as well.\n* **Email for agreements and decisioning:** This will come with the PDF generation release.\n* **Closing Account:** With the above releases, we will also add a feature to let you close loan accounts for users.", "title": "Currently in Beta" } [/block] Our loan product allows you to quickly issue and service short-term unsecured loans without the need to register as a lender. Loans are built on top of our Node architecture and are treated as accounts with a negative balance. A revolving loan is similar to a credit card, in that a user is issued a line of credit which they can draw against. Users will not be able to overdraw on this credit line and must pay off some of the balance to utilize credit. To issue a revolving loan, Create a User with the necessary KYC. Then OAuth the user and apply for a loan by creating a `LOANS-US` node. This node will have all loan details, including credit limit, payment account, disbursement account, APR etc. The user will then either be denied or approved for the loan based on your custom requirements. Note: Loans are considered [unsecured loans](https://www.thebalance.com/unsecured-loans-definition-and-explanation-315638) because they are not backed by anything. ##Node Type [block:parameters] { "data": { "h-0": "Type", "h-1": "Default Permissions", "h-2": "Comment", "0-0": "LOAN-US", "0-1": "A loan account issued to a user with standard APR, credit limit, and payment details" }, "cols": 2, "rows": 1 } [/block] ##Who is the lender? How is decisioning done? Our partner banks act as the lender. This allows you to issue loans without registering as a lender yourself. However, you will still be guarantor of the loans issued to users. This means if the end user is unable to pay the loan, you will have to make the payments on their behalf. When setting up your loan program, Synapse will underwrite your business and set an appropriate limit on how many loans your platform is allowed to underwrite at any given time. At this point, we will also work with you to establish decisioning for loan approval. To be set up as the guarantor of loans your platform will hold a loan reserve account with the amount you’ll be giving out in loans. We will not debit this account as you are giving loans out, but this account will function more as collateral. We will only debit this account when the user does not pay back the loan after their agreed period of time. The platform's loan reserve account guarantees that loans are paid back. You can only issue loans based on the balance in your reserve account. ##Interest Accrual and Cap amounts **Statements cycle:** Statements will correspond to regular months. A statement is always the first day of the month to the last day of the month. **Statements delivery:** Statements are delivered no later than the 10th of each month. **Payment date:** Payment is due on the 20th of each month. No interest is charged if the total amount due is paid on this date. **Interest accrual:** If the total amount due is not paid on the 20th of the month following the statement cycle, the interest accrued will include everything back to the initial day of expenditure/credit use. **Payments distribution:** Partial or late payments shall offset the first expense made (in the timeline) and the interests accrued proportionally (ex.: if there is one 50 dollar payment plus $5 in interest ($55) and the user paid 11, then we will apply 10 for principal and 1 for interest, and the balance will be 40 principal and 4 interest). Just like for our One-Time Loan, we cap APR on Revolving Credit Loans. We also do not charge end users for late payments. The APR is the only fee they have to worry about. What that means is, for example, if an end user has a balance of $100 loan with an APR of 10% and cap of $40 dollars, then the interest will only accrue up to $40, not more. ##Required KYC For revolving loans, our KYC at a minimum would be base doc, SSN and government ID as the functionality more closely resembles a deposit account. ## Node Object [block:html] { "html": "<div class=\"api-manager\"> <div class=\"param-table\"> <div class=\"table\"> <div class=\"tr\"> <div class=\"td param\"> <strong>_id <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>ID of the loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong>allowed <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>permisisons granted to the loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">extra.</span>note <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>All reasons for rejecting a loan</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>agreements <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">array of objects</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>Reference ID for the loan</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.agreements.</span>type <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>Type of agreement</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.agreements.</span>url <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>URL of the agreement</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.balance.</span>amount <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">float</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>Balance on the loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.balance.</span>currency <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>currency of the loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.credit_limit.</span>amount <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">float</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>limit of how much money can be borrowed out of this loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.credit_limit.</span>currency <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>currency of the loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>disbursement_node_id <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>node id of where the funds will be disbursed to.</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>document_id <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>KYC document ID of the user</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>installment_amount <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">float</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>amount for each payment installment.</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.interest.</span>accrued <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">float</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>how much interest has accrued so far on the loan. In USD</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.interest.</span>apr <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">float</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>APR on the loan in percentage</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.interest.</span>cap <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">float</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>Max interest that will be charged on the loan in USD.</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>next_payment <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">long</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>when the next payment is due. In unixtime (milliseconds)</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>nickname <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>nickname of the loan account</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>num_payments <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">integer</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>number of payments in the loan term</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>payment_node_id <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>node ID of where we will collect payments from</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>schedule <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>Payment schedule. All schedules are listed below</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong> <span class=\"text-muted\">info.</span>loan_type <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>ONE-TIME or REVOLVING</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong>type <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>LOAN-US</p></div></div></div><div class=\"tr\"> <div class=\"td param\"> <strong>user_id <span class=\"colon\">:</span> </strong> </div><div class=\"td\"> <strong class=\"param-type\">string</strong> <div marked=\"\" class=\"ng-isolate-scope\"> <p>ID of the user</p></div></div></div></div></div></div>" } [/block] ## Allowed Statuses [block:parameters] { "data": { "h-0": "PERMISSION", "h-1": "DESCRIPTION", "0-0": "CREDIT-AND-DEBIT", "0-1": "This `allowed` type is used for a revolving line. It means you can pay back the loan and also draw funds out of the account.", "1-0": "REJECTED", "1-1": "When the loan gets rejected, a loan account will be created but with `allowed` as `REJECTED`. The loan account will have details of rejection in the `extra.notes` section and also the adverse action letter under `info.agreements`.", "2-0": "LOCKED", "3-0": "INACTIVE", "3-1": "A node can be marked as `INACTIVE` if the balance is zero and it is not currently in use.", "2-1": "In case of a revolving line, when a loan account is closed, it will be marked as `LOCKED`." }, "cols": 2, "rows": 4 } [/block] ## Agreement Types [block:parameters] { "data": { "h-0": "Agreement Types", "0-0": "ADVERSE_ACTION", "1-0": "CREDIT_AGREEMENT", "2-0": "LOAN_AGREEMENT", "h-1": "Notes", "0-1": "If a loan is rejected, an adverse action letter will be issued and that will be under the `info.agreements` object.", "1-1": "If a loan is credit based, then the credit agreement will be under `info.agreements` object.", "2-1": "If a loan is approved, the approved loan \n with all the loan details agreement will be under `info.agreements` object." }, "cols": 2, "rows": 3 } [/block] ## Repayment Schedules [block:parameters] { "data": { "h-0": "Schedules", "h-1": "Notes", "0-0": "MONTHLY", "1-0": "`WEEKLY`", "2-0": "`MONTHLY`", "0-1": "Monthly loan repayment", "1-1": "Weekly loan repayment", "2-1": "Monthly loan repayment" }, "cols": 2, "rows": 1 } [/block]