Configuring upfront interest on your loan product allows you to collect the interest portion of the loan at the point of disbursement. This feature helps reduce the risk associated with loan repayments by ensuring that the interest is settled upfront. This guide will walk you through the steps to configure upfront interest on your loan product using the Lendsqr admin console.
Step-by-Step Guide
1. Login to the Admin Console
- Open your web browser and log into the Lendsqr admin console with your credentials.
2. Click on "Loan Products" under Product Management
- From the main dashboard, go to Product Management and select Loan Products. This will display a list of all the loan products you have created.
3. Create a Loan Product or Open an Existing One
- If you need to create a new loan product, click on the Create button. If you want to an existing loan product, click on the product name to open it.
4. Click on the "Product Attributes" Tab on the Product Page
- In the loan product settings, navigate to the Product Attributes tab. Here, you can manage various attributes of the loan product.
5. Locate the "Upfront Interest Payment" Attribute
- Scroll through the list of attributes until you find the Upfront Interest Payment attribute.
- Click on the more options button and select "Edit" beside this attribute.
6. Check the Box Next to the "Upfront Interest Payment" Attribute
- To enable upfront interest payment, check the box next to the Upfront Interest Payment attribute to make it true.
7. Click on "Save"
- Once you have enabled the upfront interest payment, click on the Save button to apply the changes to the loan product.
