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.

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.

Understanding Light and Advanced Mode

Light Mode is Ideal for creating credit products using best practices and common industry settings, ensuring simplicity and efficiency.

Advanced Mode: Offers extensive flexibility to design a wide range of credit products without predefined templates. Due to its extensive flexibility, it's recommended that only TurnKey Lender support and implementation teams use this mode, as improper settings can significantly disrupt the system.

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.

The “Add credit product” page will emerge.

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.

The following Credit Product settings are described in the following subsections: