Managing Loan Products
  • 26 Oct 2021
  • 2 Minutes To Read
  • Dark
    Light
  • PDF

Managing Loan Products

  • Dark
    Light
  • PDF

Editing loan products

When you edit a loan product, the new terms and conditions will only affect any new accounts created under that product.

To edit any loan product:

  1. On the main menu, go to Administration > Products > Loans.
  2. Find the product you want to change then on the right-hand side of the row, select Actions > Edit.
  3. Make the changes.
  4. Save the product.

List of Loan products showing the "Edit" option under "Actions"

Effects in loan accounts

Existing accounts can only be changed to reflect the new product terms if they are "Pending Approval". In that case, go to the account > select More > Edit Account > make the changes > save.

Change existing accounts' terms

To change an account which has been aproved and disbursed already you need to first click on More > Undo Disburse or Undo Approval. The account state will go back to Pending Approval and you will be able to edit it.

Tracking Changes in Loan Products

For auditing purposes, all changes that occur in a product, will be tracked and displayed both under the Activity feed on the dashboard and on the actual product's activity feed. As with all other activities, these changes will be stored with the details about date, time and the user who edited the product providing a complete audit trail for every product.

Activating and deactivating loan products

When you create a loan product, you can select to either create the product as Active or activate it later, for example, after settings have been checked by another user under the four-eyes principle.
To activate or deactivate your products:

  1. On the main menu, go to Administration > Products > Loans.
  2. Find the product you want to activate or deactivate then, on the right-hand side of the row, select Actions > Activate or Deactivate.

List of Loan products showing the Activate option under Actions

When you deactivate a product, it will no longer be available to create new loan accounts under. However, any active loan accounts that were part of the now deactivated product will remain active.

Deleting loan products

You can only delete products that have never had accounts associated to them. In case the product you're trying to delete has been or is being used, you'll get a warning message preventing you from deleting the product.

To delete an existing loan product:

  1. On the main menu, go to Administration > Products > Loans.
  2. Find the product you want to delete then, on the right-hand side of the row, select Actions > Delete.
  3. Confirm.

Was this article helpful?

What's Next