Create New Loan

This request allows you to create a new loan.

General

Loans can be configured in an innumerable amount of ways. However, not every field within the payload of this request is required, and some are more important than others. Here's what else you need to know about this request:

  • This request simply creates a new loan without linking a customer. Linking a customer to a loan requires a Link Customer to Loan request.
  • Many users tend to want to simultaneously link a customer when they create a new loan within one request. This is possible, and we have a payload example below. If this is the case for you, you will need to use an existing customer or create a new customer beforehand. Here's why:

    When you create a new loan and link a customer all within the same request, you use the customer's ID in the payload and send the request through the Loans endpoint. Therefore, you will need a valid customer ID since you can't create a customer via the Loans endpoint.

For an example of how creating a loan works within the UI, take a look at our Create New Loan article.

Database

For information on loan database tables, see the following articles:

{
  "displayId": "API Created Loan 0293",
  "LoanSetup": {
    "loanAmount": "10000.00",
    "discount": "500.00",
    "underwriting": "0.00",
    "loanRate": "12.0212",
    "loanRateType": "loan.rateType.annually",
    "loanTerm": "36",
    "contractDate": "2015-05-07",
    "firstPaymentDate": "2015-05-08",
    "amountDown": "0.00",
    "reserve": "5.00",
    "salesPrice": "12000",
    "gap": "1120.",
    "warranty": "2500",
    "dealerProfit": "1000",
    "taxes": "125.25",
    "creditLimit": "15500",
    "loanClass": "loan.class.carLoan",
    "loanType": "loan.type.installment",
    "scheduleTemplate": "0",
    "discountSplit": "1",
    "paymentFrequency": "loan.frequency.monthly",
    "calcType": "loan.calcType.simpleInterest",
    "daysInYear": "loan.daysInYear.frequency",
    "interestApplication": "loan.interestApplication.betweenTransactions",
    "begEnd": "loan.begend.end",
    "firstPeriodDays": "loan.firstPeriodDays.frequency",
    "firstDayInterest": "loan.firstdayinterest.yes",
    "discountCalc": "loan.discountCalc.straightLine",
    "diyAlt": "loan.diyAlt.no",
    "daysInPeriod": "loan.daysinperiod.24",
    "roundDecimals": "5",
    "lastAsFinal": "loan.lastasfinal.no",
    "curtailPercentBase": "loan.curtailpercentbase.loanAmount",
    "nddCalc": "loan.nddCalc.standard",
    "endInterest": "loan.endInterest.no",
    "feesPaidBy": "loan.feesPaidBy.date",
    "graceDays": "5",
    "lateFeeType": "loan.lateFee.3",
    "lateFeeAmount": "30.00",
    "lateFeePercent": "10.00",
    "lateFeeCalc": "loan.lateFeeCalc.standard",
    "lateFeePercentBase": "loan.latefeepercentbase.regular",
    "paymentDateApp": "loan.pmtdateapp.actual",
    "maxInterestAmount": "0", 
    "financeChargeAsMIA": 1
  }
}
// This payload uses the tenant Loan Defaults to input the remaining loan information.

{
  "displayId": "New Loan Display ID",
  "LoanSetup": {
    "loanAmount": "10000.00",
    "loanRate": "4.5",
    "loanClass": "loan.class.carLoan",
    "loanType": "loan.type.installment",
    "contractDate": "2022-05-07",
    "firstPaymentDate": "2022-05-14"
  }
}
// This payload uses the tenant Loan Defaults to input the remaining loan information.

{
    "displayId": "New Loan Display ID",
    "LoanSetup": {
        "loanAmount": "10000.00",
        "loanRate": "4.5",
        "loanClass": "loan.class.carLoan",
        "loanType": "loan.type.installment",
        "contractDate": "2022-05-07",
        "firstPaymentDate": "2022-05-14"
    },
    "Customers": { // 👈 This object will link a customer to the loan.
        "results": [
            {
                "__id": 873,
                "__setLoanRole": "loan.customerRole.primary"
            }
        ]
    }
}

📘

Try It Instructions

Our requests often provide sample payload information so that you can receive a 200 response from simply hitting the Try It button. This request is ready for you—hit Try It to send the request.

However, as you can see, there are a lot of values in the payload for this request. If you'd like, feel free to change them to experiment with different options.

If you would like to try this request with your own tenant account, make sure to change the headers to match your own authentication information.

Language
Authentication
Click Try It! to start a request and see the response here!