This subsection describes the procedure of adding a new credit product to the system.
The user with the Administrator role can create a new credit product with required parameters. A created credit product can be selected by the Originators for creation of loan applications or by the borrowers applying for the loan online.
To create a new credit product:
- Enter a web workplace as described in Log on to Turnkey Lender.
- In the option menu to the left, click Credit Products.
The list of all credit products previously created is displayed in the table:
Credit products.
- Above the table, click the Add New Record button.
The Add Credit Product window opens:
The Add Credit Product window.
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By default, the investment workflow is disabled for new loans.
To enable the ability to invest in loans, as TurnKey Lender team to enable the functionality in the configuration (if supported by your contract) and create a new Credit Product that supports investments.
The Peer-to-peer tab will appear if the functionality is enabled. In the tab:
Enable the “Peer-to-peer loan” toggle.
Define the Investment Interest Rate: the interest rate based on which an investor's interest is calculated.
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Select the workflow: The way the loan is invested
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.
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Possible Workflow options include:
Fund before disbursement - when this workflow is active, a loan is moved to “Gathering
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Investments” status after approval. The loan remains in this state until its amount is fully funded by investors. Once this is done, the loan is ready for disbursement. In this case, investors can't withdraw or change their bid after the loan is disbursed, and no new investments can be added after disbursement.
Fund anytime - this workflow allows funding a loan after disbursement. On approval the loan is immediately ready for disbursement, no intermediate status to
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gather investments is used. Investors can bid any time after the loan is approved until it's fully repaid or fully funded
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.
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The credit product has been successfully added to the system and gets displayed in the list of available credit products:
The created credit product.
