What is third party disbursement?
Third-party disbursement on Pecunia is a feature that allows a lender to disburse a loan amount into the bank account of a third-party on behalf of the borrower. When a lender creates a loan product and enables third-party disbursements, the payment of the loan amount will go to the third-party specified by the borrower during the loan application process, not the borrower.
Your users, when they apply for the loan product which requires a third party disbursement, will be able to input the details of the third party such as name, address, email address and contact number in the loan application process. The details provided will be used by you to verify the beneficiary.
You can also view, add and delete beneficiaries on the Pecunia admin console.
It is important to note that if you need your users to provide information on the third party they wish their loan be disbursed to, you will have to reach out to the Lendsqr team to customize a configurable loan form on the mobile app or web app to allow your users access form fields to fill in the details of the third party during the loan application process.
How to activate third party disbursement for your loan product
To activate the third party disbursement on a loan product, follow the steps below:
On the Pecunia admin console, navigate to “Loan products” and select an existing loan product or create a new loan product.
Once the loan product has been created and saved, proceed to view the loan product and select the “product attributes” tab of the loan product being viewed.
Click on “Disburse to Third party” and a modal will be displayed where you can click on the checkbox and save.
