Your organisation is likely to have multiple loan products with different terms and rates. Each product requires specific information from and, therefore, questions for the applicant.
Customisation of this product journey is catered for within the dashboard.
If you have the necessary permissions and authority within your organisation, you can add and modify the loan product information at https://dashboard.nestegg.ai/loan-products/
Adding a Loan Product
Depending on your organisation's current settings, you may or may not have a number of loan products set up already. Before you add a new loan product, you should first verify that it doesn't already exist. To add a Loan Product click the 'New' button.
When you click 'New' a popup will open and present you with a blank template for setting up a new loan product. You will need to enter the following basic information for the product:
Product name
Rule set for decisioning
Target audience (new members, existing members, or both/all)
If for existing members only, you can specify the minimum membership period required (leave blank if no minimum membership length is required)
Enter at least one APR and value band (up to 5 can be added)
Please note that rate and value bands are product-specific and cannot be varied based on membership type. If you offer different rates to new and existing members, create separate products.
Primary conditions
The next collection of settings are what you might call the primary conditions of the loan.
Min terms (months) & Max term (months) - Minimum and maximum term (in months)
Min savings (£) - Minimum share balance requirement (if applicable)
Home owners only - Available to homeowners only (if ticked)
Employed only - Available to employed applicants only (if ticked)
Repay via Child Benefit & Repay via payroll - specify whether the member can (optional) or must (Required) repay by either method, or if these payment methods are irrelevant to the product then 'none' can be selected.
Repayment frequency - Repayment frequency options for the member to choose from. Allows you to enforce strict repayment schedules depending on business or other needs, such as weekly or 4-weekly when repayment is via child benefit.
Secured? - Tick if the loan is secured against an asset (usually the member's share balance).
Can be topped up - Tick if the loan can be topped up.
Top-up period: Specify the number of months after which the loan may be topped up.
Purpose - Select a purpose if the product has a predefined one (e.g. a consolidation loan product would have a predefined "consolidation" purpose); otherwise, leave allow to allow the applicant to choose from a variety of possible purposes.
Other conditions & Special benefits - Specify any additional conditions or benefits associated with the product.
Additional questions
The additional questions section is where you specify the information required from the applicant. You can differentiate between new (red) and existing (blue) members and make questions optional or required
For example you may wish to ask a New member applicant to upload proof of ID &/or address as so make this a requirement for them. But you may not need this from Existing members and can therefore select 'None' for existing members.
If the loan product is available to both New and Existing members then you will be presented with radio options for both. If the loan product is only available to one or the other then you will only be shown radio options for the relevant type.
The options for New member applicants are coloured RED, the options for Existing members are coloured BLUE. As seen below.
If the product is available to all member types:
If the product is available to new members only:
If the product is available to existing members only:
Not all questions will be relevant to every loan product and the information you gather from applicants should be relevant to the decision making process for the loan only.
Once you are satisfied with settings and options for the loan product, click the 'create' button.
After creating the loan product, you will see it in the products list. From where you can edit or delete it should the need arise.
Editing and deleting a loan product
To edit a record, click the pencil icon:
To delete a record, click the trash can icon:
When deleting a loan product, we will ask you to confirm that you wish to delete it and specify which product is being deleted.
Please do not delete a loan product unless you are absolutely certain it must be deleted. Deleted product settings cannot be retrieved.
Hopefully you now feel confident in how to add, edit and maintain your loan product records.
But if anything is unclear or you have any questions or suggestions of how we can improve this area, then please don't hesitate to let us know.
You can reach us in Chat using the blue chat icon in the bottom right of this page or you can send us an email at support@nestegg.ai