PAY DAY LOAN APPLICATION

TRANSACTION HOST INTEGRATION MATRIX

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Pre integrated Host interface available.

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SR No

Transaction / Function Name

Oracle FLEXCUBE Core Banking 11.7.0.0.0

Oracle FLEXCUBE Universal Banking 12.4.0.0.0

Oracle Financial Services Lending and Leasing 14.3.0.0.0

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Payday Loans Application

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Introduction

A payday loan is a short term unsecured loan, generally for a small amount that is due on the borrower’s next payday. Most often payday loans are paid off in one lump-sum. These loans are also called cash advance loans, salary loans, or short term loans.

Borrowers generally avail of payday loans for immediate and temporary financial needs such as medical bill payment, car repair, or other onetime expenses. Payday loans are helpful for people who have no savings balance or credit cards.

Pay Day Loans Application Workflow

Payday Loans Workflow

Following are the steps involved in a payday loan application submission:

The following sections (excluding Review & Submit and Confirm) will be displayed in the order defined by the bank administrator in the workflow configuration screen:

You are here How to reach here:

Dashboard > Payday Loan

To apply for payday loan:

  1. Select Payday Loans on the product showcase screen. The state of residence screen is displayed.

State of Residence

Field Name

Description

Please select your state of residence

Select State

Select the state in which you reside.
  1. Click Continue as guest, if you are a new / unregistered user.
    OR
    Click any social media (LinkedIn / Facebook) icon to login through the specific social media profile. Once you log in through either of the two sites, your first name, last name and email address are defaulted to that which is maintained for the specific site.
    OR
    Click Login if you are a registered user.
    OR
    Click Cancel to abort the loan application process.
  2. The section defined as the first in the workflow configuration screen will be displayed.

Loan Requirements

Field Name

Description

Loan Amount

The loan amount (in US dollars) that you would like to borrow.

Promo Code

Enter a promo code, if any. A promo code could make you eligible for certain benefits such as a lower interest rate depending on the linked offer.

Military Disclosure

Identify your current military status i.e. whether you are an active duty service member or dependent; or not.

SCRA Effective Date

SCRA stands for Service Member’s Civil Relief Act.

Enter the date on which you or the active duty service member that you are a dependent of is called to active duty. You will be required to specify this information if you have identified yourself as an active duty service member or a dependent of one.

SCRA Reference Number

Enter the SCRA reference number in this field. You will be required to specify this information if you have identified yourself as an active duty service member or a dependent of one.
  1. Enter the relevant loan requirement details
  2. Click Continue, The next section will be displayed.

Primary Information

In the applicant Information section enter the first name, middle name, last name, and suffix.

Field Name

Description

First Name

Enter your first name.

Middle Name (Optional)

Enter your middle name. This field is optional.

Last Name

Enter your last name.

Suffix (Optional)

Select a suffix, that is applicable to you if at all. This field is optional.

Date of Birth

Specify your date of birth in MM/DDClosedDirect Debit/YYYY format.

The system validates your date of birth against your state of residence so as to identify whether you have attained age of majority as per your state specifications.

How did you hear about us?

Identify the source from which you got to know about this particular product and institute.

The options could be:

  • Radio
  • Television
  • Mail
  • Billboard
  • Search Engine
  • Other
  1. Click Continue . The next section is displayed.

Proof Of Identity

In the proof of identity section enter your Social Security Number as well as identification details. Identification details will include type of identification, identification number and other supporting information such as state of issue, and expiration date.

Field Name

Description

Social Security Number

Enter your Social Security Number. Your Social Security Number is a 9 digit number issued by the U.S. government to U.S. citizens, permanent residents and temporary residents for taxation and other purposes.

Type of Identification

Select the identification that you want to provide as proof of identity.

The identification type could be:

  • State ID
  • Driving License
  • Matricula Consular Card

State of Issue

Select the name of the state in which your identification document has been issued.

This field is displayed if you select State ID or Driving License in Type of Identification list.

ID Number / Driver’s License Number

Enter your identification number corresponding to the identification type. This field will be labeled 'Driver's License Number' if you select Driving License as Type of Identification.

Expiration Date

Enter the date on which your identification document will expire. This date can be found printed on your identification document.

This field does not appear if you select Driving License option from the Type of Identification list.
  1. Click Continue to save the identification information. The next section is displayed.

Contact Information

In the contact information section enter contact details including your email address, phone numbers, and current residential address. Depending on your accommodation type, you might be required to enter information pertaining to the monthly amount spent towards rent or mortgage repayment.

