A loan product, within the Lendsqr lending system, is a set of parameters that represent a loan that any or specific customers can request for. The loan product serves as a standardized offering provided by the lender to potential borrowers, outlining the key details and specifications of the loan. It helps borrowers understand the terms and make informed decisions about their borrowing options, while also allowing the lender to manage and streamline its lending operations.
Lenders have the option to configure loans to general or specific customers. A lender can have multiple loan products at the same time.