PAY DAY LOAN
After would be the different deals which are feasible for handling pay day loans:
- Loan – Disbursement of a New Loan through different modes such as for example money, Checks, Debit cards, and ACH.
- Partial Payment – re re Payment in partial amounts having the ability to determine rebates and pro-rate the re re payments
- Paid-in-Full – re re re re re Payment via – money, Cashiers Checks, cash instructions and Checks for total quantity to shut the mortgage
- Deposit always always always Check – Deposit of Borrowers sign in the Stores Bank
- Return check always Prepayments – re re re re Payments produced by debtor following the Check Deposit Clear always always Check – Marking of Deposited checks as Cleared Checks
- Reimbursement – Reimbursement of exorbitant quantity gathered through the debtor via Cash / Check
- Return always check re re Payments – re re re Payments produced by debtor following the Check marked as NSF
- Post Court Filing Payments – Payments following the Court filing of borrowers
- Post Judgment Re Re Re Payments – Re Re Re Payments after
- Write-off – Write-off loans that cannot be restored
- Write-Off healing – re re Payments up against the written-off loans
- Rollback – Time bound Rollback/Void for the deals into the application and employ of an encryption rule for Rollbacks beyond the schedule
- Bank Deposit transactions enable depositing checks for redeposit and received as Garnishment Payment
INSTALLMENT LOAN
QFund TM supports dilemma of loan items with multiple loan re payment schedules, for example., installment loans. QFund TM allows the user that is authorized process an installment loan as soon as a person is applicable for a financial loan or even the main points are captured in addition to consumer evinces desire for trying out the mortgage. QFund TM has interfaces in the storefront which allows shop users to disburse installment that is new and record receipt of re re payments against each installment due.
There are 2 forms of Installment loan:
- Simple Interest structured loan – The installment interest will be determined from the various times of final payment date plus the processing date that is current.
- Fixed Interest based loan- The installment interest has got to be determined from the diff times of final Installment deadline together with present installment date that is due
The APR is calculated according to Loan Amount, rate of interest, Duration, Frequency, No. of Installments, End of Month and Then Payment date. It automates the APR calculations on the basis of the values of Frequency, Duration, Loan quantity, rate of interest together with very first repayment date.
The No. of installments is determined in line with the values chosen for the Installment Duration, Frequency, End of Month and First Payment date
Features
- Two forms of Installment Loans – Simple Interest based loan / Fixed re re Payments (Pre-computed) based loan
- Minimal Decision Points for CSR – Rules within the application address the majority of the parameters Multiple Collateral kinds – aids receipts of numerous checks as security against loans disbursed
- Quantity of installments car computed by thinking about the Loan Term desired plus the Income Frequency of this debtor
- Schedule of loan to be disbursed determined according to rate of interest configured into the guidelines motor
- Alternate very first repayment date function obtainable in the program
- First re payment date car populated predicated on borrower’s pay date that is next
- End of thirty days options designed for Monthly & Semi-Monthly frequencies
- Automobile calculation of revised check quantity
- Rebate for very very very early payoff led by guideline
- Refinance applicability for a shop / state – controlled by a rule “Allow Refinance”
Deals
The menu of Installment Loan related transactions that may be carried out are:
- Installment Loan/ Advance- New or current borrowers can submit an application for an installment loan-
- Installment Payment – Borrowers could make partial repayment against a loan, the re payment quantity can’t be lower than the standard EMI. (For loan type as Simple the revised check quantity equals the stability principal quantity whereas for loans of kind Fixed the revised check amount ought to be critical link the stability principal amount as well as the Interest for the following re re re re payment duration.)
- Early Payoff – Borrowers could make payment that is full a loan.
- Deposit- the answer immediately provides deposit deal for the collateral check, if letter re re payments are due as well as the elegance duration is elapsed.
- Clear Deposited always always Check – this suggests that the make sure that ended up being deposited by happens to be honored by the Borrower’s bank.
CAR EQUITY LOAN
QFund TM covers functionalities pertaining to car Equity loan which can be supplied to Borrowers. For almost any Borrower to avail this loan, they need to be registered with QFund TM .
Features
- It allows the CSR to fully capture the Vehicle Condition details to learn the qualified loan amount.
- Any borrower’s loan amount is fixed because of the quantity he gets qualified to after operating Tele-track.
- Transfer of name from the borrower’s name to your home loan company, with day-to-day alerts given to pending transfers or alerts on pre-configured guidelines.
Settings within the application:
The different settings which are confirmed & afflicted with the application form through the life period of a car Equity Loan are:
Guidelines
Settings for automating functions a few critical functions throughout the lifecycle of that loan
- APR definition
- Fee configuration for many costs relevant
- No. of missed installments before a notice page is delivered
- Belated cost elegance duration, if relevant
- Collection notice times
- Reimbursement applicability
Reputation codes
The applying is managed by the after status codes which determine loan applicability
- Consumer status rule
- Loan status rule
- Name status code
- AEL Collection Reputation
Deals
- AEL Loan- New or borrowers that are existing make an application for that loan.
- Installment Payment – Borrowers could make their re payments in installments.
- Early Payoff – Borrowers make complete repayment against a loan.
- eposit- The solution immediately provides deposit deal when it comes to collateral check, if letter re re payments are due and also the elegance duration is elapsed.