The OnboardingState parameter reflects various stages of a loan application process, providing detailed insights into its current status. Below are the key statuses and their descriptions:
| Status | Description |
|---|---|
| stage1incomplete | The customer has started the application but has not yet completed it. |
| stage1submitted | The customer has submitted the loan application for review and the application is currently under review by the loan provider. |
| stage1rejected | The application has been reviewed and rejected. |
| ineligible | The customer does not meet the eligibility criteria, and the application has been rejected. |
| rescinded | The loan offer has expired, and no further action can be taken. |
| offersProvided | Loan offers have been provided to the customer, and the system is awaiting their response. |
| offerAccepted | The customer has accepted the loan offer. |
| offersExpired | The loan offer expired before the customer could take action. |
| contractGenerated | The loan contract has been generated and will soon be sent to the customer for signing. |
| contractsent | The contract has been sent to the customer for their signature. |
| contractsigned | The customer has signed the contract, completing this stage of the loan process. |
After a loan has been funded, it is important to check the status parameter in the loans model. Below are the possible values for this parameter and their descriptions:
| Status | Description |
|---|---|
| Requested Funding | Funding is in progress, and the money will soon be deposited into the customer’s account. |
| Funded | The loan amount has been successfully funded and is currently in the customer’s financial account. |
| Funded (Pending Settlement) | The loan amount has been funded and is in the customer’s financial account, but it is awaiting final settlement. |
| Repaid | The loan has been fully repaid, and no further payments are due. |
| Discounted Settlement | The loan has been settled for less than the full amount owed, typically through an agreement between the lender and borrower to resolve the debt at a reduced amount. |
| Defaulted | The borrower has failed to make payments as agreed, leading to the loan being classified as non-performing and potentially triggering collection actions. |
| Written Off | The lender has determined that the loan is unlikely to be recovered and has recorded it as a loss. Collection efforts may still continue. |