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Offer Letter for Customer Consent

Offer Letter for Customer Consent

Owned by Ivy Nzioka (Unlicensed)
Last updated: Jun 22, 2021 by Tide Ayeni (Unlicensed)

What is the offer letter presentment feature?

The offer letter feature offers the ability to capture customer consent as part of the loan application process. This feature helps our merchants to:

  • Fulfill their legal responsibilities required for entities that give out loans.

  • Possess a legally binding document to reference should a dispute be raised between them and their customers.

Intended Use

To provide the ability to present and execute/sign the loan offer letters on the originate platform

Features

  • Merchant can initiate the creation and sending of the offer letter

  • The signed offer letter copy is stored for both the customer and merchant on the platform

  • Customer can decline the offer letter

 

How to Use the Offer Letter Presentment Feature

Configuration

  • Enable offer letter on admin by checking the Loan Offer Letter Feature Is Enabled checkbox

  • On MP, enable offer letter for the specific loan products you would like to get consent from customers

Step A: Creation the offer letter

  1. Navigate to the Loans Tab > Click on Applications Tab > Click on the application you wish to approve

  • The approve button is on the top-right side of the page

 

  • Approving the loan initiates the offer letter presentment process. The process begins on either of the two occasions:-

    • Once the system auto approves the loan
      Or

    • Once the merchant manually approves the loan

  • Once the loan has been approved, via any of the aforementioned ways, the system automatically collects the application’s details and creates the offer letter.

  1. Click on the Application Information tab to view the created offer letter as part of the application details.

  • At this stage, the application status changes to offer letter sent, and the offer letter status changes to pending.

 

 

  • The application’s history also is immediately updated to capture that the offer letter has been sent as can be seen below

Step B: Sending the created the offer letter

  • An email notification is then sent to the customer notifying them of the offer letter that they are required to sign.

    Please note: Both the creation and sending of the offer letter are automated process once you have clicked on the Approve button on the loan application

 

 

Step C: Signing the offer letter

  • Once the customer has viewed the email and clicks on the view offer letter button, they are redirected to the dashboard and they will view a pop directing them to their next cause of action.

  • The customer is able to click on the view button to be able to view and read through the offer letter and thereafter, they can sign the offer letter.

     

  • To sign via OTP they should:-

  1. Click on the Sign with OTP button 

  2. Enter the received OTP digits received on their email address

  3. Click on the Sign Offer Letter button

Please note: Clicking on the sign offer letter button acts as consent by the customer and the customer’s name is attached as the signature to the offer letter document.

  • Once successfully signed, the customer will view the pop as seen below. A copy of the signed offer letter is also available on the dashboard.

 

  • And the application history is correctly updated.

  • On the merchant portal, the merchant receives an email notification notifying them of the signed offer letter
    The merchant can now:-

  1. Click on the link provided on the email to redirect them to the customer’s specific loan application whose offer letter has been signed

  2.  Click on the Application 

  3. Click on the Application Information Tab

  4. You should be able to view and even download the signed offer letter

  • At this stage, the application status now changes to approved, and the offer letter status changes to completed 

  • The application’s history also records the action taken as can be seen below

 

  • And just as the offer letter, the application status will be updated to approved, the offer letter status to completed and the history will be updated to reflect that the customer signed via OTP.

  • Please also note that all signed copies of the offer letter are stored in the Supporting Document Tab 

     

 

Step 4: Decline the offer letter

The customer also can review the offer letter, disagree with the terms of the loan and choose to decline the offer 

To decline the offer letter, on the customer portal,

  1.  The customer should click on the Decline Offer Letter button

2.Confirm that they indeed would like to do so. Once the customer clicks on the decline Please note: Once the customer denies an offer letter, the application is automatically denied.

Declining the offer letter triggers a status update. The application’s status updates to denied

This action also is recorded on the audit trail as can be viewed on the application history tab.