This API returns models for viewing prequalified business funding offers, checking business funding application status, and displaying information about funded amount.
By using the /api/loans/loanSettings API, three different models can be returned:
Prequalified Loan Offers (Model: options)
This model provides details about prequalified business funding offers, including the funding amount and interest rate. It is important to note that these are not final offers, but customers can review detailed information about potential business funding. The isNotLoan parameter can be used to toggle the display of this information.
Key parameters in the response:
Fee- The fees charged by the business funding provider. On the staging environment, there may be significant differences between the funded and original amounts.
CurrencyISOCode- The currency code, which is USD in our case.
FundedAmount- The amount that will be funded.
Sweep- The interest rate of the business funding.
Loan Application Status (Model: leadDetails)
This model provides the status of the business funding application, covering all details except the requested funding amount (which must be between $500 and $1,000,000).
Key parameter in the response:
OnboardingState- Allows the checking of business funding application statuses.
Loan Information (Model: loans)
This model displays detailed funding information and statuses once the business funding has been funded.
Key parameters in the response:
currentAmount - The outstanding balance that remains to be repaid for the business funding.
fundedAmount - The total amount that has been funded to the customer.
originalAmount - The initial amount at the time of funding, representing the total repayment amount due for the funding.
status - Provides the current status of the business funding, from initiation to final repayment.