A Status represents the stage that an application or a loan is in the loan process flow. Each stage is represented by a Status Badge which changes as the application is processed to when the loan is closed. The status is displayed beside the application or loan on the tables on the Loans page is also displayed on the Applications Details Page and the Loan Details Page. Let’s walk through the different statuses available on the portal:
Important to note
Application statuses are different from loan statuses. To learn more about the differences between an application and a loan, click here [insert link]
Application Status
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:
Pending: The application was started but it was not completed by the customer.
Under Review: The application is awaiting review by a member of your team.
Approved: The application was approved.
Denied: The application was declined.
Abandoned: The application was abandoned by the customer i.e. a pending application that was not completed within 7 days.
Loan Status
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:
Pending Disbursement: The loan has not been disbursed
Disbursing: The loan is disbursing
Active: The loan is disbursed and is now active
Closed: The loan has been fully paid
Overdue: The loan has gone past its due date without being fully paid
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