You may also be required to enter your mailing address in case your mailing address is different from that of your residential address.

Field Name

Description

Email

Email

Enter your email address.

Confirm Email

Re-enter your email address in order to confirm the same.

Phone Number

Mobile Phone Number

Enter your mobile phone number.

Home Phone Number

Enter your home phone number.

Residential Address

Street Address

Enter your street address.

Apartment / Suite No.

Enter your apartment or suite number.

City

Enter the name of the city in which you reside.

State

The state in which you reside. The state that you selected upfront will be displayed in this field. You will not be able to change the state here.

Zip Code

Enter the zip code of your residence. You can enter the zip code in format zip+4 in addition to regular format.

Accommodation Type

The type of accommodation in which you reside.

The accommodation types are:

  • Company Provided
  • Inherited
  • Leased
  • Owned
  • Parental
  • Rented
  • Other

Monthly Rent

The amount you spend towards monthly rent in US dollars.

You will be required to enter this amount only if you have selected the option Rented as Accommodation Type.

Do you pay mortgage?

Specify whether you pay mortgage on your owned home.

You will have to answer this question only if you have selected the option Owned as Accommodation Type.

Is your mailing address the same as your primary residence above?

Identify whether your mailing address is the same as your current residence. If you state that your mailing address is not the same as your primary residence, you will be required to enter your mailing address.

The following fields appear if you select the option No against the Is your mailing address the same as your primary residence above? field.

Street Address

Enter the street address of your mailing address.

Apartment / Suite No.

Enter the apartment or suite number of your mailing address.

City

Enter the name of the city of your mailing address.

State

Identify the state of your mailing address.

Zip Code

Enter the zip code of your mailing address. You can enter the zip code in format zip+4 in addition to regular format.

Employment Information

In this section you are required to enter basic details of your employment such as company/employer name and work phone number. If you identify that you are not employed currently, you can skip entering this information and proceed with the next step in the application form.

Field Name

Description

I am currently employed

Identify whether you are currently employed or not.

Company Name or Employer

Enter the name of the company or firm at which you are currently employed.

You will be required to enter the name of your company or firm in which you are currently employed only if you have identified that you are currently employed by having selected Yes in the I am currently employed field.

Work Phone Number

Enter your work phone number with extension. You will be required to enter your work phone number only if you have identified that you are currently employed by having selected Yes in the I am currently employed field.

Account Information

In this section, you are required to identify your savings or checking account into which the loan amount is to be disbursed and from which the amount to be repaid will be debited on the date on which the loan repayment is due. You will have to identify details of the bank at which your account is held along with your savings/checking account number. Details of the bank will include the bank name and routing number.

Field Name

Description

Bank Name

Enter the name of the bank at which your savings or checking account is held.

Routing Number

Enter the routing number of the bank’s branch in which your savings/checking account is held.

Account Type

Select the account type.

The options could be:

  • Checking
  • Savings

Account Number

Enter your savings/checking account number.

Re-enter Account Number

Re-enter the account number to confirm the value entered in the previous field.

Where do I find this information?

Click this link to view an image depicting a check book leaf on which an account number and routing number are printed.

You can select this link so as to be able to identify your account number and routing number based on the reference image provided.

Income

In this section enter details of your income. You will be required to provide information such as your primary source of income, the amount (in US Dollars) earned on your last pay check, the frequency in which you earn your income and also the dates on which you will earn your next two paychecks.

Field Name

Description

Source of Income

Identify the source of your primary income, i.e. the means through which you earn regular income.

The source of income for payday loans could be:

  • Salary
  • Rental Income
  • Pension
  • Social Security
  • Investment Income
  • Child Support
  • Damages for Injury / Disability
  • Alimony

Income earned on your last paycheck

Specify the amount of income earned on a regular basis in US dollars from the selected source of income.

How often are you paid?

Identify the frequency at which you earn income.

The options are:

  • Bi-Weekly
  • Weekly
  • Semi-Monthly
  • Monthly

Next Payday

The date and day on which you will receive your income next.

Second Payday

The date and day on which you will receive your second income installment.

If your payday falls on a holiday, when are you paid?

Identify when you are typically paid in case your payday falls on a holiday.

The options are:

  • Day before the holiday
  • Day after the holiday
  • No change - On the holiday

Review and Submit

The review and submit page consists of the following two sub sections:

The following are the different sections of Application Verification sub section.

Disclosures and Consents

Field Name

Description

ESIGN Disclosure

I have reviewed and consent to the ESIGN Disclosure

Select this check box to provide consent to the ESIGN Disclosure.

