Loan Products

Products are created to define the key features of Instalment Loan accounts.

• Instalment Loan cycles: the length of cycles can be Weekly or Monthly
• Repayment Method:
  • The repayment method controls how the loan, interest and repayments operate.
  • Sprint Credit currently supports the Equal Instalments method.
• Min/Max loan amounts
• Min/Max number of instalments
• Min/Max interest rate ranges
• Penalties and Fees, such as a monthly fee or penalty for late payment
• Product Rules, defines actions based on loan events, e.g. triggering a penalty when an account is default