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Create a Loan - Full Process (Import & API)

Updated 1 year ago by Andy

How To Create a Loan Through the API

When creating a loan through a .csv import or through the API, following these steps will help smooth the process. 

  1. Create the Customer: The first step in the loan creation process is creating a customer to link a loan to. If a customer has already been created, you simply use the ID of that current customer to link them to the loan.
If you have already created the payment method for the customer inside of Secure Payments, you can link it to the customer in this step. Or, if you would like, you can combine the API calls if you have the Secure Payments token. More information regarding this process can be found in this article: API – Create New Payment Profile Process.

To create a customer, use the sample payload below as an example:

POST   https://loanpro.simnang.com/api/public/api/1/odata.svc/Customers()

   "References":{
      "results":[
         {
            "name":"Susan Koerner",
            "relation":"customerReference.relation.mother",
            "Address":{
               "country":"company.country.usa",
               "address1":"123 Theology St",
               "zipcode":"45402",
               "city":"Dayton",
               "state":"geo.state.OH"
            },
            "primaryPhone":"7445654561",
            "secondaryPhone":""
         }
      ]
   },
   "Employer":{
      "phone":"3945191400",
      "payDate":"2017-10-13",
      "Address":{
         "__ignoreWarnings":true,
         "country":"company.country.usa",
         "address1":"1401 NATIONAL PARK DR",
         "zipcode":"27954-9451",
         "city":"MANTEO",
         "state":"geo.state.NC"
      },
      "hireDate":"1886-03-10",
      "incomeFrequency":"customerEmployer.incomeFrequency.annually",
      "payDateFrequency":"customerEmployer.payDateFrequency.biWeekly",
      "income":"2950.00",
      "companyName":"Wright Printing Offices & Shop",
      "title":"Owner / Operator"
   }
}

When creating a customer, include all relevant and necessary information such as name, birthdate, address, phone number, email address, etc. For more information regarding customer creation through the API, see this our API – Creating a Customer article. Also, take a look at API – Linking and Unlinking Customers and Loans for information regarding linking customers to loans.

  1. Create the Loan: When creating the loan either through the API, include either the ID of the customer you created or the ID of the current customer to link them to the loan. 
POST   https://loanpro.simnang.com/api/public/api/1/odata.svc/Loans()

{
   "displayId":"L001000",
   "LoanSetup":{
      "loanAmount":"12000.00",
      "discount":"500.00",
      "underwriting":"0.00",
      "loanRate":"12.0212",
      "loanRateType":"loan.rateType.annually",
      "loanTerm":"36",
      "contractDate":"2015-05-07",
      "firstPaymentDate":"2015-05-08",
      "amountDown":"0.00",
      "reserve":"5.00",
      "salesPrice":"12000",
      "gap":"1120.",
      "warranty":"2500",
      "dealerProfit":"1000",
      "taxes":"125.25",
      "creditLimit":"15500",
      "loanClass":"loan.class.carLoan",
      "loanType":"loan.type.installment",
      "scheduleTemplate":"0",
      "discountSplit":"1",
      "paymentFrequency":"loan.frequency.monthly",
      "calcType":"loan.calcType.simpleInterest",
      "daysInYear":"loan.daysInYear.frequency",
      "interestApplication":"loan.interestApplication.betweenTransactions",
      "begEnd":"loan.begend.end",
      "firstPeriodDays":"loan.firstPeriodDays.frequency",
      "firstDayInterest":"loan.firstdayinterest.yes",
      "discountCalc":"loan.discountCalc.straightLine",
      "diyAlt":"loan.diyAlt.no",
      "daysInPeriod":"loan.daysinperiod.24",
      "roundDecimals":"5",
      "lastAsFinal":"loan.lastasfinal.no",
      "curtailPercentBase":"loan.curtailpercentbase.loanAmount",
      "nddCalc":"loan.nddCalc.standard",
      "endInterest":"loan.endInterest.no",
      "feesPaidBy":"loan.feesPaidBy.date",
      "graceDays":"5",
      "lateFeeType":"loan.lateFee.3",
      "lateFeeAmount":"30.00",
      "lateFeePercent":"10.00",
      "lateFeeCalc":"loan.lateFeeCalc.standard",
      "lateFeePercentBase":"loan.latefeepercentbase.regular",
      "paymentDateApp":"loan.pmtdateapp.actual"
   }
}

This section will include all information pertaining to the actual loan terms such as total amount, interest rate, contract date, etc. For more detailed information, view API – Create a Loan.

