The /api/loans/loanRequest endpoint allows eligible customers to initiate a loan request by accepting a pre-generated offer. This endpoint is now available based on updated eligibility criteria and simplified data requirements.

Requirements:

Eligibility: Only customers who are also merchants and have recorded sales data within the past month are eligible to receive loan offers.

Parameters:
loanAmount: The ID of the loan offer being accepted. Loan amounts are now predefined and cannot be selected manually by the customer. financialAccountId: The ID of the financial account where the offer funds should be deposited if the application is approved.

Process:

Submit Request: Eligible merchant customers will receive loan offers based on recent sales activity. Customers can initiate a loan request by submitting the offerId and financialAccountId.

Success Response: A successful response indicates that the system has sent the following to the loan provider:

Business Data: Includes legal name, EIN, email, phone numbers, and other relevant information.
A lead URL will be returned to facilitate the loan application submission. To obtain the SignUpUrl for this application, refer to the GET /api/loans/loanSettings endpoint.

Lead URL: Upon successful submission, a lead URL will be provided for submitting the loan application. To obtain the SignUpUrl needed for this application, refer to the GET /api/loans/loanSettings endpoint.

Benefits:

Streamlined Process: Customers can quickly initiate funding requests without waiting periods or manual amount selection.

Offer-Based Funding: Ensures that funding offers are based on real sales performance.

Simplified Requirements: Removes the need for financial statement submissions, reducing friction in the application process.

200Success