Wireless Policy

Field Name

Description

Wireless Policy

I agree to receive communications via phone and text

Select this check box to provide consent to receive communications via phone and text messages.

Privacy Policy

Field Name

Description

Privacy Policy

I confirm that I have read the above disclosures

Select this check box to confirm having read and providing consent to the financial institution privacy policy.

Loan Agreement

Field Name

Description

Loan Agreement

I confirm that I have read the above disclosure and agree to be bound by the terms of the agreement

Select this check box to confirm having read and providing consent to the loan agreement.

Promise to Pay / Equal Credit Opportunity Act / Additional Disclosure

Field Name

Description

Additional Disclosures

I accept all the statements defined above

Select this check box to agree with the promise to pay, equal credit opportunity act, and additional disclosures.
  1. Click Edit to edit the loan requirement details.
  2. Once the details are edited click Continue.
  3. Once you have verified all the information and have provided consent to all the disclosures click Submit. The screen confirming application submission will be displayed which will contain the application reference number, decision outcome and any additional steps that might need to be undertaken by you or the financial institution.

Submitted Application Confirmation

The confirmation page is displayed once you have submitted your application. This page displays the current status of your application along with details of any further steps that might be required to be taken. The application reference number, by which you can track the status of your application, is also displayed on this page. Additionally, the option to track the application is also provided on this page. If as per the configuration, registration is not mandatory, and if you have not already registered, the option to register will also be available on this screen.

  1. If the applicant who has filled in the application details is not a registered channel user and if registration is not mandatory, the option to register for channel access will be available on this page. Click Register.
    OR
    Click Go to Homepage to navigate to the application dashboard screen.
  2. Click Track your Application. in order to be navigated to the application tracker.

Register User

Registration might be mandatory or optional. In case registration is mandatory and you have not yet registered at the time of submitting the application, you will be required to mandatorily register before the application can be submitted. In this case, when you select the option to Submit the application on the Review & Submit page, the registration page will be opened. Once you have registered, you will be able to proceed with application submission. In case registration is not mandatory and you have not yet registered at the time of submission, the option to register yourself for channel access will be provided on the confirm screen. Clicking on the link will open the Registration page

Register ApplicantClosedAn applicant refers to an individual or a non-individual (organization or trust) who has applied for one or more main lines.

Field Name

Description

Define Login Credentials

Email

Enter the email ID with which you would like to register.

Confirm Email

To confirm the email ID re-enter the email ID entered in the Email field.

Verify

Click on this link to verify the email ID entered. A unique security code will be sent to the email address defined and a pop up window will be opened in which you can verify the email ID by entering the security code in the specified field.

Password

Enter a password to be used for the purpose of registration. You will be required to enter this password when you log-in to the system in the future.

Confirm Password

To confirm the password re-enter the password entered in the Password field.

Set Security Questions

Skip set up of security questions?

Through this option, you can opt to skip setting up security questions at the time or registration.

The options are:

  • Yes
  • No

By default the option No will be selected and the security question and answer fields will be displayed. If you select the option Yes, identifying that you wish to skip set up of security questions, the security question and answer fields will be disabled and hidden.

Security Question

Select a question to be assigned as a security question.

The security questions will be numbered, e.g. Security Question 1, Security Question 2 and so on. The number of security questions and answers available will be dependent on the number configured by the bank administrator.

Answer

Specify an answer for the selected security question.

The fields in which you can specify answers to selected security questions will be displayed below each security question and will be numbered, e.g. Answer 1, Answer 2 and so on.

Terms and Conditions

I have read, fully understood and agreed with the terms and conditions

Select this checkbox to acknowledge agreement to the terms and conditions of registration for online banking access.

Terms and Conditions Link

Click this link to view the terms and conditions.

To register:

Verify

Field Name

Description

Verification Code

Enter the security code sent to the email ID you have defined in the registration screen.

Cancel Application

The option to cancel the application is provided throughout the application and you can opt to cancel the application at any step.

To cancel an application:

Field Name

Description

Reason for Cancelling

Indicate the reason for which you are cancelling the application. This is an optional step.

The cancellation reason could be:

  • Difficulty in completing the form
  • Insufficient time
  • Need more product details
  • Incorrect product selection
  • Others

Please Specify

This field is displayed if you have selected the option Others as Reason for Cancelling

Enter the reason for which you are cancelling the application in this field.

Save for Later

There will be two scenarios in this case

All saved applications will be available in the application tracker under the In Draft tab. You can select any application to resume the application submission process.

To save an application:

Field Name

Description

Email

Enter the email ID with which you would like to register.

