Cso - Credit Service Organizations
Credit Service Organizations are licensed to issue loans to individual customers, generally, who are underserved by the banks and have poor credit rating. For a consideration these organizations provide loans to the customers to improve their credit history, record or rating, or to obtain an extension of credit.
QFund has the flexibility to incorporate the business processes required for its users to work as a CSO of a third party lender. QFund allows the users to maintain simultaneously both normal loan (both payday loan and Installment loan) and CSO loan (both payday loan and installment loan).
The CSO functionality is controlled through a set of business rules:
- Allow CSO: Control to specify whether CSO Loan can be issued for the specific state or not..
- Maximum ACH: Specifies the maximum number of times ACH can be performed on a loan.
- ACH Deposit Days: Number of grace days from the due date after which ACH can be performed.
- MaxACHCount:Maximum no. of times the CSR can do ACH.
- ACH NSF fee Amt: Specifies the return fee that the customer is charged with if ACH is bounced.
- Minimum Interest Amt: Specifies the minimum interest amount that the customer has to pay while making Early Payoff.
- Num of Inst Due for ACH: Specifies the number of installments to be due for processing ACH.
- Allow Rebate: Specifies whether the customer is given back any extra payment amount.
- Written off Days: Specifies the number of days after which the deal is written off due to inactivity after ACH is return posted.