Introduction
Including a Co-Applicant in the loan application process offers several advantages. It can increase the likelihood of loan approval, potentially qualify for larger loan amounts, and secure better terms. A Co-Applicant can provide additional security and combined creditworthiness, making the loan more attractive to lenders and enhancing the overall application strength.
Enable Co-Applicants
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You can specify whether a Co-Applicant is required for certain loan applications. This is particularly useful for loans requiring additional security or when evaluating the combined creditworthiness of multiple applicants.
To enable a Co-Applicant, go to Settings → Application Process → Co-applicant and enable the “Use Co-applicant”.
Co-Applicant Management Settings
Once you’ve enabled the Co-Applicant functionality, the following settings will become available:
Label: Define the name used to address Co-applicants in the system UI.
Credit Bureau Checkbureau check: Specify whether a credit bureau check should be run for Co-applicants.
Co-Applicant applicant is Requiredrequired: If enabled, submitting an application without Co-applicant details will be impossible.
Send a Copy copy of Loanloan-Specific Notifications specific notifications to the Co-Applicantapplicant: If enabled, the Co-applicants will receive all loan-specific notifications that are enabled for the Main Applicants (Customers).
Co-Applicant Details in the Application Form
When the Сo-applicant functionality is enabled, their information becomes a part of the application form.
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By default, the information in the section is the same as in the Customer Registration form, i.e. enough to identify the person and run the Credit Bureau check. Additionally, the “Relationship” dropdown is required.
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Co-Applicant Notification
There are notifications that are devoted to Co-Applicants. They are defined in the Settings → Notifications → Co-applicants
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Co-Applicant
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Added: This notification informs the person that they have been added as a Co-Applicant
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for a
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loan. Enabling this ensures that the Co-Applicant is aware of their involvement in the loan application process from the start.
Full Payment: This notification is sent when a payment received from the borrower equals the total scheduled payment amount as of the due date. This keeps Co-Applicants informed about the
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timely and complete repayments made towards the loan.
Loan Disbursement: This notification informs that the requested loan amount has been transferred to the user’s bank account. This ensures that
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Co-Applicants are aware of
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These features enhance the loan application process by allowing for more robust assessment criteria and ensuring that all involved parties are well-informed throughout the process.
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the disbursement status of the loan.
Loan-Specific Notifications
If the Send a copy of loan-specific notifications to the Co-applicant setting is enabled, the Co-applicant will also receive loan status notifications enabled for the Customer
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