Loan has its own lifecycle that starts with its creation and goes through different recommendation and approval stages, and end when the load has been, for example, paid off, rejected or cancelled. To make it easier to follow this cycle, loans are assigned statuses that changes as they are being processed. "Workflow" tab of the loan details provides an overview of the main statuses in the history of a specific loan.
This article provides description of the loan statuses. The status ID field is provided for internal purposes but can be used by the customers to refer to a specific status in their communication with the company support.