On creation of a loan account, the loan status is set to “Pending,” which means it is awaiting approval from a loan officer or any authorized user with the assigned role and necessary permissions to approve a loan. Where the loan account meets all requirements, the loan can be approved.
Before a loan is approved, the loan terms can be edited. However, once the loan application has been approved and awaiting disbursement, no further modifications can be made until the loan is unapproved.
To approve a loan, follow these steps:
- Click on the Loan to be approved.
Ensure the loan's current status is “Pending"
- Click on the Take Action button.
- From the list, select Approve and fill in the required information.
- Click on the Submit button.
You will receive a pop-up notification confirming that the loan has been approved!
Once this is done, the loan application will be updated, and the status automatically changes from Pending to Approved.
An approved loan that has not yet been disbursed can be unapproved. Once this occurs, the loan status returns to Pending. See the section below to undo loan approval.
An approved loan can be unapproved at any time before disbursal. To undo a loan approval, navigate to the approved loan and click on the Take Action button > Undo Approval > click on the Submit button.
This will change the status of the loan account from Approved to Pending.
Updated 4 months ago