Credit line (Secured / Unsecured)

QFundTM supports both secured and line that is unsecured of (LoC). The machine enables authorized users to process a brand new loc predicated on client application on line or during the shop. Both guaranteed and loans that are unsecured be

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

The item is totally configurable and supports co – debtor support, has payment that is configurable period times, supports auto/manual closing of line. It may help statement that is configurable and declaration times.

Features

Salient top features of 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 be confirmed for several underwriting demands.
• The client will probably be permitted to just just take a variety of disbursements up to a authorization that is specified using the Limit/ Maximum Amount
• The LoC might have a hard and fast part of cost being charged during the time of loan processing and a adjustable component i.e. interest being charged on simple interest foundation.
• The client needs to make payment that is minimum or before deadline with all the belated charge being charged on the basis of the pre-configured values in the event of standard in re payment.
• Statements are provided for the shoppers at the conclusion of each payment period, comparable to charge card statements, often spanning as much as a thirty days beginning with the date loan is prepared.
• Client will be defaulted over predefined quantity of non-payments. This may later on be charged down.
• The process that is charge-Off be either Manual or car process.
• After the consumer account is defaulted, the month-to-month payment statements may be stopped thereafter and immediately stops finance charge that is incurring.
• Credit line min and maximum loan quantities are configurable company guidelines.
• Re re re re Payments – System will create a billing that is monthly when it comes to consumer showing username and passwords including loan disbursements, accrued Finance costs, brand New Balance and minimal re payment due.
  • Client must spend at the very least minimal Payment Due shown into the declaration on or ahead of the re payment deadline suggested when you look at the Statement.
  • Minimal re payment shall consist of finance cost accumulated through the final end of billing cycle.
  • Minimal re re payment includes (per cent) of major stability regarding the loan outstanding regarding the client account. (per cent) is configurable company guideline.
  • Minimal Payment will even add any late repayment charges or other quantities formerly due and outstanding on client account.
  • Client has solution to frequently pay more and spend significantly more than Minimum Payment due.
  • Consumer has choice to pay-off the total amount at any point of times.
  • If your re re re payment is X (Configurable guideline value) or maybe more days late, belated charge will undoubtedly be charged regarding the consumer account add up to $ (Configurable guideline value).
  • Each and every time the consumer makes the re re re payment it goes first to Membership cost, belated charge, finance costs and minimal stability principal properly.
• Yearly Fee or Membership Fee – Customer account will soon be imposed with a yearly charge in the total amount of $ for the option of the account. This is imposed from the date that the account is opened and will also be imposed annually so long as the account continues to be available. This is business rule that is configurable.

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Retail Installment Credit

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

When financing is established because of the customer/merchant, the mortgage details are confirmed together with eligibility is examined by underwriting engine. On the basis of the eligibility associated with the client the vendor cost details, advance payment, Trade In and borrower details Loan Eligibility comes.

Consumer has got the choice to select the loan option by confirming the information supplied by the machine.

The product additionally provides just like money substitute for the consumer according to various requirements configured within the system.