  1. Potential Loan Tools: After activating the loan, implement any loan tools that are necessary or applicable. The following additional resources may be helpful in this step: 
  1. Loan Settings: After creating the loan, include all of the loan settings applicable to the account. The loan settings can be combined with the Loan Setup payload if desired. Use the sample payload below as a starting point:
{  
   "LoanSettings":{  
      "id":598,
      "loanId":639,
      "cardFeeAmount":"5",
      "cardFeeType":"loan.cardfee.types.1",
      "cardFeePercent":"5",
      "agent":0,
      "loanStatusId":1,
      "loanSubStatusId":1,
      "sourceCompany":null,
      "eBilling":0,
      "ECOACode":"loan.ecoacodes.1",
      "coBuyerECOACode":"loan.ecoacodes.0",
      "creditStatus":"loan.creditstatus.0",
      "creditBureau":"loan.creditbureau.00",
      "reportingType":"loan.reportingtype.I",
      "secured":1,
      "autopayEnabled":0,
      "repoDate":"",
      "closedDate":"",
      "liquidationDate":"",
      "followUpDate":"2019-01-01",
      "isStoplightManuallySet":0,
      "merchantProcessorGroupId":0,
      "__update":true,
      "__id":598
   },
   "__update":true,
   "__id":639
}

Our API – Loan Settings article can provide additional information as well.

  1. Activate Loan: Once the loan has been created, you will need to activate the loan. Activating the loan will also run the loan calculator, so it will calculate the necessary loan number before the loan is activated. This requires another POST request to a URL with this endpoint: 
POST   https://loanpro.simnang.com/api/public/api/1/odata.svc/Loans(639)/AutoPal.Activate()

API – Activate a Loan is a good source for additional information regarding loan activation.

Following the steps above while using the correct payloads will effectively create a new loan in LoanPro's Loan Management System. This method is recommended for loan creation. 

How To Create a Loan Through the CSV Import

Following these steps will help you complete the .csv import process for creating a loan. All of the necessary information to fill out a .csv import can be found in the import section of LoanPro. You can find this section by navigating to Settings > Company > Import > Instructions & Samples. In this section, you will also download the sample .csv files for each of the imports, which you can use as a starting point to fill out your own .csv file. Remember to fill out all of the required fields, and make sure the fields have the correct expected values. 

  1. Create the Customer: First, a customer needs to be created first for the loan creation process. A loan needs to be linked to a customer to be created. If a customer has already been created, you simply use the ID of that current customer to link them to the loan. Include all of the required information and the relevant information as well.
In the .csv file import process, the customer payment profile and customer information imports are separate. They must be created and submitted as two separate spreadsheets. If you create the customer first, you can use the customer ID to then link the payment profile to that customer. 

  1. Create the Loan: When creating the loan either through the API or through the .csv import, include the ID of the customer you created. Or, use the current customer to link them to the loan. Our Loan/Lease Import article shows the basics of creating a loan through the .csv import tool.

  1. Potential Loan Tools: After activating the loan, implement any loan tools that are necessary or applicable. Most of the loan tools can be found in the 'Loan Transactions' section. Follow the instructions listed, and include all of the fields that are marked as required.
  2. Loan Settings: After setting up the loan, include all the loan settings applicable to the account. 

Make sure to include all of the required fields as well as all of the relevant fields as well. 

  1. Activate Loan: Activating the loan will use the Loan Account > Tools > Actions import. In the tool field, you will use the expected value "activate". 

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