Products. QFund TM provides an entire solution for handling the cash advance deals for loans which are disbursed to borrowers in substitution for checks drawn regarding the home loan company

Products. QFund TM provides an entire solution for handling the cash advance deals for loans which are disbursed to borrowers in substitution for checks drawn regarding the home loan company

Credit line (Secured / Unsecured)

QFundTM supports both secured and line that is unsecured of (LoC). The machine permits authorized users to process a brand new loc predicated on client application on line or in 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 also help configurable declaration platforms and declaration times.

Features

Salient attributes of the product are since below and all of them may be configured into the system on the basis of the company or regulatory requirements.

  • The client will probably be confirmed for several underwriting needs.
  • The consumer will probably be permitted to simply simply take a variety of disbursements up to a authorization that is specified because of the Limit/ Maximum Amount
  • The LoC might have a set element of cost being charged during the time of loan processing and a component that is variable.e. rate of interest being charged on easy interest payday loans IN foundation.
  • The consumer needs to make minimal repayment on or before deadline aided by the belated cost being charged on the basis of the pre-configured values in the event of standard in re re payment.
  • Statements are going to be provided for the clients at the conclusion of every payment period, comparable to charge card statements, often spanning as much as a starting from the date loan is processed month.
  • Client shall be defaulted over predefined quantity of non-payments. This can later on be charged down.
  • The Charge-Off procedure can be either Manual or car process.
  • After the consumer account is defaulted, the month-to-month payment statements is supposed to be stopped thereafter and immediately stops finance charge that is incurring.
  • Credit line max and min loan quantities are configurable company guidelines.
  • Payments – System will create a billing that is monthly for the consumer showing username and passwords including loan disbursements, accrued Finance costs, brand brand New Balance and minimal payment due.
    • Client must spend at the very least payment that is minimum shown into the declaration on or prior to the re re re payment deadline suggested within the Statement.
    • Minimal re re re re payment shall add finance cost accumulated through the end of billing cycle.
    • Minimal re re re payment includes (per cent) of major stability regarding the loan outstanding regarding the consumer account. (per cent) is configurable company guideline.
    • Minimal Payment will even consist of any belated repayment costs or other quantities formerly due and outstanding on consumer account.
    • Consumer has solution to spend more often and spend more than Minimum Payment due.
    • Client has choice to pay-off the total amount at any point of that time.
    • In cases where a re re payment is X (Configurable guideline value) or even more days late, belated cost may be charged regarding the client account add up to $ (Configurable guideline value).
    • Every time the consumer helps make the re re payment it goes first to Membership cost, belated charge, finance costs and minimum stability principal properly.
  • Yearly Fee or Membership Fee – Customer account is supposed to be imposed having a fee that is annual the quantity of $ for the accessibility to the account. This is imposed in the date that the account is opened and will also be imposed annually provided that the account stays available. This is configurable company guideline.

Retail Installment Credit

The Retail Installment loans are designed for clients who would like to avail loans for sale of products from different merchants in the true point of purchase of products. The applicant selects items or solutions supplied by the merchants inside their real shops or online portals and select loan option at consider.

As soon as that loan is established because of the customer/merchant, the mortgage details are confirmed additionally the eligibility is examined by underwriting engine. In line with the eligibility regarding the customer the vendor cost details, advance payment, Trade In and borrower details Loan Eligibility comes from.

Consumer gets the choice to select the loan choice by confirming the given information supplied by the machine.

This system additionally provides identical to money choice to the client according to various requirements configured within the system.