API – Loan Setup


This article discusses the specifics of the setup of a loan, working with loan setup entities, and what entity fields refer to.

Working with Loan Setup Entities

When working through a loan entity, you will need to wrap the loan setup JSON object inside of a JSON object for the loan entity; this is not needed for working directly with the loan setup entity. For example, if I add a loan setup entity through the loan entity, the body for my POST/PUT request would look similar to the following:

...Loan Entity Fields Here...
...Loan Setup Fields Here...

However, if I created a loan setup entity directly, the body of my request would look as follows:

...Loan Setup Fields Here...

The URL for the request is the same as the URL for the loan. Ex. to edit the Loan Setup for the loan with id 123 the URL would be:

PUT    https://loanpro.simnang.com/api/public/api/1/odata.svc/Loans(123)

Entity Field Overview

Below is the JSON format of a Loan Setup entity.

"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",
    "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"
  • loanAmount – This is the amount that has been lent out to the borrower
  • discount – This is the difference in the face value of the loan and the amount the lender acquired it for (ex. If the loan has a worth of $1500 and it was purchased for $1000, the discount would be $500)
  • underwriting – This is the amount of the underwriting fee
  • loanRate – This is the interest rate on the loan; its frequency is based on the loanRateType field
  • loanRateType – The frequency of the interest rate (weekly, monthly, annually, etc.). A 1% monthly interest rate is equivalent to a 12% annual interest rate. See Loan Setup Collections
  • loanTerm – The number of periods for the loan
  • contractDate – The date the contract was signed
  • firstPaymentDate – The date that the first payment will come due for the loan (cannot be before the contract date)
  • amountDown – A record of the amount the borrower put down (does not affect loan calculations at all)
  • reserve – An amount held back from the dealer or source company to insure against bad loans (does not affect loan calculations)
  • salesPrice – The original sales price of the collateral (does not affect loan calculations)
  • gap – The amount of the GAP insurance
  • warranty – The amount covered by warranty
  • dealerProfit – The amount of profit that the dealer made off of the loan (does not affect calculations)
  • taxes – The amount paid in taxes for the loan; please note that leases use an Escrow bucket for this (does not affect calculations)
  • creditLimit – The Credit limit of the loan (for loans of type Credit Limit)
  • loanClass – The loan class; the class of the loan collateral. See Loan Setup Collections
  • loanType – The type of the loan. See Loan Setup Collections
  • discountSplit – Whether or not the discount should be split over the life of the loan (1 – yes, 0 – no)
  • paymentFrequency – The frequency on which payments come due (the length of the periods)
  • calcType – The calculation type for the loan
  • daysInYear – The method to “calculate days in year” when performing loan calculations. See Loan Setup Collections
  • interestApplication – How interest is applied to the loan. See Loan Setup Collections
  • begEnd – See Loan Setup Collections
  • firstPeriodDays – How the number of days in the first payment period on the loan should be calculated. See Loan Setup Collections
  • firstDayInterest – Whether or not to charge interest on the first day of the loan. See Loan Setup Collections
  • discountCalc – How discount is calculated. See Loan Setup Collections
  • diyAlt – Calculation for Days in Year Alternate. See Loan Setup Collections
  • daysInPeriod – The number of days in a period for custom period length. See Loan Setup Collections
  • roundDecimals – The number of decimal places to round to for calculations (between 2 and 7)
  • lastAsFinal – See Loan Setup Collections
  • curtailPercentBase – See Loan Setup Collections
  • nddCalc – See Loan Setup Collections
  • endInterest – See Loan Setup Collections
  • feesPaidBy – See Loan Setup Collections
  • graceDays – The length of the grace period before a late fee is applied (between 0 and 30)
  • lateFeeType – The type of the late fee. See Loan Setup Collections
  • lateFeeAmount – The amount of the flat late fee
  • lateFeePercent – The percentage of the late fee
  • lateFeeCalc – See Loan Setup Collections
  • lateFeePercentBase – See Loan Setup Collections
  • paymentDateApp – See Loan Setup Collections

StackBlitz Example

Many of our articles use StackBlitz examples like this. These examples are like a window into a REST client right here in your browser. The window is divided into two sides. Developers can use info in the editor on the left side when configuring your API integration, and the right side shows a preview of a REST client. Click 'Preview' on the bottom, and you'll only see the REST client.

The entire request is set up and connected to a demo API tenant in LMS. Just scroll down and click 'send' and you should get a 200 response. If you want to get some practice with error codes, try editing the endpoint, headers, method and payload to see what responses you get.

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