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Loan products

Use Control Center to view and create Buy Now, Pay Later (BNPL) loan products, where shoppers borrow at checkout and pay back over time. You can define the terms that apply to BNPL loans, such as the repayment schedule, interest free periods, fees, and merchant disbursement behavior. Every loan created from the product follows the same rules.

For example, a common BNPL model is pay in four, where the purchase price is split into four equal installments and repaid over four months.

For more information and examples, refer to Loan management.

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You can use Control Center to create BNPL loans only. To create personal loan products, use the appropriate endpoint in the Create loan product API.

View loan products

To view the list of loan products:

  1. From the main menu, select Configurations > Loan products.
  2. Select a loan product to view its details.

Create a loan product

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Before you begin

  • You must complete this process in one session; you can't save and return later.
  • Make sure all processing codes you plan to use exist and are tagged with BNPL or Lending. You must create at least one processing code for Booking and one for Repayment. Without these codes, you won’t be able to create your loan product.
  • Create any interest plans needed for this product.

To create a loan product:

  1. From the main menu, select Configurations > Loan products.
  2. On the Loan products screen, select Create loan product.
  3. On the Product details screen, do the following:
    1. Enter a unique name for the loan product in the Loan product name field.
    2. (Optional) Enter a value in Loan product ID, or leave it blank to let the system generate an ID.
    3. Select the program for the loan. You can associate a loan product with only one program. However, each program can have multiple loan products.
    4. Select the number of installment payments for the loan payout in Disbursement.
    5. Select the currency. Loans must use the same currency as the program currency. Different loan currencies are not supported.
    6. Select Next.
  4. On the Processing code types screen:
    1. Select the processing code types to use for this loan product. Processing codes specify how money moves when a loan event occurs. They determine which balances are debited and credited, in what order, and under what conditions. Booking and Repayment types are required. All other types are optional.
    2. Select Next.
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If you haven't created your processing codes before you reached this stage, you will need to create your processing codes and then restart the loan product creation process. Once you create the processing codes, restart the loan product creation process.

  1. On each processing code selection screen (booking processing codes can only be used once):
    1. Select specific processing codes to be used with this loan product. You can select up to 20 codes for each type.
    2. Select Continue to next PCs.
    3. Continue through all processing code selection screens.
    4. Select Next.
  2. (Optional) On the Interest plans screen, select up to 10 interest plans, then select Next.
  3. (Optional) On the Early final settlement screen:
    1. Select a Penalty type and enter settlement settings.
    2. Enter your Penalty value information.
    3. Enter your Lock in period information.
    4. Select Next.
  4. (Optional) On the Prepayment screen:
    1. Select a Penalty type.
    2. Enter your Penalty value information.
    3. Enter your Lock in period information.
    4. Enter prepayment options or select Next.
    5. Select a Reduce option
  5. On the Review and create loan product screen:
    1. Review all configuration details.
    2. Select Create to create the loan product.

Updated about 2 hours ago