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The consumer loan application experience


Your borrower applies online for a personal (term) loan or line of credit and gets a decision in minutes, based on their credit and their deposit activity with you. Knowing each screen in this process helps your team answer questions.

What your borrower sees, step by step

  1. Your borrower opens your consumer loan site from your website or from within online banking (if you offer Business loans through MinuteLender, the business loan site will be a separate URL).
  2. Your borrower will register by creating a login. They'll need to provide:
    • Full name
    • Valid email address
    • A password
    • Their date of birth
    • An option in the How did you hear about us? dropdown
    They'll click Create Login once all fields are completed. Note: This loan login is separate from your borrower's online banking credentials.
  3. An email is sent to the borrower's address to confirm their registration as well as to validate the borrower is able to open and view PDF attachments. The email asks the borrower to click on the PDF attachment and follow the included instructions.
  4. The PDF instructs the borrower to click on a provided link. This link will open the email verification screen. The borrower will reenter their email address, and the page will auto-verify the address.
  5. Your borrower is asked to search for their account to help automate the application process. The borrower enters their last name, date of birth and SSN. The system finds their personal checking accounts, including joint accounts, and their home address on file.
  6. Your borrower may update the home address if it changed. A changed address is flagged for your team to review in the Action Center.
  7. Your borrower must agree to the e-sign disclosure, authorizes a hard credit pull and selects a loan purpose, then clicks Accept in the lower right corner of the screen to continue.
  8. Your credit rules return a decision in seconds. If your borrower was denied, a general list of denial reasons are displayed to the borrower.
  9. If approved, the loan options they qualify for will be displayed (usually a choice between Term loan and Line of Credit).
  10. Your borrower can change the lending terms by taking less than the maximum approved loan amount and change to a shorter term. They'll see the interest rate, payment amount and fees (if any).
  11. Your borrower chooses whether to enroll in autopay, then picks the checking account used for autopay (if applicable) and for ongoing deposit monitoring. A borrower who enrolls in autopay will open and accept the automatic transfer authorization disclosure. To enroll, your borrower checks the box to authorize autopay, then e-signs the consent form.
  12. A summary screen shows the final loan amount, interest rate, funding timeline, monthly payment, loan term and late fee (if any).
  13. From the summary screen, your borrower must open and accept each disclosure document, such as the e-sign disclosure, privacy policy and loan agreement. They will check the button that says they agree to the loan terms listed, then click Submit.
  14. The borrower will see a success message that their loan has been submitted, and the email address where any loan communications will be sent. There is also a message informing the borrower that they may cancel the loan prior to funding by clicking the Cancel This Loan button.
  15. The borrower receives an email confirmation of their approval, along with a link to log in to view their loan documents and how to contact your financial institution with any questions.

Note: A borrower using a mobile device that cannot open PDFs can validate and view later from a tablet or computer that also has access to their email box.

 

About e-sign consent

Your borrower must consent to e-sign before they can receive and sign loan documents online. After consent, each click counts as a signature stamped with the IP address, date, time and user. The e-sign disclosure is delivered again with the final documents. You can open every accepted disclosure in the Activity Archive.

Note: If your borrower does not consent, or their device cannot open PDFs, the application cannot continue.

About autopay

Unlike business loans, autopay is the borrower's choice on consumer loans. The automatic transfer authorization is a short PDF your institution provides during the implementation process. When you book the loan, you connect autopay in the Action Center for borrowers who enrolled.

Your institution can choose to offer a lower rate to borrowers who enroll. When it applies, the loan agreement is restated with the discounted rate.

Limits and eligibility

A borrower can hold one consumer loan at a time. A joint owner cannot get a second loan on accounts whose deposits already count toward another loan.

Your loan maximum and minimum is set by your institution during the initial product implementation.