Loans

A Loan represents an active lending agreement created after an Application has been approved and legal documents have been signed by the Borrower. Once an Application completes the underwriting step and an Underwriting Decision is created, an Offer is selected and approved, and all legal documents are signed by the Borrower, the Loan Issuing process begins. This process converts an Application into a Loan with the selected terms and conditions. Each Loan has a unique identifier and represents the Borrower’s contract within the Prime system.

The Loan defines the complete financial structure of the lending agreement. This includes the capital amount, total loan amount, term in days, cost and fees. The repayment structure is defined through remittance parameters, specifying how frequently payments should be made. Each Loan maintains a status that reflects its current position in the lifecycle - from newly created to fully repaid.

Through the Prime API, a new Loan may be created from an approved Application, and Loan information can be retrieved to track status and details. Once a Loan is created, Loan terms cannot be modified, as they represent a legally binding agreement with the Borrower. Partners may monitor the Loan's progression as payments are made, and the Loan moves towards completion. The Loan entity serves as the primary reference point for managing active lending relationships through the Prime platform.