PAY DAY LOAN

After would be the different deals which are easy for handling loans that are payday

• 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 re payments
• Paid-in-Full – re re Payment via – money, Cashiers Checks, cash sales 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 Payments produced by debtor following have a glance at the link 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 check always re re Payments – re re re Payments produced by borrower following the Check marked as NSF
• Post Court Filing Payments – re re re Payments following the Court filing of borrowers
• Post Judgment Re Re Payments – Re Re Re Re Payments after
• Write-off – Write-off loans that can’t be restored
• Write-Off Recovery – re re Payments from the written-off loans
• Rollback – Time bound Rollback/Void for all your deals when you look at the use and application 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 numerous loan re payment schedules, for example., installment loans. QFund TM allows the authorized individual to process an installment loan as soon as a person is applicable for the loan or perhaps the facts are captured while the consumer evinces fascination with trying out the mortgage. QFund TM has interfaces from the storefront which allows shop users to disburse brand new installment loans and record receipt of re payments against each installment due.

There are 2 kinds of Installment loan:

1. Simple Interest depending loan – The installment interest will be determined from the various times of final re re re re payment date plus the present processing date.
2. Fixed Interest based loan- The installment interest needs to be determined from the diff times of final Installment deadline together with present installment date that is due

The APR is determined centered on Loan Amount, rate of interest, Duration, Frequency, No. of Installments, End of and Next Payment date month. It automates the APR calculations in line with the values of Frequency, Duration, Loan quantity, rate of interest in addition to very first repayment date.

The No. of installments is determined on the basis of the values chosen when it comes to Installment Duration, Frequency, End of and First Payment date month

Features

• 2 kinds of Installment Loans – Simple Interest loan that is based 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
• Amount of installments car computed by thinking about the Loan Term desired plus the Income Frequency associated with debtor
• Schedule of loan to be disbursed determined according to rate of interest configured into the guidelines motor
• Alternate payment that is first function obtainable in the applying
• First re re payment date auto populated according to borrower’s next pay date
• End of thirty days options designed for Monthly & Semi-Monthly frequencies
• Car calculation of revised check quantity
• Rebate for very early payoff directed by guideline
• Refinance applicability for a shop / state – controlled by way of a rule “Allow Refinance”

Deals

Record of Installment Loan related transactions which can be carried out are:

• Installment Loan/ Advance- New or current borrowers can apply for an installment loan-
• Installment Payment – Borrowers will make partial repayment against a loan, the re re re payment quantity can’t be significantly less than the regular EMI. (For loan type as Simple the revised check quantity equals the stability principal quantity whereas for loans of type Fixed the revised check amount ought to be the stability principal amount as well as the Interest for the following re re payment duration.)
• Early Payoff – Borrowers will make complete repayment against a loan.
• Deposit- the perfect solution is immediately provides deposit deal when it comes to check that is collateral if letter re re payments are due therefore the elegance duration is elapsed.
• Clear Deposited always always always Check – this suggests that the be sure ended up being deposited by happens to be honored because of the Borrower’s bank.

CAR EQUITY LOAN

QFund TM covers functionalities pertaining to car Equity loan that may be supplied to Borrowers. For almost any Borrower to avail this loan, they need to be registered with QFund TM .

Features

• Permits the CSR to fully capture the Vehicle Condition details to learn the loan amount that is qualified.
• Any borrower’s loan amount is fixed by the quantity he gets qualified to after operating Tele-track.
• Transfer of name from the borrower’s name to your mortgage lender, with day-to-day alerts given to pending transfers or alerts on pre-configured guidelines.

Controls when you look at the application:

The different settings which are confirmed & afflicted with the applying through the life period of an automobile Equity Loan are:

Guidelines

Settings for automating functions a few critical functions throughout the lifecycle of that loan

• APR definition
• Fee configuration for many charges relevant
• No. of missed installments before a notice page is delivered
• Belated charge elegance duration, if relevant
• Collection notice times
• Reimbursement applicability

Reputation codes

The applying is managed by the after status codes which determine loan applicability

• Client status rule
• Loan status rule
• Name status code
• AEL Collection Reputation

Deals

• AEL Loan- New or current borrowers can submit an application for that loan.
• Installment Payment – Borrowers will make their re re re re re payments in installments.
• Early Payoff – Borrowers could make payment that is full a loan.
• eposit- The solution immediately provides deposit deal when it comes to collateral check, if letter re re re re payments are due additionally the elegance duration is elapsed.