Loan Management

Overview

The loan account module provides all the necessary details and information associated with the loan accounts of a tenant on Woodcore. Summarily, it gives a complete overview of all loan accounts.

Navigate to the Loan section under the Account tab on the Navigation panel to get all loan account information.

Advanced queries

Woodcore provides functionalities that enable you to search for your customer's loan accounts using the account name, number, and external ID.

You can also display a category of loan accounts using the filter By feature, which helps you search for accounts of a specific product or filter option.

Here, only the accounts which belong to this product category will be displayed.

Modifying Loan Account

Users can modify a pending loan application, that is, a loan account that has not been approved. Within a pending loan account, users can make changes to various aspects, including account information and details, loan terms, settings, charges, and accounting. This flexibility allows for adjustments to be made to the loan application before it is approved. It enables users to ensure that all necessary information is accurate and up to date and that the loan terms align with the requirements.

To edit a pending loan account page:

• Click on the customer name you wish to update

Edit the field you intend to modify or update and click the Submit button.

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This feature is not available for a loan account that has been approved.

Change Loan Officer

You can change the officer-in-charge of a loan account whenever the need arises. Loan officers are primarily responsible for the loan application, repayment, and disbursal.

On the console, a loan officer can be changed before and after loan approval.

To change a loan officer:

• Click on the Change Loan Officer button at the top right of the screen.

• Next, you will be directed to a page with a drop-down list of staff. Choose the new staff you intend to assign and add an assignment date.

• Click on the submit button to effect the change made.

Delete a loan

A loan account created by mistake or which does not have any transactions or tasks can be deleted.

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Kindly note

Except a loan was created by mistake or obligations have been met, We recommend that you reject or withdraw a loan rather than delete the loan.

Confirm there is no transaction or obligations linked to a loan account before you proceed to delete the loan.

To delete a loan:

• Navigate to the top right of your screen and click on the Delete button.

Once, this is done the loan account will be automatically closed.

Once any of these updates are made, the dashboard containing customers' loans will automatically update to effect the update.