You can update a loan status if the loan disbursed is past the due date and the user never made a withdrawal but the system has taken repayment from the user’s wallet/card. The loan status will be updated to terminated.
If the system has taken an additional amount from the user including the interest rate, this additional amount is to be reversed.
This feature can also be used if the user has repaid their loan technically and it remains a very insignificant balance left. An admin can decide to terminate the loan by updating the loan status to terminated. To update a loan status;
- Follow the steps highlighted in the section above to locate a loan.
- Click on the “Update Loan Status” button. An Update Loan Status modal will be displayed to you
- The only status that a loan can be updated to is terminated, which is particularly useful for writing off insignificant loan amounts. Enter the details and select “Submit”
Updating a loan status