Loan Process Flow

Modified on Mon, 18 Dec 2023 at 11:11 AM

Proposed

The proposed state is the Loan initial state. A Loan offer has been presented to the client and Sardis is waiting for the customer decision.

When a Loan enter this stage, an email is sent with a link for the client to provide their decision.

Can transition to:

Get Bank Accounts
- If client accepts the offer
Expired
- If no answer if received within the predefined time frame
Declined by Customer
- If client rejected the loan offer

Declined By Customer

As the state name suggests, a loan will only enter the "Declined By Customer" state if a client actively rejects a loan offer.

This is a terminal state.

Get Bank Accounts

After a loan offer has been accepted Sardis will need to identify all the customer bank accounts in order to generate all the required direct debit mandates.

In order to complete this step, the client will need to give consent for Lidya to have access to their bank accounts. The consent screen can be reached in 2 ways

Immediately after accepting the loan offer, a lin will be presented to take the user to the consent screens
If the user does not provide consent at that moment, a message (email or SMS) reminder will be sent to the client with a link to the consent screens.

Can transition to:

Awaiting Signatures
- When consent is given and at least one bank account is found
No Bank Accounts
- When consent is given but no usable bank account is found
Expired
- User does not provide consent within the predefined time frame

Awaiting Signatures

After all the bank accounts have been identified, Sardis will generate one direct debit mandate per account found. A client signature is now needed in order to send the direct debits for bank activation.

In order to complete this step, the client will receive an email requesting the signature.

Can transition to:

Validating with provider
- When the client signs the direct debit mandate documents, Sardis will immediately send them to the banks for approval.
Expired
- User does not sign the documents within the predefined time frame

Expired

If the loan reaches this state, this means that the client did not respond the the loan request in the defined time frame.

This is a terminal status

Validating with Provider

When in this state, the loan is waiting for the mandates to be activated. The approval response can take up to 48 business hours.

Can transition to:

Bank Rejected / Provider Rejected
- If all mandates fail to activate
On track
- If at least one mandate is activated.

Bank Rejected

When a loan reaches this status, it means all the mandates have been rejected and it will not be possible to execute any collection for this loan.

This is a terminal status.

Provider Rejected

When a loan reaches this status, it means all the mandates have been rejected and it will not be possible to execute any collection for this loan.

This is a terminal status.

On Track

Loan enters On Track state once one mandate is activated. Once it enters this state, the user will be able to

Edit associated files (available until loan is verified)
Verify Loan data
Disburse money (Available after loan verification)
Manage Mandate Workflow (Start / Pause / Stop every mandate)
After disbursement user will have the option to Register manual payments

On disbursement the payment plan will be generated (instalments) and once the payment date arrives, Sardis will start collections

Can transition to:

Repayment Backlog
- When an instalment is more than X days late
Canceled
Paid on Time
- When full due amount is collected and loan never entered "Repayment Backlog" status
Paid
- When full due amount is collected and loan entered "Repayment Backlog" status but not "Significant Backlog Status"
Paid Late
- When full due amount is collected and loan entered "Significant Backlog Status"

Repayment Backlog

Loan will enter this state when any instalment is more than X days late. All actions available for a loan after disbursement will be available.

Can transition to:

On Track
- If all lat instalments have been collected
Significant Repayment Backlog
- When late instalments are not collected in X days after entering the state
Canceled

Significant Repayment Backlog

Loan will enter this state when any instalment is more than X days after it entered Repayment Backlog status. All actions available for a loan after disbursement will be available.

Can transition to:

Repayment Backlog
- When late instalments are collected but there still exist late instalments that would place the loan in this status
Canceled
Loan Due
- When loan passed X days from the end date, and still has money to collect

Loan Due

Loan will enter this state when the end date has passed and any instalment is more than X days late. All actions available for a loan after disbursement will be available.

Can transition to:

Paid Loan Due
- If all due money is collected
Loan delinquent
- IF after X days money is still to be collected

Loan Delinquent

Loan will enter this state when the end date has passed and any instalment is more than X days late. All actions available for a loan after disbursement will be available.

Can transition to:

Paid Loan Delinquent
- If all due money is collected
Loan default
- If after X days money is still to be collected

Loan Default

Loan will enter this state, when all mandates expire and there is still money to be collected.

User can still register payments, but the system cannot try to collect the money.

Paid on Time

A loan is considered "Paid on time" if during its course it never reached the "Repayment Backlog" status

This is a terminal status.

Paid

A loan is considered "Paid" if during its course it reached at least one time "Repayment Backlog" status, but never reached "Significant Repayment Backlog" status

This is a terminal status.

Paid Late

A loan is considered "Paid Late" if during its course it reached at least one time "Significant Repayment Backlog" status

Paid Loan Due

A loan is considered "Paid Loan Due" if due full amount is collected when the loan is in the state "Loan Due"

Paid Loan Delinquent

A loan is considered "Paid Loan Delinquent" if due full amount is collected when the loan is in the state "Loan Due"

Loan default

A loan enter this state when:

The collections have not fully paid,
and Loan is in status "Loan Delinquent"
and no more mandates are active

Canceled

A loan Is set to canceled when a direct debit mandate is canceled and no more direct debit mandates are available to allow the loan to proceed