Confirm Email

To confirm the email ID re-enter the email ID entered in the Email field.

Verify

Click on this link to verify the email ID entered. A unique security code will be sent to the email address defined and a pop up window will be opened in which you can verify the email ID by entering the security code in the specified field.

Refer the Verify sub section under section Register User for further information on verification.

Password

Enter a password to be used for the purpose of registration. You will be required to enter this password when you login to the system in the future.

Confirm Password

To confirm the password re-enter the password entered in the Password field.

Set Security Questions

Skip set up of security questions?

Through this option, you can opt to skip setting up security questions at the time or registration.

The options are:

  • Yes
  • No

By default the option No will be selected and the security question and answer fields will be displayed. If you select the option Yes, identifying that you wish to skip set up of security questions, the security question and answer fields will be disabled and hidden.

Security Question

Select a question to be assigned as a security question.

The security questions will be numbered, e.g. Security Question 1, Security Question 2 and so on. The number of security questions and answers available will be dependent on the number configured by the bank administrator.

Answer

Specify an answer for the selected security question.

The fields in which you can specify answers to selected security questions will be displayed below each security question and will be numbered, e.g. Answer 1, Answer 2 and so on.

Terms and Conditions

I have read, fully understood and agreed with the terms and conditions

Select this checkbox to acknowledge agreement to the terms and conditions of registration for online banking access.

Terms and Conditions Link

Click this link to view the terms and conditions.

The following steps are applicable for cases wherein the applicant is not a registered user.

Existing Customer Application

This section describes how an existing customer can apply for a payday loan.

If you are an existing customer of the bank, you can select the Login option on the Orientation screen (section 2.2). The screen on which you are prompted to enter your login credentials is displayed. Once you have entered and submitted your login credentials, the application form is displayed with all your personal information pre-populated in the respective sections. You are, hence, required to enter information in only the loan requirements and account information sections which are displayed first in the application form.

The pre-populated sections in which you are required to enter or update certain information are highlighted so that you are made aware about any further information that needs to be furnished. Before submitting the application, you will be required to review the information being submitted as part of the application form as well as provide consent to the various disclosures and notices that impact the loan. Once you submit the application, a confirmation page will be displayed which will display the current status of the application form as well as a reference number by which you can track your application in the application tracker.

Application Tracker

The Application Tracker enables you to view the progress of submitted applications and also to retrieve and complete applications that have been saved. Through the application tracker you can perform the following actions:

To track an application:

Submitted Application

Field Name

Description

Loan Product Name

The name of the product for which the application has been made.

Application ID

The application reference number as generated by the institute at the time the application was submitted.

Applicant Name

The name of the applicant.

Submitted On

The date on which the application was submitted.

Status

The current status of the application.

Loan Amount

The requested loan amount.

Loan Application Details

Field Name

Description

Application Summary

Loan Product Name

The name of the product for which the application has been made.

Application ID

The application reference number as generated by the bank at the time the application was submitted.

Applicant Name

The name of the applicant will be displayed here.

Submitted On

The date on which the application was submitted.

Status

The current status of the application.

Requested Amount

The requested loan amount.

Document Upload

Document upload enables you to upload the documents that are required for the processing of the application. You can upload multiple documents against a document type.

To upload / remove a document:

Field Name

Description

Choose File

On selecting this link, the browse option is opened, by which you can select the required document to upload.

Accept / Reject Offer

Field Name

Description

Offer Letter

Displays the generated offer letter.

Offer Letter Acceptance

In order to accept the loan offer, you will be required to accept the terms and conditions of the loan. Select the check boxes to accept the specific terms and conditions defined.

Accept/Reject Offer

Select the appropriate option in order to accept or reject the offer. In order to accept the offer, select the Yes button. In order to reject the offer, select the No button.

FAQs

ClosedWhy do I have to select my state of residence when I select the Loan product on the product showcase?

Since banking rules and regulations that impact the bank’s product offers vary from state to state in the US, it is imperative that when choosing a product for which to apply, you specify your state of residence. This way, only those products that are available for your state are displayed. Hence, the facility to select state of residence on selection of personal loan product group in product showcase has been added.

ClosedIf I am an existing customer, do I still have to specify my state of residence on selecting a product?

No. If an existing customer has logged in and is then selecting a product, the system will automatically display only those products that are enabled for the customer’s state of residence.

ClosedCan I apply for an auto loan if I am not a citizen of the United States?

As per US law, US citizens and resident aliens can apply for banking products online. Hence, if you are not a citizen of the United States but are a permanent resident of the United States and have a Social Security Number you can apply for a loan online. However, if you are not a United States citizen and are not a permanent resident either, you cannot apply for a loan online.

