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For TurnKey Lender purposes, a credit product is a set of rules and conditions that apply to the processing and servicing of a specific loan. The list of credit products and their settings depend on a specific particular client and corresponds to the client’s needs. The availability of a credit product can be limited by the customer’s location or enabled with a promocode.

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Loan Application Processing

Subsections The subsections below provide for a happy flow of loan processing. Should any of the stages be impossible to complete with a positive result, the loan application is rejected or canceled.

In general, while before the approval, we are working on a loan application, and from the moment of disbursement with a loan. A loan application is often referred to as the a “loan” (e.g. loan origination, etc.).

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Once the loan has been approved, the lender’s back-office employee can (if applicable) suggest to the customer a final offer or several offers that the customer may approve. If the offer customer has been approved by the customeroffer, an agreement is executed that shall be signed by the customer shall sign that.

Loan Fees

Additional fees can be applied on, before, e or after any of the stages.

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Once all the assessments have been successfully passed, the offer has been accepted, the agreement has been signed, the additional fees due before disbursement have been paid, and the funds requested as a loan are provided to the customer. This can be done via a payment provider inside TurnKey Lender System or in any other way, beyond the system. In the latter case, the loan disbursement shall be registered in the system.

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Should the customer not be able to make a due payment, there is a number of tools, such as payment holiday or loan restructuration.

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