A user can apply for a loan, through the loan application, borrowers reveal key details about their finances to the lender. The loan application is crucial to determining whether the lender will grant the request for funds or not. There are a few loan status associated with the decisions made by the borrowers and the lenders ranging from settled, declined, running, to cancelled.
Settled: If a user has paid the dues and settled a loan, then the status will reflect as "Settled" in your loan status credit report.
Declined: Lenders look at users' borrowing histories when they apply for a loan, which is reflected in the credit scores. A user’s loan application may be declined if it doesn't look like he/she will be able to take on new debt.
Running: Running loan means that a user’s loan application has been accepted, and the sum of money requested is disbursed into the user’s account.
Cancelled: When a user is no longer interested in applying for a loan, this loan can be cancelled by the user to get this kinda loan status triggered.
For every transaction made on the platform, there is always a status associated with it, ranging from success, failed, to abandoned. This status can only appear on a transaction record added by a system user from the back end.
Success: A successful transaction status triggers the associated system email meaning that the attempt made to transact a certain amount of money is successful.
Failed: A failed transaction is a transaction that has not been fully completed due to any reason not attributable to the customer such as failure in communication links, non-availability of cash in an ATM, time-out of sessions, and many more.
Abandoned: If an attempt to make a payment is never completed, it becomes abandoned after a week.