ClosedI am 18 years old and currently residing in Alabama where the age of majority is 19 years. Can I apply for an auto loan online?

No. You need to be a legal major in the state in which you reside in order to be eligible to apply for an auto loan online.

ClosedWhy am I not required to enter information such as gender, marital status etc. as part of primary information?

Financial institutions in the US are governed by strict laws one of them being the Equal Credit Opportunity Act (ECOA) which dictates that it is unlawful for any creditor to discriminate against any applicant on the basis of race, color, religion, national origin, sex, marital status or age (as long as the applicant is a legal major). Hence, information such as the applicant’s gender, number of dependents, marital status, etc. are not captured in the loan application.

ClosedAre there any types of vehicles that the bank will not finance?

Yes the following vehicles are not eligible for financing:

ClosedWhy do I have to provide my Social Security Number (SSNClosedSocial Security Number) in the application? How does the bank ensure that my information is safe?

Your Social Security Number is required as it is part of the information we use to verify your identity and is also used by our third party credit reporting agencies to identify your credit worthiness. Your Social Security Number is masked as soon as you enter it so as to eliminate the risk of shoulder surfing security threat.

ClosedWhy do you require the expiry date of my identity proof?

We ask for the expiry date of your identity proof to ensure that you are providing us with a valid proof of identity, one that is currently not expired.

ClosedCan I provide my post office box number as residential address?

No. We require the address at which you currently reside and if required the address at which you resided previously.

ClosedI have my entire zip code i.e. in zip+4 format. Can I provide my entire zip code?

Yes, the application accepts regular zip format as well as zip+4 format.

ClosedDo I need to include the income I get as alimony in the income section of the application?

No, you do not have to include income from alimony, child support or any separate maintenance income if you do not wish for it to be considered as a basis for loan repayment.

ClosedWhy do I have to give my consent to all the disclosures displayed under the Review & Submit section?

As per US law, all customers of the bank are to be made aware of all the disclosures and notices impacting them. Hence, we require your consent to all these disclosures and also provide links for you to view the details of each disclosure.

ClosedI am adding a co-applicant to the loan application. Does he have to provide his consent to all these disclosures as well?

Yes, all applicants are required to provide consent to all disclosures and notices.

ClosedI am an existing customer of the bank but do not have channel access, how can I proceed?

You can register yourself as a channel user through the ‘Register’ option available on the portal page and provide the required details.

Closed Can I proceed with the application if I am not an existing channel user?

Yes, you can continue filling in the application details as a guest user and need not necessarily login.

ClosedWhy am I asked to capture previous residential address details?

The bank has a resident stability policy in place wherein if the applicant is staying at the current address for less than a defined term then he/she needs to define the previous residential address.

Closed Is it mandatory to change the default configuration for an account as part of application tracker?

No, you can simply view and confirm the account configuration. This facility has been provided so that you can edit any parameter or facility of the account that you wish to change.

ClosedDoes the Co-Applicant also need to login for the system to populate the information if he/she is an existing channel user?

No, the co-applicant’s customer ID needs to be entered by the primary applicant if he/she is an existing user. A verification code will be sent to the co-applicants email ID and/or mobile number.
Once the verification process is successful, the co-applicant’s details will be populated.

ClosedMy co-applicant and I live in the same house; do I need to enter address details again while defining co-applicant information?

No, there is an option in the co-applicant contact information section to default the primary applicant’s address in that of the co-applicant’s residential address fields.

Closed I have saved the application. Can my co-applicant resume the application from the application tracker?

Yes, the co-applicant needs to be a registered channel user to login to the application tracker and resume the application.

ClosedCan the co-applicant perform all the pending tasks in the application tracker?

Yes, the co-applicant has all the rights as that of the primary applicant.

ClosedThe application requires me to define certain financial details that are not applicable to me. How do I proceed?

In case a financial parameter such as, an expense as mortgage is not applicable to you, you can mention the value ‘0’ against that specific financial parameter and proceed with the application.

ClosedWhy am I being asked to capture previous employment details?

The bank has a employment stability policy in place wherein if the applicant has not completed a defined term in the current organization then he/she needs to define previous employment details.

Closed Can I change the contribution amount as part of funding information?

No, if you are not OK with the contribution amount displayed in the funding information then you need to edit the requested loan amount or vehicle purchase price or both. You can click on the Modify button to change the loan amount and/or the vehicle purchase price. Once the edit is complete, you will need to click on the Save button and system will display the updated contribution amount.

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