Loan Application Status Definitions
When a loan request is applied, the manager (administrator) can check the application status at any time through the CRM. See below for a list of loan statuses and definitions.
Draft - A completed application, following the configured rules, can remain in 'Draft' status for a certain period. You can modify the time limit in Settings - Credits - Withdrawn rules.
New - A transition to filling out the credit entity fields before submitting all the fields of the credit application is displayed in the system as 'New' status.
Wait Decision - A credit application is created and sent for scoring (according to the regulations, the status should not exceed 60 seconds).
Rejected - Depending on the Underwriting Studio settings, the 'Rejected' status will be displayed in the case of an automatic decline (scoring or pre-scoring) according to the scoring rules or after a manual decision.
Client Declined - In the client's profile, the selected application can be manually set to the status 'Client Declined'.
Manual - This status indicates that the application is awaiting manual data verification. After verification, one of the statuses (Rejected/Approved) will be assigned.
Approved - Depending on the scoring settings, this status may be assigned automatically when the rules are processed or by a manager after manual verification and approval of the application. When the status is set to "Approved," a document package is generated for signature.
Signed - After data verification and application approval, the client needs to sign the documents to change the status to "Signed."
- Sign online in the borrower's account
- Additionally:
a) Print documents package offline
b) Provide for signature
c) Scan the signed documents
d) Upload them to the "Signed documents" tab
- All documents will be accessible within the credit application.
Ready to Fund - After signing or uploading scanned copies of the signed documents, the application status changes to "Ready to Fund." Funding can be either automatic or manual (based on settings). A loan ready for funding is available via the path Deals-> Loans -> Ready to Fund. Select the necessary application, and click on "Fund Loan" (first, double-check all application information). By default, applications are funded automatically without validation and do not appear in the "Ready to Fund" tab.
Wait Payout - In the "Wait Payout" status, the application remains until the transaction status becomes "Successful." If the status does not change for an extended period, it is necessary to check the transaction status and contact support if there's an error, then attempt to resend the funds.
Issued - All data is verified, the application is funded, and the funds are successfully sent to the client. The transaction has the status "Successful."
Overdue - The client has not made the monthly payment according to the loan repayment schedule or has paid an insufficient amount. In this case, the application status changes to "Overdue."
Closed - The client has repaid the loan according to the loan repayment schedule, with no outstanding debt, and the status changes to "Closed."
Withdrawn - Canceled applications are moved to the "Withdrawn" status. It is also possible to set a period for the application to remain in this status.