Loans
Loan products are versioned, so a rate change never rewrites a loan already on the books. Approval needs a second person and approval is what disburses.
Works in the demo bank
What it does
- Reducing-balance and flat products, with processing fee, grace days and penalty rate.
- Maker-checker: the person who applied cannot approve. Approval posts the disbursement.
- A full repayment schedule, billed and collected automatically each night from the borrower account.
- Repayments apply to penalty first, then interest, then principal. Nothing can be paid ahead of what is due.
- Write-off after 90 days past due, by an administrator, with the reason recorded.