Creation and repayment schedule

Creating an instalment loan

Creating an instalment loan is the next step after instalment illustrations are presented. The chosen illustration will form the foundation of the instalment loan.

First you will need to call the POST instalment-loans API and include the illustration_id for the selected finance option.
PayCredit checks the transaction is still eligible*.
PayCredit creates an instalment loan account and a repayment schedule.
PayCredit applies a credit transaction (transaction_type_id = 25) to the revolving credit account for the transaction amount.

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*Finance options may be updated over time, which can affect the eligibility of a transaction.
If a finance option is updated, eligible transactions are reassessed, and any that no longer meet the criteria will have their status updated to Deleted (soft delete).

Instalment loan details

Instalment loans capture the following key details, among others:

Key detail	Description	Example
Illustration ID	The ID of the accepted illustration.	97654321
Instalment principal	The total principal amount for the instalment loan.	1050.00
Pending principal	The remaining unpaid portion of the instalment principal.	1050.00
Instalment interest	The total interest payable, assuming the loan runs for the entire tenure.	116.00
Pending interest	The remaining unpaid portion of the instalment interest.	116.00
Cycle amount	The amount payable per cycle, which includes interest.	97.00
Total cycles	The total number of payment cycles.	12
Pending cycles	The number of cycles remaining.	12
Start date	The date on which the instalment loan was created.	15/09/2024
End date	The projected end date of the instalment loan, calculated as the start date plus the total cycles.	15/09/2025
First repayment date	The statement date of the pending statement associated with the account linked to the original transaction.	01/10/2024
Last repayment date	The first repayment date plus the number of cycles (in months).	21/09/2025
Instalment fee	A one-time setup fee.	52.50
Pending fee	The remaining unpaid portion of fees.	52.50

Repayment schedule

When an instalment loan is created, a series of instalment repayments is also generated (one for each cycle). These repayments provide a high-level summary of monthly repayment details.

The repayment schedule captures the following key details, among others:

Key detail	Description	Example
Instalment loan ID	The ID of the instalment loan to which these repayments are linked.	2456929
Due amount	The amount due per cycle.	97.00
Paid amount	The total amount paid so far toward this instalment.	0.00
Payment due date	The date by which the full due amount must be paid to avoid an Overdue status.	22/11/2024
Payment date	The date on which the full due amount was paid, or null if the payment is partial or no payments have been made.	0.00
Status	The current status of the repayment, which may be: Pending Partial Paid Overdue Transferred Cancelled Terminated	Pending

Instalment repayments

Instalment loans are repaid through credit transactions applied to the revolving credit account. When PayCredit receives a credit transaction it is processed by the repayments function.

PayCredit receives a credit transaction and triggers the repayment process.
The repayments process checks if instalment amounts are due.
If instalment amounts are due, the instalment repayment function is triggered which applies a repayment to to the instalment loan for the due amount.
An instalment repayment record is created.
If all due instalment amounts are already repaid, no further allocation of repayment is made.

Each repayment payment captures the following key details, among others:

Key detail	Description	Example
Instalment repayment ID	The ID of the instalment repayment to which this payment applies.	431869
Amount	The amount of this individual payment.	97.00
Payment date	The date on which this payment was made.	21/09/2024

Updated 7 months ago