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The status of an application represents the stage that the application is in the loan process flow. There are five application statuses, each with a different color:
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Pending:The application was started but it was not completed by the customer.
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Under Review:The application is awaiting review by a member of your team.
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Approved: The application was approved.
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Denied: The application was declined.
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Abandoned: The application was abandoned by the customer i.e. a pending application that was not completed within 7 days.
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The status of a loan represents the stage that the loan is in the loan process flow. There are five loan statuses, each with a different color:
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Pending Disbursement: The loan has not been disbursed
Disbursing: The loan is disbursing
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Active: The loan is disbursed and is now active
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Closed: The loan has been fully paid
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Overdue: The loan has gone past its due date without being fully paid
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