The automated lending system is easiest to understand by walking through the process for instalment loans.
Getting started: demo and GAP analysis
The process typically begins with a prospective lender booking a demo to discuss the software, their business requirements, and whether CreditOnline is a suitable fit. If it is, a GAP analysis follows: a structured meeting with the implementation team to identify where the platform fits into the lender’s existing workflow and whether any additional functionality is needed.
Once the GAP analysis is complete and any required functionality has been added, the lender is given access to the system and can begin issuing loans.
Borrower registration and identity verification
The loan lifecycle begins when a borrower accesses the lender’s loan product and registers for an account. Registration creates a user profile and imports the borrower’s data into the lender’s system. During registration, the borrower is asked to verify their identity - either through document verification or a real-time camera application. Borrower information can be collected all at once during sign-up or gathered progressively as the borrower moves through the lending process.
Loan origination and credit assessment
Once identity is verified, the borrower submits a loan request. This triggers the loan origination process, which may include a credit risk assessment and the completion of contracts or supporting documentation. The submitted request appears in the borrower’s loan portfolio and in the lender’s Loan Management Software.
Approval
The approval workflow can be configured as manual, semi-manual, or fully automatic. While waiting for a decision, the borrower may modify their loan request; any changes update the contracts available in the borrower’s account accordingly. Depending on the level of automation configured, the approval process can take anywhere from five minutes to an hour.
Notification and disbursement
Once a decision is made, the borrower is notified by email, SMS, or in-platform notification - all managed by the lender. If the loan is approved, the borrower receives the requested amount along with the contractual obligations agreed at origination.
Repayment scheduling
The system then generates a repayment schedule according to the lender’s configuration, which is displayed in the borrower’s account within the lender’s interface.