In Lendbox, a loan product is a reusable template that defines the terms of your lending — principal ranges, interest, fees, penalties, and repayment rules. Once a product is set up, creating an individual loan is fast, because the loan inherits everything from the product you select.
This guide covers both halves of the process: first configuring a loan product, then using it to create a loan.
Part 1: Create a Loan Product
Step 1: Open Loan Products
In the left navigation panel, click the Loan Management tab, then click Loan Products to open the loan products section.
Step 2: Add a new loan product
Click Add Loan Product to start creating a new product.
Step 3: Enter the product title and description
Enter a product title — this is how the product will appear to your team. You can also add an optional description to give more context.
Step 4: Set the principal amount range
Define the minimum and maximum amounts you are willing to lend under this product. Every loan created from this product must fall within that range.
Step 5: Configure the duration
Choose whether the loan duration is measured in months, weeks, or days. Then select whether it is a fixed duration or a range.
Step 6: Set the interest terms
Enter your interest rate as a percentage, then select how often interest is applied.
Step 7: Choose the repayment type and cycle
Set the repayment type and select a repayment cycle that determines how repayments are scheduled.
Step 8: Set the repayment days
Use the repayment days setting to control which days of the week borrowers are allowed to make repayments.
Step 9: Add fees
Under the fees section, click Add Fee to set up the fee details. You can add as many fees as your product requires.
Step 10: Set up penalties
Configure penalties, which apply when a borrower falls behind on payments. You can define the penalty amount and how it is calculated.
Step 11: Save the loan product
Once every field is filled in, click Save to create the loan product. It is now ready to be used for new loans.
Part 2: Create a Loan
Step 12: Open the Loans area
Click Loans to access the loans management area.
Step 13: Add a new loan
Click Add Loan to create a new loan record.
Step 14: Select a loan product
Choose a loan product for this loan. The loan details — interest rate, repayment cycle, fees, and penalties — are automatically pulled from the product you select and prefilled for you.
Step 15: Choose a loan status
Select a status for the loan. For example, choose Active if the loan is ready to start, or Pending if it still needs approval.
Step 16: Select the borrower
Click the borrower field to choose who the loan is for. You can select either an individual borrower or a borrower group.
Step 17: Adjust any other fields
If needed, modify any of the remaining fields, such as the principal amount, interest rate, interest method, or repayment cycle.
Step 18: Review the repayment schedule
Click View Repayment Schedule to see the expected schedule. This shows the payment dates and a breakdown of each installment.
Step 19: Add collateral and supporting files
If applicable, add collateral details, then upload any files, documents, or images associated with the loan.
Step 20: Save the loan
Once everything is filled in, click Save to create the loan.
Done
You have successfully created and configured a loan product and used it to create a loan in Lendbox. The loan product can now be reused for future loans, and the new loan is ready to manage from the Loans area.