Triggering manual loan repayment gives you more control over the recovery of funds. This is to be used when an admin wants to trigger loan repayment from a user’s card, wallet or Direct Debit. As long as there are sufficient funds in these channels, you can promptly and effectively recover your money.
This guide will provide you with detailed instructions on how to use this feature, ensuring that you can manage repayments more efficiently and reduce the risk of loan defaults.
To trigger manual loan repayment:
- Follow the steps highlighted in the section above to locate a loan.
- Click the three dots at the top right corner then Click on the “Trigger Manual Loan Repayment” button. A modal will be displayed to you.
- Enter the repayment details i.e. amount to be triggered for repayment, channel (Wallet, card or Direct Debit), and the comments to specify what happened exactly.
4. Click on “Repay Loan” to repay the loan or part of the loan
5. Enter your 2FA token to authorize the system to trigger repayment from the user’s wallet, card or Direct Debit.
Once your payment is processed successfully, the loan schedule will be automatically updated.
The trigger for loan repayment will only work if the user has a card, wallet or Direct Debit with funds in it. To repay a loan that was paid from external transfers or cash – Repaying a User’s Loan
