Introduction
Each lender is ready to provide their Potential Customers with Loans under specific conditions. Such conditions may depend on the business domain, country legislation, and of course, policies and business strategy of the Lender.
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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.
Understanding Light and Advanced Mode
Light Mode is Ideal for creating credit products using best practices and common industry settings, ensuring simplicity and efficiency.
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The following articles will describe work in the Basic Mode only
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.
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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.
Configuration and Settings |
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As you explore this section further, please |
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note that |
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certain Credit Product settings |
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might be contingent on the |
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overall availability of the feature. |
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If any of the settings described below |
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are not visible, please consult the TurnKey Lender team |
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for assistance with the configuration settings. |
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The following Credit Product settings are described in the following subsections:
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