Goods. QFund TM provides an entire solution for handling the cash advance transactions for loans which can be disbursed to borrowers in substitution for checks drawn from the mortgage lender

Goods. QFund TM provides an entire solution for handling the cash advance transactions for loans which can be disbursed to borrowers in substitution for checks drawn from the mortgage lender

Personal credit line (Secured / Unsecured)

QFundTM supports both secured and unsecured personal credit line (LoC). The machine permits authorized users to process A loc that is new based client application on line or in the shop. Both guaranteed and quick unsecured loans may be

  1. For fixed terms or without any limitation to term
  2. Revolving or not revolving

This product is totally configurable and supports co – debtor support, has configurable repayment due period times, supports auto/manual closing of line. It may help configurable declaration platforms and declaration times.

Features

Salient options that come with this system are since below and all sorts of of these could be configured into the system on the basis of the company or regulatory requirements.

  • The consumer will probably be confirmed for several underwriting demands.
  • The consumer will probably be permitted to simply just take a variety of disbursements up to a certain authorization limit because of the Limit/ Maximum Amount
  • The LoC might have a fixed element of fee being charged during the time of loan processing and a adjustable component i.e payday loans Washington. rate of interest being charged on easy interest foundation.
  • The consumer needs to make minimal repayment on or before deadline utilizing the belated cost being charged in line with the pre-configured values in the event of standard in re re payment.
  • Statements is likely to be delivered to the shoppers at the conclusion of each payment period, just like bank card statements, frequently spanning as much as a thirty days beginning the date loan is prepared.
  • Client shall be defaulted over predefined quantity of non-payments. This may later on be charged down.
  • The Charge-Off process can either be Manual or car process.
  • When the consumer account is defaulted, the monthly payment statements is going to be stopped thereafter and immediately prevents incurring finance cost.
  • Personal credit line min and maximum loan quantities are configurable company guidelines.
  • re re Payments – System will create a month-to-month payment declaration when it comes to consumer showing username and passwords including loan disbursements, accrued Finance fees, New Balance and minimal re re re payment due.
    • Consumer must spend at the least payment that is minimum shown into the declaration on or prior to the re re payment deadline suggested within the Statement.
    • Minimal re re payment shall consist of finance fee accumulated through the final end of billing cycle.
    • Minimal re payment includes (percent) of major stability regarding the loan outstanding in the client account. (per cent) is configurable company guideline.
    • Minimal Payment may also add any payment that is late or any other quantities formerly due and outstanding on client account.
    • Consumer has choice to frequently pay more and spend significantly more than Minimum Payment due.
    • Client has choice to pay-off the total amount at any point of that time period.
    • In case a re payment is X (Configurable guideline value) or higher days late, belated cost will likely be charged regarding the client account corresponding to $ (Configurable guideline value).
    • Every time the client makes the re re re re payment it goes first to Membership cost, belated cost, finance fees and minimal stability principal properly.
  • Yearly Fee or Membership Fee – Customer account will likely be imposed with a fee that is annual the quantity of $ for the option of the account. This is imposed in the date that the account is opened and will also be imposed annually provided that the account continues to be open. This is business rule that is configurable.

Retail Installment Credit

The Retail Installment loans are meant for clients who want to avail loans to buy of products from different merchants during the point of purchase of products. The applicant selects items or solutions given by the merchants within their real shops or online portals and select loan option at browse.

When financing is set up because of the customer/merchant, the mortgage details are confirmed while the eligibility is examined by underwriting engine. In line with the eligibility associated with client the vendor cost details, advance payment, Trade In and borrower details Loan Eligibility comes from.

Client has got the choice to select the loan choice by confirming the information supplied by the device.

This system additionally provides identical to money choice to the consumer centered on various requirements configured into the system.

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