Loan Life Cycle

After a loan account is created, it undergoes through three major stages to complete its lifecycle. Each stage has its processes and actions that can be executed within it.

The three main stages include:

After a loan is created, it enters a "pending" status. During this time, the loan application is evaluated by a loan officer or another authorized user within your organization who has the necessary role and permission to approve the loan.

Pending Approval

Once a loan is created, it is set to "Pending" status. The loan application under this stage is awaiting evaluation by the loan officer or any other user within your organization who has the necessary role and permission to approve the loan. Under this stage, the loan can either be:

1. Approved
2. Rejected
3. Withdrawn by the client.

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In this stage the loan application can be modified.

Approved

Upon approval, the loan account is set to "Approved" status. This applies that the loan application has been successfully reviewed and awaiting disbursement.

Note: The loan application cannot be modified in this stage unless the loan approval is undone. See the table below for other actions that can be carried out in this stage.

Active

Here is the loan is disbursed and set to "Active" status. The loan account will remain active even after repayment.

Below are the actions that can be carried out at each stage of the loan lifecycle.