Overview

The Unsecured Loan Quote app demonstrates how Mendix can be used to provide a great customer experience when applying for personal loans. The responsive web app helps guiding customers through the process of applying for a loan through an indicative loan repayment calculator.
The potential customer chooses the purpose of the loan from a list and selects the loan advance and the number of installment for repaying the loan. The app displays an indicative APR and the calculated monthly repayment based on the input values. If the customer wishes to proceed with the loan application, an account is created and personal and financial data is requested. Following a credit check the application may be automatically accepted, rejected outright or referred to an agent for approval.

Documentation

Unsecured Loan Quote

The Unsecured Loan Quote app demonstrates how Mendix can be used to provide a great customer experience when applying for personal loans. The responsive web app helps guiding customers through the process of applying for a loan through an indicative loan repayment calculator.
The potential customer chooses the purpose of the loan from a list and selects the loan advance and the number of installment for repaying the loan. The app displays an indicative APR and the calculated monthly repayment based on the input values. If the customer wishes to proceed with the loan application, an account is created and personal and financial data is requested. Following a credit check the application may be automatically accepted, rejected outright or referred to an agent for approval.

To summarize, the app allows a Customer to:

• Calculate the potential cost of a loan using a loan calculator.
• Onboard myself as a customer by completing a loan application wizard.
• Receive confirmation of acceptance of a loan application.
• Receive confirmation of rejection of a loan when the costs are too high.
• Receive confirmation of the referral of a loan application when credit checks are not favorable.
• Set up Bank Account details to receive a loan advance and set up direct debit.

It allows an Agent to:

• Review outstanding loan applications which have been referred due to unfavorable credit check results.
• After review either accept or reject the loan application.

And it allow an Administrator to:

• View brief details of onboarded loan applications.
• View and maintain onboarded customers.
• Configure the loan purpose list.
• Configure the loan interest rate band list.
• Perform a reset of the application.

Loan Application Process

Users go through the following steps to complete a loan application from start to end:

1. The potential customer connects to the app and follows the link to Apply for a Loan.
2. The potential customer enters the loan purpose, loan amount and term into the loan calculator and receives a dynamically-updated indication of the monthly repayment and total amount of repayments for such a loan.
3. If the potential customer wants to proceed, then they create an account and the system automatically logs the customer into the app.
4. The customer is then taken through a wizard to provide their identity information, citizenship, residential address, employment detail and monthly finances.
5. The customer can review their input on a summary page before they finalize their loan application.

At this point the application goes through the approval process.

1. If the monthly loan repayment in combination with the customer’s monthly expenses exceeds their monthly income, the loan is immediately rejected.
2. The customer’s credit score is obtained.
3. The loan amount and term that they have applied for and the customer’s credit score are then used to find a suitable interest rate band.
4. If a matching Interest rate band record is not found (i.e. the credit score is not acceptable) then the loan application is referred to an agent for further investigation. The customer is informed.
5. If an interest rate band was found, the customer is immediately informed of the terms to be applied to the loan and given the option to accept the terms and set up the loan, or decline.

Referred loan applications are accessible to the agent on their workflow-controlled dashboard. There, the agent can assign a referral to themselves, open the referral and view the loan application details. The agent should then either mark the loan as accepted or rejected.

Finally, the customer needs to provide their bank details, so that loan payment and repayment collections can be set up.