TurnKey Lender’s Credit Products functionality allows the Lender’s System Administrator to set up credit products of different complexity.

For example:

You can offer the clients a credit product with a 12-day grace period, 12% annual interest and an additional $35 fee once a repayment period.
You can also define the repayment priority (e.g. if the customer has only paid part of the payment, you will charge for the interest first then the principal, and any leftover amount will be used to pay the fees).
You can also specify how the overpayments shall be used (e.g. to pay off the future principle).
You can strictly define or allow your Customers to select the repayment period (installment) and the loan term.
You can specify other settings, as described in this article.

Access Credit Product Settings

Users with “System administration” permission can modify existing and create new credit products in the Settings → Loan Setting → Credit Products page.

...

To add a Credit Product, click the “Add credit product” button at the top of the page.

To edit a Credit Product, click the pencil icon in the corresponding row of the Credit Products table

...

You can also duplicate a Credit Product (copy icon above) and then edit it to create a new, slightly different Credit Product based on the existing one.

Light and Advanced Mode

...

Understanding Light and Advanced Mode

The Credit Products can be defined All the settings described below a

Light Mode

In the Light mode, it is possible to create credit products with the most common settings in the industry. This is a simple and nice way to start:

...

The Advanced mode doesn't have any predefined templates but instead provides flexibility to create an enormous number of different credit products.

Basic Actions with Credit Products