Digital lending
Create a loan
Create a Line-of-Credit (LOC)/ Draws
1min
To operate LOC loans or loans with Multiple Draws, or to enable you to buy draws, you need to implement the current process:
1
Unique Loan number
- When calling Arix for the first time (LOC opening or first draw): The field Loannumber = <loan-number>
- On subsequent loans: The field Loannumber = <loanNumber>-yyyymmdd (add mmss if needed to make more than one draw per day).
2
Oversight
We perform oversight checks when the LOC is opened or on the first draw. When calling Arix for the first time, the JSON in field5 should contain the following:
The field Rails should be [] For subsequent draws, the JSON in field5 should contain the following:
Field Rails should contain the payment rails to be funded.
3
NetFunding rule
Loan Tape:
Loan Agreement:
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Or 3. For draws, NetFunding= sum of the rails being funded |
4
Draw rule
Loan Tape
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5
The information provided on subsequent draws has to be current. For example:
- If there is name change, CR expects the draw to have the updated name.
- If there was a material change, such as a credit report was pulled (say on annual cadence), you must provide the updated credit report and treat the loan as a first appearance so that we can check all the details.
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Updated 07 Oct 2024
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